City think-tank warns the UK must cough up more money to successfully negotiate a transition period November 22, 2017 Leading City think-tank New Financial has found that a Brexit transition period agreed in the next few months would reduce the risk of a “cliff-edge” Brexit, but warned such a deal is unlikely. In its latest report, entitled “A transition to Brexit – deal or no deal?”, New Financial said that the UK will have [...]
Autumn Budget: Tories rally behind “Tigger” Hammond despite OBR’s downgrades, stamp duty warnings November 22, 2017 Conservative MPs have rallied behind Philip Hammond after his long-awaited Autumn Budget. Despite having to admit to a number of economic downgrades, the chancellor put a brave face on things and managed more than a few jokes including a cough sweet gag with the Prime Minister, a dig at Cabinet colleague Michael Gove for his [...]
Autumn Budget 2017: Where first-time buyers will find the biggest stamp duty savings after it’s scrapped on property under £300,000 November 22, 2017 First-time buyers are being treated by the chancellor to a helping hand (albeit small) when it comes getting on the property ladder. Philip Hammond abolished stamp duty on homes under £300,000 for them – something that is expected to help out 80 per cent of newbies. Halifax has handily calculated just how much first-time buyers [...]
Autumn Budget 2017: Environment groups are disappointed with the Budget’s lack of commitment on renewables November 22, 2017 Although the government promised more funds to spur the uptake of electric vehicles as well as announcing it wants to “tackle the scourge of plastic” in today’s Autumn Budget, environment groups were disappointed by a lack of ambition for renewable energy. The Budget confirmed there would be no fresh funds for new renewable energy projects [...]
Budget 2017 UK: Philip Hammond gives more cash for electric cars, AI, 5G and tech innovation and plans driverless car rules November 22, 2017 Fresh cash has been promised to boost the uptake of electric cars on Britain’s roads and to develop new regulation for driverless cars. There will be £400m for charging infrastructure for electric vehicles and another £140m for other projects related to them, chancellor Philip Hammond has said in his Autumn Budget. Read more: Hammond targets [...]
Autumn Budget 2017: From cough sweets to Jeremy Clarkson – six of the chancellor’s best budget jokes November 22, 2017 Today’s Autumn Budget speech was injected with usual levity by Chancellor Philip Hammond. Perhaps in an attempt to shake off the image of a bland Spreadsheet Phil, the 61-year-old chucked a refreshingly high number of japes during his 7,781-word monologue. Here’s a selection of Phil’s jokes that caught our attention. 1 – Boozing and cough [...]
Autumn Budget 2017: UK government to generate £15bn from RBS (Royal Bank of Scotland) share sales November 22, 2017 The UK government is planning to generate £15bn by 2023 through the sale of Royal Bank of Scotland (RBS) shares, chancellor Philip Hammond revealed in the Autumn Budget today. Starting in the 2018/19 financial year, the government plans to sell £3bn worth of shares annually for the following five years. This would constitute around two [...]
Budget 2017: City economists react to growth downgrade as productivity drags November 22, 2017 A long overdue downgrade for productivity growth assumptions has had a knock-on effect on growth and borrowing forecasts. Below are the early reactions of some of the City’s top economists. All about the productivity Ian Stewart, chief economist at Deloitte, said: “The big news is a whopping downgrade to prospects for long-term growth. “The OBR’s [...]
Autumn Budget 2017: Reactions to the chancellor’s statement from business groups and experts November 22, 2017 THE BUSINESS GROUP Carolyn Fairbairn, Confederation of British Industry (CBI) director-general “Against a sombre economic backdrop, the Chancellor today gripped the steering wheel on the UK economy. This is a budget that balances support for people on squeezed incomes with vital action to help grow the UK out of austerity. But delivery is everything.” She [...]
Budget 2017: Government’s economic growth forecasts revised down significantly November 22, 2017 Government forecasts have been significantly revised down following a belated acknowledgement of the UK’s poor productivity performance since the financial crisis. The British economy will grow by 1.4 per cent in 2018, much lower than previous forecasts of a 1.6 per cent expansion, according to forecasts from the Office for Budget Responsibility (OBR) announced today [...]