Government hopes to create “northern powerhouse” with transport overhaul worth billions March 20, 2015 Chancellor George Osborne is putting forward proposals to completely re-work the north of England's transport system. Called the Northern Transport Strategy report, he hopes it will lead to a “northern powerhouse”. The government worked with Transport for the North (TfN) to put the plan together. Costing billions of pounds to implement, the project would [...]
Budget 2015: First-time buyer Help to Buy Isa panned by fiscal experts March 19, 2015 A prominent London think-tank has joined the chorus of criticism of the chancellor’s new policy to help aspiring first-time house buyers yesterday. The new Help to Buy Isa announced by George Osborne on Wednesday allows young savers to put a maximum of £200 a month away. The government will add 25 per cent to the [...]
Budget 2015: George Osborne urged to explain £12bn of planned cuts March 19, 2015 Pressure is mounting on chancellor George Osborne to reveal where planned welfare cuts will eventually be implemented. “It is almost two years since he [Osborne] announced his intention of cutting welfare spending by £12bn,” said Paul Johnson, head of the Institute for Fiscal Studies (IFS). “Apparently the plan is to have those £12bn of cuts [...]
Danny Alexander sparks backlash after presenting alternative Lib Dem budget March 19, 2015 Danny Alexander sparked a furious backlash from Labour and the Conservatives yesterday after presenting a so-called alternative budget just a day after being a key figure in the real thing. Appearing outside the Treasury with a yellow budget box, the chief secretary to the Treasury then laid out alternative spending plans, based on a department [...]
Bill Gates and Michael Bloomberg set their sights on tobacco industry March 19, 2015 Two titans of capitalism have combined efforts to launch a new front in their war against the tobacco industry. Microsoft founder Bill Gates and ex-New York Mayor Michael Bloomberg are throwing their weight behind a scheme to help governments of poorer nations defend anti-tobacco laws from legal challenges. The assault on tobacco has been ongoing [...]
David Lammy says London’s economy cannot rely on financial services March 19, 2015 Labour’s David Lammy last night laid out his economic vision for London if he becomes its next Mayor. He called for a diverse economy, less reliant on financial services. The Tottenham MP was careful not to attack the City, where he has previously worked. He wants London to have a more balanced economy with jobs [...]
Short supply of homes fuels rocketing UK rents and house prices March 19, 2015 A short supply of housing and a recovery in economic fortunes is pushing up rents and house prices. Average monthly rates stood at £766 in February, up 3.1 per cent on last year, according to figures released today by estate agents Your Move and Reeds Rains. London saw the second greatest annual rise in the [...]
Watchdog PRA puts up banks’ fees to pay for tough new regulations March 19, 2015 The Bank of England’s financial regulator is putting up its fees to the industry this year to cover the cost of a swathe of new rules. The prudential regulation authority (PRA) yesterday proposed a four per cent increase in its charges to £257.8m, up from the £246.8m it charged in the financial year 2014-15. The [...]
Andrew Haldane: Bank of England must “stand ready” to cut interest rates if outlook for deflation markedly worsens March 19, 2015 The Bank of England's chief economist has said it must "stands ready" to cut record-low interest rates further, if the risk of the economy falling into a prolonged period of deflation intensifies. "In my view, that means policy needs to stand ready to move off either foot in the period ahead to meet the symmetric [...]
Most consumers aren’t feeling the benefits of Osborne’s recovery March 19, 2015 George Osborne used yesterday's Budget to trumpet the government's economic record. With a dramatic fall in unemployment, respectable economic growth and low inflation, the Conservatives believe they have strong record to run on. Osborne labelled Britain the "comeback country" and said the government had brought the UK back from the brink. But how many consumers [...]