Tech-tastic: May pledges billions to support tech champions as she fleshes out industrial strategy November 21, 2016 Prime Minister Theresa May will reveal details of her government’s flagship industrial strategy at a conference of business leaders today, promising billions in extra funding and potential tax breaks for a range of sectors. While insisting her plan is “not about picking winners”, she will identify several technology-related areas in the UK that the government [...]
Top industry groups hit out at proposed changes to business rates November 21, 2016 A group of industry lobby groups has hit out at Treasury proposals to prevent small firms from appealing against business rates up to a certain level. Research by Daniel Watney LLP and Blackstock Consulting, using official government data, found the changes could cost small firms in England more than £700m over the next five years. [...]
Former President Nicolas Sarkozy bows out of race for Republican party candidate spot November 20, 2016 Nicolas Sarkozy has tonight conceded defeat in the race to become the country's Republican party's Presidential candidate, as France's next general election looms. Sarkozy, who was French President between 2007 and 2012, bowed out as the final votes for the centre-right party's primary were being counted up. Former prime ministers Francois Fillon and Alain Juppe will now most likely go [...]
One more time? Angela Merkel confirms she seek a fourth term November 20, 2016 German Chancellor Angela Merkel has today confirmed she intends to run for a fourth term. Merkel announced she planned to stand as the leader of the Christian Democratic Union, and therefore Chancellor, again. "I thought about this for an endlessly long time. The decision [to run] for a fourth term is – after 11 years in office – anything [...]
Transport secretary Chris Grayling is plotting to crack open Network Rail’s monopoly November 20, 2016 Transport secretary Chris Grayling will lay out plans to to break up Network Rail's grip on the UK's rail infrastructure within weeks. Grayling wants to end the state-owned firm's monopoly on repair and upgrade to tracks and signalling, and has commanded officials to investigate how to introduce competition. Westminster insiders describe the scheme as “bringing [...]
May risks return to “picking winners” former BoE deputy governor warns, days before MPs grill Arm Holdings November 20, 2016 Bank of England deputy governor Sir Charlie Bean has raised concerns over Theresa May's desire to intervene in the UK's economy, just days before MPs grill the British firm at the heart of a £24bn foreign takeover backed by the Prime Minister. Bean, who served as deputy governor from 2008 to 2014, told City A.M. that he held [...]
UK government borrowing could overshoot forecasts by £7.5bn this year owing to Brexit and reduced tax revenues November 20, 2016 UK government borrowing could overshoot forecasts by as much as £7.5bn this year, as reduced tax revenues and the vote to quit the European Union threaten to leave chancellor Philip Hammond with less room for manoeuvre in his first Autumn Statement on Wednesday. The Office for Budget Responsibility could be in line to slash its [...]
Consensus of economic forecasts shows inflation is back, says chancellor Philip Hammond November 20, 2016 Chancellor Philip Hammond has declared: "It's clear that inflation is back." Speaking on ITV's Peston on Sunday, Hammond said: "We have to wait and see what inflation figures look like when we get the OBR's report on Wednesday, but I think looking at the consensus of forecasts, it's clear that inflation is back." "That is hopefully a [...]
Philip Hammond says those who want detail on Brexit plans are inviting the government to “undermine our own negotiation” November 20, 2016 Philip Hammond has said the government will "get the very best possible deal that we can for Britain", amid concern European leaders will force a "hard Brexit". Speaking on The Andrew Marr show, Hammond said: "I do understand the frustration among people who would like us to be much more open about what we're thinking of [...]
Shadow chancellor John McDonnell just said he’d back a rise in the 40p rate tax threshold for higher earners November 20, 2016 Shadow chancellor John McDonnell said he backs raising the threshold on 40p tax for higher earners. Speaking on The Andrew Marr Show, McDonnell said: "It looks as though the threshold will be increased by the government on Wednesday and we would support that." Marr suggested it was a tax giveaway, to which McDonnell said: "It is, but [...]