Was Philip Hammond right to U-turn on his national insurance hike for the self-employed? March 15, 2017 Julian Jessop, chief economist at the Institute of Economic Affairs, says Yes. It is increasingly hard to justify why the self-employed should pay much lower national insurance contributions (NICs) than those who work for others. Nonetheless, this distortion should have been tackled as part of a fundamental rethink of the tax and benefit system, rather [...]
International trade secretary Liam Fox: The cabinet is still divided over migration figures March 15, 2017 International trade secretary Liam Fox has revealed the continuing divides at the heart of Prime Minister Theresa May's cabinet over migration numbers. Foreign secretary Boris Johnson has previously rejected government policy on migration statistics, arguing student numbers should be excluded. But Downing Street has rejected any change to the way the numbers are compiled. Today, Fox [...]
How nine City experts reacted to Philip Hammond’s NIC u-turn March 15, 2017 It's official: Philip Hammond has bowed to criticism and scrapped his controversial plans to hike National Insurance Contributions for the self-employed. Reactions from have varied, from confusion to outright glee. Here's how nine of the City's most important organisations reacted. Read more: Hammond's U-turn on National Insurance hike plans – read his letter in full [...]
Chancellor Philip Hammond has U-turned on National Insurance hike plans – read his letter in full March 15, 2017 Chancellor Philip Hammond has U-turned on National Insurance contribution (NIC) hike plans revealed in last week's Budget. The announcement of increases to class 4 NICs was met with outcry, and the Tories were slammed for going back on a manifesto pledge to freeze taxes for five years. Hammond wrote: I am writing to clarify the government's [...]
Philip Hammond has axed his Budget plan to hike National Insurance contributions March 15, 2017 Exactly a week after it was first announced, chancellor Philip Hammond has said he will scrap a Budget plan to increase National Insurance contributions for the self-employed. Hammond only announced the plan last Wednesday, but has been forced into a U-turn by widespread criticism of the decision. Tory MPs have complained of the added burden on small businesses, while others have pointed to a [...]
Donald Tusk accuses UK of making threats over “no deal” Brexit March 15, 2017 European Council president Donald Tusk has hit out over "increasing threats" from the UK over the willingness to quit the EU without agreeing new trade terms. Prime Minister Theresa May has repeatedly stated that "no deal is better than a bad deal" in order to stress her willingness to walk away from Brexit talks. But speaking in [...]
A blow for Nicola Sturgeon’s independence referendum? Poll reveals 57 per cent of Scottish voters back remaining in the UK March 15, 2017 Nicola Sturgeon's plans for another independence referendum look like they've taken a knock, as a new poll reveals support for remaining in the UK is at a two-year high. Sturgeon announced on Monday that she will seek a second referendum on the issue. The Scottish first minister will go to MSPs next week to seek approval [...]
Brexit secretary David Davis: We’re just totting up how much it will cost if we don’t agree a deal with the EU March 15, 2017 The government does not know the economic impact on the UK of a "no deal" Brexit, David Davis told MPs this morning. Responding to questions from the exiting the EU committee, Brexit secretary Davis admitted the government has not totted up how much it will cost the country if the UK fails to agree a new [...]
Leaked tax returns: Four things we learned about US President Donald Trump’s income March 15, 2017 US President Donald Trump paid $38m (£31m) in taxes on income of $150m (£123m) in 2005, according to leaked copies of his tax return. Two pages of what are purported to be Trump’s tax return were sent in the post to David Cay Johnston, founder of the website DCReport.org, and reported by MSNBC. The White [...]
Don’t panic – but remember Brexit will be a tough political process March 15, 2017 Everyone benefits from free trade. For years now the UK has had a persistently large trade deficit with the EU, which by rights should make Europe more amenable to doing a “business as usual” Brexit deal with us. If only life were so logical our Brexit negotiations would run smoothly and full future access would [...]