John McDonnell’s ideology won’t lead Britain to a bright new future, but to the dismal 1970s October 31, 2018 The focus this week has been on Philip Hammond’s Budget. The opinions of the shadow chancellor have been rather in the background by comparison. But John McDonnell is doing us all a favour at the moment. He is busily promoting a collection of essays which he edited, under the title “Economics for the Many”. These cover [...]
IFS dismisses Budget ‘bonanza’, accusing Hammond of gambling the public finances October 30, 2018 Chancellor Philip Hammond gambled the public finances in yesterday's Budget, the Institute for Fiscal Studies (IFS) said today, claiming public services will still feel the squeeze despite Philip Hammond’s end of austerity claims. The IFS said Hammond had chosen to spend his fiscal windfall rather than save it, increasing NHS spending by around £20bn until 2023-24. [...]
Prime Minister rules out another general election after ‘giveaway’ Budget October 30, 2018 Prime Minister Theresa May and chancellor Philip Hammond today ruled out another UK general election a day after revealing what has been dubbed a "giveaway" Budget. May told a press conference in Oslo: "No. We are not preparing for another general election. That would not be in the national interest." Being interviewed on Good Morning [...]
UK company insolvencies jumped nearly 20 per cent in the last quarter October 30, 2018 Company insolvencies leapt 19.3 per cent in the third quarter compared to the same quarter last year. Data from the Insolvency Service shows company insolvencies increased 8.9 per cent in the quarter to the end of September compared to the previous quarter. A total of 4,308 companies entered insolvency in the third quarter, with 3,083 (71.6 per [...]
Stablecoins – the cryptocurrency pegged to reality – could save the market October 30, 2018 The last few years have seen the crypto market experience exponential growth, and at the time of writing, it was worth £152bn globally. However, predictions that cryptocurrencies will supplant conventional forms of money have so far proved to be unfounded, as their wild volatility makes them unsuitable for day-to-day use by consumers. But it isn’t [...]
This Budget balancing act was Hammond’s mission impossible October 30, 2018 As he stood up to deliver his Autumn Budget yesterday, the chancellor was to fulfil two promises which the Prime Minister had made at the Conservative party conference earlier this month: end austerity, while still reducing public debt as a share of GDP. Fulfilling these pledges will take time, and more details will be unveiled [...]
Long-term economic growth is a prize both parties should be fighting for October 30, 2018 Ah yes, post-Budget week. That time when a modest tax change here or a spending announcement there generates reams of analysis about who’s been made “better off” or “worse off” at the stroke of the chancellor’s pen. When, for a second, the decision to try to implement VAT on warm takeaway foods or announce a [...]
BP more than doubles profits on stronger oil prices as it aims to close $10.5bn BHP deal October 30, 2018 BP has more than doubled its profits for its latest quarter, telling investors it could complete its $10.5bn (£8.2bn) purchase of BHP assets in cash as early as tomorrow. The oil and gas giant said its underlying profit for the quarter was $3.8bn, more than double its profit for the same period in 2017 – [...]
‘End of austerity’ fails to lift sterling out of Brexit slump as Hammond sets aside £2bn for hard Brexit October 29, 2018 Philip Hammond’s Budget announcements failed to lift sterling, which continued to slide this afternoon as the chancellor announced the government’s spending plans to the House of Commons. With the Office for Budget Responsibility (OBR) lifting its growth forecast from 1.3 per cent to 1.6 per cent for 2019, and predicting a lower deficit of just [...]
Personal allowance increase to arrive one year early as higher rate tax threshold change to occur in 2019 October 29, 2018 The personal allowance is to be raised to £12,500 and the higher rate tax threshold is to be lifted to £50,000 in April 2019, the chancellor Philip Hammond announced today. The Conservative Party promised to lift the personal allowance and higher rate tax threshold in 2020 but the changes are now being introduced a year [...]