Analysis: Sunak’s cringey love-in reminds us he’s a PM who wants to ‘do business’ April 25, 2023 There was no lectern for Rishi Sunak at the Business Connect conference. Striding across the stage at the glossy King’s Place venue in Islington, the PM was happily, confidently, on home turf; his equivalent of Starmer’s efforts to channel his inner toolmaker. While it was a slick suit and tie, as opposed to shirt sleeves [...]
Jeremy Hunt handed £13bn windfall raising chance of tax cuts ahead of election April 25, 2023 Chancellor Jeremy Hunt has been handed a £13bn windfall from the UK public finances holding up better than expected, raising the chances of tax cuts ahead of the next general election, official figures out today reveal. Numbers from the Office for National Statistics (ONS) this morning showed the UK borrowed around £139bn in the year [...]
Watchdog extends investigation into PM’s declaration of interests April 24, 2023 Parliament’s standards watchdog has expanded the investigation into Rishi Sunak’s potential breach of the rules on declaring financial interests. The Prime Minister is also being investigated over whether he broke the MPs’ code of conduct relating to disclosing details surrounding active inquiries, it emerged on Monday. Standards commissioner Daniel Greenberg opened the inquiry following concerns [...]
Sunak pledges £100m ‘world leader’ AI boost as firms wooed at business summit April 24, 2023 Prime minister Rishi Sunak has insisted his government is undertaking “the most transformative changes to financial services regulations since the Big Bang”. Sunak insisted the Financial Services and Markets Bill was a “very significant piece of legislation”. He pledged that once the law was implemented, Solvency II reforms would “unlock tens of billions of pounds [...]
Investors snub Sizewell C nuclear power station despite ‘sustainable’ status April 23, 2023 The government is struggling to attract investors to the £20bn Sizewell C nuclear power station, according to a report.
UK borrowing tipped to have jumped to £23bn in March but Hunt and Sunak are on course to hit OBR forecasts April 23, 2023 Britain is tipped to have borrowed nearly £23bn last month to help pay for capping energy bills at £2,500, according to City analysts’ consensus forecast. Fresh numbers out from the Office for National Statistics on Tuesday are expected to show the gap between what the government generates in revenue from taxes and spends on public [...]
Shrinking workforce limiting UK economic growth, MPs warn April 21, 2023 The UK’s shrinking and ageing population is limiting economic growth, with “outdated and static” working practices, MPs have warned. An “exodus” of over-50s from the labour market has worsened shortages, a cross-party House of Commons Business, Energy and Industrial Strategy (BEIS) committee report said. Chairman Darren Jones said: “Our shrinking and ageing UK labour market, and [...]
Jeremy Hunt throws out concerns over job losses and insists UK needs to “win” AI race April 20, 2023 Jeremy Hunt said he doesn’t “buy” the argument that artificial intelligence (AI) could create job losses as he insisted the UK should push ahead in harnessing the technology. Speaking at the Politico TechUK launch event in London, the Chancellor said use of artificial intelligence in technology was crucial to tackling the UK’s “growth challenge,” as [...]
Bank of England to hike interest rates to five per cent after inflation tops forecasts to stay in double digits April 19, 2023 UK inflation has smashed expectations to stick in the double digits, in a sign that the cost of living crisis is still gripping families and businesses across the country, prompting markets to bet the Bank of England will hike interest rates to five per cent. The rate of price increases trimmed to 10.1 per cent [...]
‘A breath of fresh air’ vs ‘more to do’: What City grandees have to say about Sunak April 17, 2023 As Labour leader Sir Keir Starmer doesn’t tire of reminding voters: expertise beyond politics can be invaluable. For the current resident behind that most famous front door, it’s so far proved an advantage. Liz Truss’ accountancy background may not have aided her short-lived leadership bout, but – for the City’s boardrooms at least – her [...]