Philip Hammond is wrong to assume an infrastructure splurge will boost growth October 3, 2016 Mention the name Philip Hammond in Westminster, and invariably someone will describe him as “a safe pair of hands”. The man who has been chancellor for three months had been largely inconspicuous in his role prior to yesterday’s conference speech. But after almost two decades of a Treasury dominated by micro-managers and tinkerers, primarily in [...]
A top Citi banker has clashed with a Brexit-backing MP over the need for clarity on the future of passporting rights October 3, 2016 One of Citi’s most senior UK bankers has clashed with a Brexiteer MP over the need for clarity around passporting rights for financial services. Speaking at the Conservative party conference in Birmingham, Leave campaigner Dominic Raab played down the importance of passporting, arguing that several alternative models would allow UK-based institutions to access the market, [...]
All EU rules should face a “sunset clause” according to former BCC chair John Longworth October 3, 2016 All European legislation should face a “sunset clause” according to the Brexiteer former director-general of the British Chambers of Commerce. Speaking at the Conservative party conference in Birmingham, John Longworth said Theresa May should put an expiry date on the entirety of the EU’s rules as part of her Great Repeal Bill. May has promised to [...]
Britain could secure a temporary Single Market membership according to this Treasury Select Committee member October 3, 2016 Britain could retain a temporary Single Market membership in the aftermath of Brexit, according to a member of parliament’s Treasury Select Committee. Speaking at the Conservative party conference, Chris Philp noted that the US’ still unsigned trade deal with Europe has taken 10 years of negotiations. “These trade negotiations, even excluding financial services, take an [...]
Companies will reap the rewards if they help make Brexit work for Britain October 3, 2016 Twelve years before Tim Berners-Lee invented the World Wide Web, Toronto-born social psychology professor Lee Ross was studying what he called the false consensus effect at Stanford University. Ross found that people falsely believe there is a consensus on an issue, even if wider data runs contrary, because those around them think the same way [...]
Labour’s opposition to shale gas is economic sabotage of industrial Britain October 3, 2016 The INEOS Insight, holding 27,500 cubic metres of shale gas, docked at Grangemouth in Scotland last week. As a vessel it is as impressive as it is imposing, and yet it is also a tangible symbol of the confusion in Britain’s industrial policy. Manufacturing as a share of UK GDP has halved in the last [...]
Brexit fundamentalists have destroyed the Tories’ reputation as the party of business October 3, 2016 The Conservatives used to pride themselves on being the party of business. Now that legacy is being turned on its head, as Theresa May moves closer towards a disastrous hard Brexit that would send Britain hurtling out of the Single Market. While businesses clamour for an end to the huge uncertainty they face, the government [...]
Fitch issues latest warning on economic damage of protectionism October 3, 2016 The US is set to grow at its slowest pace since the financial crisis this year, as the global economy falters in the face of historically loose monetary policy and the rise of protectionist forces. Ratings agency Fitch is the latest to flag concerns over the lacklustre performance of the world's largest economy, with a hefty downgrade [...]
Forget Hard or Soft – Theresa May is right to back a Clean Brexit October 3, 2016 Defining the language of politics is crucial if you want to influence the outcome of events. That is why the Prime Minister is not allowing herself to be bounced into settling for either a “Hard” or a “Soft” Brexit. These seemingly innocent and succinct terms offer a great advantage to broadcasters and headline writers, but [...]
Hammond warns over Brexit complacency as he scraps Osborne’s goal of a fiscal surplus by 2020 October 3, 2016 Chancellor Philip Hammond has warned against complacency in the aftermath of Brexit, despite acknowledging better than expected performance. Speaking at the Conservative party conference today, Hammond scrapped his predecessor George Osborne’s goal of a fiscal surplus by 2020, but maintained fiscal consolidation would continue. Hammond said he would lay out his own plans in detail [...]