MPs call for government to scrap ‘flawed’ inflation measure used to calculate rail fares and phone bills February 12, 2019 MPs have ramped up pressure on the government to fix errors in the “flawed” inflation measure used to calculate rail fares and mobile phone bills. The retail price index (RPI) lost its status as a national statistic in 2013 but, despite being branded a “very poor measure” by the Office for National Statistics, it is [...]
Should investors be worried about a EU turn in the Eurozone’s economic prospects? February 12, 2019 As the Eurozone’s largest economy, Germany usually acts as a bellwether for the rest of the bloc. So the European Commission’s decision to downgrade the country’s growth forecasts last Thursday is a worrying sign for the other euro nations. Expectations for GDP growth in Germany were cut to 1.1 per cent for 2019, down from the [...]
Let America’s radical socialists be a warning to British politics February 12, 2019 It is said that when America sneezes, the world catches a cold. Let us hope that the American left’s recent publication of its “Green New Deal” (GND) won’t be contagious enough to infect Labour here. Just over a week ago, Jeremy Corbyn had an in-depth phone conversation with Alexandria Ocasio-Cortez, the rising socialist congresswoman. The aim, it [...]
Post-Brexit immigration plans will stifle London’s economy, says CBI February 11, 2019 The government’s post-Brexit immigration plans will stifle London’s economy due to restrictions placed on overseas workers earning less than £30,000 a year, an influential business group has said. The new visa system, which would prevent firms employing workers under the income limit for more than a year, would particularly affect the accommodation and hospitality sector [...]
Central Bank of Ireland governor Philip Lane to be next European Central Bank chief economist February 11, 2019 Ireland’s Central Bank governor Philip Lane has received backing from eurozone finance ministers to become the European Central Bank’s chief economist. Lane was the only candidate put forward for the job and his role will be confirmed by EU leaders at a meeting next month. Read more: European Central Bank leaves interest rates unchanged He [...]
UK economic growth falls to six-year low February 11, 2019 UK economic growth slowed to just 0.2 per cent in the fourth quarter of 2018, new data released today by the Office for National Statistics showed. Quarterly gross domestic product (GDP) growth slowed after a strong third quarter where it grew 0.6 per cent. Annual domestic GDP growth for 2018 was 1.4 per cent, the lowest it [...]
Real household disposable income £1500 a year lower than pre-referendum forecast February 11, 2019 UK household incomes are around £1500 lower than they were expected to be before the Brexit referendum, new analysis shows. The UK has seen the sharpest income growth slowdown of any economy covered by the Organisation for Economic Cooperation and Development, while global growth has outperformed pre-Brexit vote expectations, according to data published this morning [...]
Chancellor needs to find extra billions to end austerity February 11, 2019 The chancellor Philip Hammond will have to find billions of pounds to prop up public spending to deliver on promises of ending austerity. According to a report from think tank the Institute of Fiscal Studies (IFS), over the four years from 2019-20 to 2023-24, Hammond would need to find a further £2.2bn to avoid cuts [...]
The Democrats’ rising star is borrowing policies from Ned Flanders February 10, 2019 The rockstar of the Democratic party, Alexandria Ocasio-Cortez, published House Resolution 109 of the 116th Congress last week, an ambitious non-binding resolution dubbed the Green New Deal, and over the weekend economists and academics went over it line by line. The historian Niall Ferguson summed up much of the hostile reaction: “This is what you [...]
Finance minister insists German economy ‘not in crisis’ despite growth slowdown February 8, 2019 German finance minister Olaf Scholz attempted a spirited defence of his country’s economy today, insisting it is “not in crisis” despite weakening growth. Angela Merkel’s finance minister rejected claims Germany is heading for a recession and played down the Eurozone powerhouse’s economic troubles on a rare visit to London. Read more: Irish backstop 'not a trick' [...]