Shadow chancellor John McDonnell welcomes CMA report despite no big bank break-up October 22, 2015 In a surprising move, chancellor John McDonnell said he “welcomed” the Competition and Markets Authority (CMA) report today, despite the CMA’s decision to rule out forcing the break-up of banks. Former Labour leader Ed Miliband had pushed for a total restructuring of the banking sector, pledging in 2014 to break up the biggest British banks in [...]
MPs approve English votes for English laws as leader of the commons Chris Grayling is branded Dr. EVEL October 22, 2015 English votes for English laws plans have passed parliament after MPs approved the proposals by 312 votes to 270. In a heated debate that proceeded the vote in the House of Commons, leader of the commons Chris Grayling was branded Dr EVEL by the Scottish National Party after he referred to the plans as "fair and sensible". [...]
Tax gap falls to record-low, revealing the failings of Corbynomics, claims secretary to the Treasury David Gauke October 22, 2015 The UK's tax gap has fallen to an all-time low, prompting Labour's critics to ramp up their arguments against Corbynomics. Figures released today by HMRC reveal the tax gap – the difference between the amount of tax that should be collected against what is actually collected – in 2013/14 fell to a record low of 6.4 per [...]
Chancellor George Osborne says he is “comfortable” with tax credit cuts October 22, 2015 Chancellor of the exchequer George Osborne said this morning he is "comfortable" with his plans to cut tax credits, despite mounting pressure for him to U-turn on the proposals. “This is fundamentally a judgement call, and I’m comfortable with the judgement call that I have made, and that the House of Commons has supported this week,” Osborne [...]
EU referendum: 1.6m non-UK citizens should be blocked from voting, says MigrationWatch UK October 22, 2015 A new report is pushing for over 1.5m commonwealth and Irish citizens to be barred from voting in the In/Out referendum on the United Kingdom's membership of the European Union, according to a new report. MigrationWatch UK chairman Lord Green of Deddington said in his report that the UK is the only country in the EU which affords [...]
Lord Nigel Lawson hits out at Bank of England governor Mark Carney’s EU speech October 22, 2015 Former Conservative chancellor Lord Nigel Lawson has taken issue with governor of the Bank of England Mark Carney's eagerly-awaited European Union speech, which was delivered last night. In an interview with BBC Radio 4's Today programme, Lawson said Carney's speech was "regrettable" and that he went above his remit. No other Bank governor would have "waded in" [...]
Competition and Markets Authority rejects calls to break up big banks in retail banking review October 22, 2015 The competition watchdog has ruled out breaking up Britain’s biggest banks and defended so-called free banking practices. The Competition and Markets Authority (CMA) published the preliminary results of its 18-month investigation into the retail banking sector this morning. The watchdog launched the investigation over concerns the “Big Four” banks – Lloyds, RBS, HSBC and Barclays [...]
Politicians and industry figures struggle to solve UK steel crisis as sector awaits further subsidies October 21, 2015 Government and industry figures yesterday admitted that there was no firm solution to the UK steel crisis, as the struggling sector awaits EU approval for further subsidies. Factors cited for the decline of the sector include the flood of cheap steel arriving from China, combined with high business rates and energy costs. Gareth Stace, the director [...]
China’s state visit to the UK: Xi Jingping defends Chinese steel production October 21, 2015 Chinese President Xi Jingping has defended his country’s industrial policies, saying that an overcapacity of steel is a global problem. Speaking at a joint press conference with Prime Minister David Cameron at Downing Street today, Xi said: “The world is facing the overcapacity of iron and steel, not just the UK.” Blaming the “impact of [...]
Younger Britons more likely to want to remain in the EU – NatCen Social Research October 21, 2015 Younger Britons are more likely to want to stay in the European Union, while older people are more likely to want to leave, a new study has found. A report published by NatCen Social Research found that 69 per cent of those aged under 35 wanting to stay inside the EU, with just 25 per cent [...]