The Institute for Fiscal Studies says that reduced tax revenues will undermine hopes of a budgetary surplus in 2019 November 8, 2016 Britain's economic slowdown means that public finances will be £25bn worse off than previously thought and still in deficit by 2019. Lower growth forecasts mean Philip Hammond can expect to be nursing a Treasury deficit of £15bn, compared with the £10bn surplus George Osborne predicted in the Budget earlier this year, according to the Institute for [...]
Autumn Statement: Government has little room for giveaways November 8, 2016 In the early months of 1975, with Britain creaking out of recession, the government’s debt was equivalent to around 56 per cent of GDP. A year later, Harold Wilson was replaced as Prime Minister by James Callaghan who promptly went cap in hand to the IMF. Such was the parlous state of the UK’s economy, [...]
UK named as repair hub for F-35 jets in defence industry boost November 7, 2016 The UK has been named as a global repair hub for the F-35 fighter jet. The Ministry of Defence (MoD) said the hub would provide repair, overhaul, and upgrade services, and is expected to generate hundreds of millions of pounds for the industry. “This establishes Britain as a hub for all European F-35s and is [...]
Britain is embracing free trade just as the world turns to protectionism November 7, 2016 In pointed contrast to President Obama, Donald Trump has promised Britain that it will be at the front of the queue for a free trade deal should he triumph in today’s presidential election. Yet whether a President Trump, or indeed a President Clinton, would be minded to expend political capital on any trade deal has been thrown [...]
On economic policy, Trump is the bigger danger to both the US and the world November 7, 2016 The Western world is retreating from economic liberalism. Don’t take my word for it – look at the platforms of both Democrat Hillary Clinton and Republican Donald Trump ahead of today’s election. While a commitment to individual rights and a clear separation of powers has facilitated the conditions to maintain the US at the world’s [...]
Supply chain risk up due to post-Brexit uncertainty November 7, 2016 Global supply chain risk grew for the fourth quarter in a row to its highest level since 2013 as a result of the Brexit vote, and increased trade restrictions around the world. Analysis by the Chartered Institute of Procurement and Supply (CIPS) and Dun & Bradstreet economists showed a "disintegration of the political consensus over globalisation" with [...]
OneSavings’ boss wants to know. Until then he’ll “carry on ploughing” November 7, 2016 Clarity. It's a real buzz word at the moment, especially when referring to exactly how Prime Minister Theresa May plans to extract Britain from the EU. Andy Golding, the 25-year banking veteran in charge of challenger OneSavings Bank, is one of many business leaders calling for clarity. “I think that in any situation of change [...]
Real wages are on the wane and it’s only going to get worse, say accountants November 7, 2016 Sterling’s post-Brexit vote collapse is hitting Britons where it hurts the most. In the pocket. Inflation is outstripping wage growth as businesses are forced to pass on increased costs associated with sterling’s slump to consumers, according to a report prepared by accountants BDO. “Rapidly rising inflation is quickly going to hit the pockets of UK [...]
The Brexit vote has revealed Jeremy Corbyn’s irrelevance November 7, 2016 The weekend brought a deluge of reaction to Thursday’s High Court ruling on Article 50. Everyone from renowned legal experts to armchair constitutionalists weighed in on what the ruling meant for Theresa May and whether the judges had made the right call. Under normal circumstances, the voice of the Leader of the Opposition would be prominent [...]
Britain needs a transitional deal to avoid a cliff-edge of Brexit uncertainty November 7, 2016 Just under two weeks ago, Theresa May announced the go-ahead for a third runway at Heathrow, following years of analysis and debate. The decision was a complex one and certainly one of the PM’s toughest since taking up office in July. This, though, is dwarfed by another issue which had dominated the news agenda even [...]