Budget 2020: Growth forecasts ‘incredibly grim and far too optimistic’ March 12, 2020 The forecasts produced yesterday by the UK’s Budget watchdog managed to be both “incredibly grim and far too optimistic,” according to a leading think tank. The Resolution Foundation warned that the Office for Budget Responsibility’s (OBR) growth writedown – which did not even factor in the full effect of coronavirus – would make households in [...]
The government should keep calm, focus on facts, and commit to a Covid-19 strategy March 12, 2020 If ever there were a case of Man proposes but God disposes, the Covid-19 outbreak would fit the bill. A subject that was not even in the popular lexicon at the turn of the year has become our only topic du jour. If this continues for much longer, we may soon be dividing time into [...]
Level up: Boosting the regions might mean levelling down London March 12, 2020 Except for updates on the coronavirus, no ministerial appearance these days is complete without mention of the government’s professed intention to “level up”. This seems to mean a desire to do something — usually something to do with infrastructure spending — for the so-called “left-behind” places that voted Leave in 2016, and especially those “red [...]
By restricting free speech, we risk sleepwalking towards a tyranny worthy of Orwell March 12, 2020 In an unpublished preface to Animal Farm, discovered amongst the author’s papers in 1972, George Orwell argued that: “If liberty means anything at all it means the right to tell people what they do not want to hear.” In the last two weeks, we have twice been given reason to question what our liberty is [...]
DEBATE: Will the business rates reform package be effective enough to react to the coronavirus crisis? March 12, 2020 Will the chancellor’s business rates reform package be effective enough to react to the coronavirus crisis? Lauren McEvatt, managing director of Morpeth Consulting and former government adviser, says YES. This business rates package as a whole, when coupled with the decisive action taken by Bank of England on Wednesday morning and considered alongside other support [...]
Budget 2020: Borrowing to jump while economy slows March 11, 2020 Chancellor Rishi Sunak’s Budget splurge will put a rocket under government borrowing, the UK’s spending watchdog said today in forecasts that do not include the economic hit from coronavirus. The government is now set to borrow close to £100bn more over the next four years than it planned to just a few months ago, the [...]
Budget 2020: UK regions to get their own trade envoys March 11, 2020 New trade envoys representing the UK’s individual regions will be posted to embassies around the world. Chancellor Rishi Sunak unveiled a swathe of measures to “level up” less well-off regions outside of London in his inaugural Budget speech yesterday. Included among them was a pledge to create “dedicated trade envoys representing the North, the Midlands, [...]
2020 Budget live: City reacts to Rishi Sunak’s spending plans March 11, 2020 Welcome to City A.M.’s 2020 Budget Day live blog. Please refresh your browser for live updates. Chancellor Rishi Sunak is expected to address fears over the economic impact of coronavirus, and announce waves of new infrastructure spending and changes on taxation in his 2020 Budget. It comes after Bank of England governor Mark Carney earlier [...]
EXCLUSIVE: London mayor hopeful Rory Stewart pledges to fund Hammersmith Bridge repairs March 11, 2020 Rory Stewart will guarantee funding for the £95m Hammersmith Bridge repairs if elected mayor. The independent candidate today pledged to underwrite the cost of repairing the bridge in his first week in office from Transport for London’s (TfL) capital account. A bid for government funding has been lodged with the Department for Transport (DfT). However, [...]
World Health Organisation says coronavirus outbreak is a pandemic March 11, 2020 The World Health Organisation (Who) today declared that the worldwide outbreak of coronavirus is a pandemic. “We have…made the assessment that Covid-19 can be characterised as a pandemic,” Who director general Tedros Adhanom Ghebreyesus told a press briefing today. “In the past two weeks, the number of cases of Covid-19 outside China has increased 13-fold [...]