Ever the pragmatist, chancellor Philip Hammond is right to be bullish on Brexit March 6, 2017 Philip Hammond isn’t known as Westminster’s most exciting MP. He lacks the bombast of a Boris Johnson or the polished ambition of a George Osborne. And yet, he has emerged as one of the most respected figures of the post-referendum government, with many City figures viewing him as “the grownup in the room”. Having backed [...]
Italy’s dying elite is dragging the Eurozone ever closer towards the abyss March 6, 2017 Venice – The great German novelist Thomas Mann once rightly described this bejewelled city as one of “flattering and suspect beauty, half fairy tale and half tourist trap”. The same can be said for the country of Italy as a whole, where things are rarely as they seem. For the problem with political soap operas [...]
There’s no need for Treasury giveaways to help the just about managing March 6, 2017 On the steps of Downing Street, Theresa May outlined the core of her political strategy: “If you are just about managing, I want to address you directly”. The just about managing – the so-called JAMs – saw their cost of living significantly squeezed in the aftermath of the financial crisis, and it is indeed vital that [...]
Is Nicola Sturgeon’s brinkmanship over a second Scottish independence referendum going to backfire? March 6, 2017 Alex Deane, a City of London common councilman, says Yes. Nicola Sturgeon’s referendum demands remind me of nothing so much as Homer Simpson, accustomed to getting his way by challenging anyone and everyone to a duel. The problem is that eventually someone may call your bluff. When the referendum demands come to a head, either [...]
Hammond vows to fight back against bad Brexit deal as he plots vision for Britain’s high-tech future March 6, 2017 Ahead of his first full Budget, chancellor Philip Hammond has vowed the government would fight back against a Brexit deal that doesn't deliver for Britain, insisting the country will not be left licking its wounds after negotiations. Hammond warned the European Union of the UK's "fighting spirit" and said the country will not "slink off as [...]
The real Brexit dividend will be fresh support for Britain’s enterprise economy March 6, 2017 Imagine the UK became the best place in which to do busines in the developed world. A truly enterprise economy, generating wealth and taxes, what could top that? Certainly not membership of the EU. Suddenly it has become an imperative to turn that into reality and to stop relying on the EU, a "crutch" reached [...]
Questions raised after Jeremy Corbyn’s tax return fails to include income as leader of the opposition March 6, 2017 Embattled Labour leader Jeremy Corbyn appeared to make another gaffe last night, publishing a tax return that does not include his salary as head of the opposition. "I have made it clear that I think it is right for party leaders to be open and transparent about their tax affairs," Corbyn said. However, the document does [...]
Former national intelligence director James Clapper says no order existed to tap Trump’s phones March 5, 2017 A former US national intelligence director has slammed Donald Trump's claims the Obama administration ordered a wiretap of phones at now-President's election campaign headquarters at Trump Tower in New York. James Clapper, who stood down from his role at the end of President Obama's tenure, told NBC: "There was no such wiretap activity mounted against the President-elect at the [...]
Chancellor Philip Hammond expected to bank £12bn from borrowing outperformance in his first Budget March 5, 2017 Budget-day forecasts from the independent Office for Budget Responsibility (OBR) are expected to give chancellor Philip Hammond a boost in his efforts to hit his new fiscal targets. Borrowing could undershoot previous targets by as much as £12bn during the 2016-17 tax year, according to the OBR’s analysis of government borrowing figures up to January. [...]
City lobbyists to launch a fresh bid for “mutual recognition” between UK and EU financial regulators March 5, 2017 A major City lobby group is set to launch a fresh bid to win support for mutual regulatory recognition for the UK and the EU's finance businesses within weeks. TheCityUK is to double-down on calls for a bespoke deal on financial services based on a principle of mutual market access for firms on both sides of the [...]