FTSE 100 Live: City stocks rally after tech sell-off; Iran threatens ‘forceful response’ over Strait of Hormuz
Government to ban private finance initiatives for future public sector projects after Carillion collapse October 29, 2018 The government will abolish the use of private finance initiatives (PFI) to fund future projects, chancellor Philip Hammond announced today. The announcement in Hammond's Autumn Budget, the last before Brexit, comes after the collapse of construction giant Carillion put the controversial funding model in the spotlight. "We will honour existing contracts, but the days of the public [...]
New NHS service to include mental health ambulances and a hotline for sufferers October 29, 2018 Chancellor Philip Hammond has reiterated the government’s promise for an extra £20.5bn in funds for the NHS, including a new mental health crisis service, as he committed to end austerity. “We made out choice for this budget four months before it was delivered,” the chancellor said. “Our NHS is the number one priority of the [...]
Military to get £1bn more over next two years to fund cyber and nuclear capability October 29, 2018 The UK’s military is to receive £1bn more over the next two years to help plug funding shortfalls, the chancellor Philip Hammond said in his budget speech today. Hammond told the House of Commons that the money would be used to boost the UK’s cyber capabilities, its anti-submarine warfare capacity and its submarine-borne nuclear deterrent. [...]
Angela Merkel reveals she will step down as German Chancellor October 29, 2018 German Chancellor Angela Merkel confirmed today she will step down from her post in 2021. Merkel also said she will not seek re-election as chairwoman of the Christian Democrats (CDU) party at the end of the year. "I will not be seeking any political post after my term ends," she said in a Berlin press [...]
DEBATE: Should Hammond keep the Tory promise and increase the higher-rate tax threshold to £50,000? October 29, 2018 Should Philip Hammond keep the Tory promise and increase the higher-rate tax threshold to £50,000? Ben Ramanauskas, researcher at the Taxpayers’ Alliance, says YES. People earning £45,000 (the current threshold) can no longer be considered wealthy, particularly considering the high cost of living in our major cities. There is a housing crisis in the UK, [...]
Today’s Budget is a chance to reinvigorate domestic policy October 29, 2018 It has been a year of momentous change for department titles. The Department for Health has added Social Care to its name, while the Department for Communities and Local Government has recently become a Ministry of Housing, Communities and Local Government. So far, those changes have not been accompanied by a new and much-needed domestic [...]
Shadow Chancellor declines to put cost on massive renationalisation plans October 28, 2018 John McDonnell has refused to put a cost on Labour’s renationalisation plans, laughing off estimates taxpayers would pay nearly £200bn. Speaking to Andrew Marr, the shadow chancellor said a Labour government would give shareholders whatever parliament decided. However, he said the government would pay close to the value of companies like Royal Mail to take [...]
Chancellor Philip Hammond says the UK will ‘strike out in a new direction’ in the event of a no deal Brexit October 28, 2018 Chancellor Philip Hammond delivers his latest Budget tomorrow, but has warned that he will be forced to take an entirely different approach if the UK and the European Union fail to agree a Brexit deal. Hammond said earlier today he would use fiscal buffers to boost the economy under a no deal scenario and "strike [...]
What to expect from chancellor Philip Hammond’s Budget October 28, 2018 Ahead of tomorrow's Autumn Budget City A.M. looks at the areas that chancellor Philip Hammond is likely to focus on in his last chance to tweak the UK’s fiscal regime before the Brexit deadline in March Roads Hammond is expected to announce almost £30bn for new road projects and repairs which will be partially funded [...]
Hammond: No-deal Brexit could scupper the end of austerity October 28, 2018 Philip Hammond has warned that austerity will only end if the government can negotiate a Brexit deal with the European Union. The chancellor said plans to increase public spending may be dropped if Britain leaves with no deal. He said that Office for Budget Responsibility projections, which the budget is based on, assume Britain will [...]