Critics accuse Bank of England of using its forecasts to play with politics November 28, 2018 The Bank of England sparked a row today after publishing analysis of its ‘worst case Brexit scenario’ just 13 days ahead of a crucial Parliamentary vote on Theresa May’s deal. The controversy was sparked when governor Mark Carney unveiled the Bank’s latest ‘stress test’ assessment of the UK’s ability to withstand dramatic economic shocks, including [...]
Bank of England governor Mark Carney tries, and fails, to prevent Brexit analysis frenzy November 28, 2018 House prices plummeting 31 per cent. Unemployment shooting up to 9.5 per cent. GDP collapsing by 4.3 per cent amid a sharp recession. These were the scenarios the Bank of England used to conduct its mandated “stress test” for some of the UK’s biggest financial companies back in 2016. Last year, the wonks at Threadneedle Street [...]
No-deal Brexit could result in eight per cent hit to UK economy, warns Bank of England November 28, 2018 A no-deal Brexit could cause the UK economy to fall eight per cent in a single year, the Bank of England warned today, leading to crashing house prices and surging unemployment. However, in a boost for the Prime Minister, the Bank said her withdrawal agreement and a close economic relationship with the EU could boost GDP by [...]
John McDonnell agrees Labour support for new Brexit referendum is ‘inevitable’ November 28, 2018 Labour’s John McDonnell believes it is “inevitable” his party will soon back another referendum on Brexit. In an interview on Wednesday afternoon, the shadow chancellor gave the clearest indication yet Labour will fully endorse another vote on the UK’s relationship with the EU. Labour’s official position is it would push for a general election if Theresa [...]
Sadiq Khan accused of ‘letting down’ Londoners on affordable housing targets November 28, 2018 Sadiq Khan has been accused of "letting down" Londoners after new figures reveal that only 2,400 affordable homes have been built in the first six months of this year, far below the mayor's annual 14,000 target. The London Assembly, which scrutinises the mayor, has released its annual affordable housing monitor which also claims that in 2016-17, Khan's [...]
Airbus could restart UK investment if parliament approves May’s Brexit deal November 28, 2018 Aerospace firms may resume investment in the UK’s industry currently put on hold if Prime Minister Theresa May’s withdrawal agreement is voted through parliament, Airbus told MPs this morning. Companies have either paused investment in the UK since the EU referendum or transferred it to other markets, executives told the Commons' Business, Energy and Industrial Strategy [...]
UK economy will be worse off under every Brexit scenario, government’s own analysis confirms November 28, 2018 The UK economy could take a 3.9 percent growth hit under a deal that resembles Theresa May's Brexit plan, the government has said. A report published on Wednesday morning argues that life outside the EU will leave the UK poorer than if it had stayed inside the bloc in a range of scenarios over the next 15 years. [...]
Hammond: Prime Minister’s Brexit deal minimises economic costs November 28, 2018 Chancellor Philip Hammond defended the Prime Minister’s Brexit deal this morning, claiming it comes at a very small economic cost. Hammond also warned that a no-deal Brexit would be far more expensive than the withdrawal agreement negotiated by Theresa May. May’s deal faces a crucial vote in parliament on 11 December, and Hammond warned the [...]
Strong leadership is the key to future prosperity November 28, 2018 Time for a story that has nothing to do with Brexit. The 2018 Legatum Prosperity Index is out today, and the trends are positive: global prosperity – a metric that takes into account not just GDP, but also factors such as wellbeing, health, and security – is at its highest since the think tank launched [...]
We are taking the first step to challenge university groupthink November 28, 2018 The world of academia may seem remote from everyday politics. But it would be wrong to conclude that the arguments made by university scholars do not matter for Westminster. In fact, the ideas that dominate in universities at any given time typically go on to strongly influence public debate and policy. This isn’t surprising, as most [...]