Public borrowing falls to a 16-year low ahead of Philip Hammond’s autumn Budget October 19, 2018 Public borrowing fell to a 16-year low for the current financial year-to-date, figures released today reveal. The deficit stood at £19.9bn for the year to September, £10.7bn less than the same period a year ago and the lowest for the year-to-date since 2002. Read more: British consumer borrowing growth slowest since 2015 as debt stutters [...]
Ignore the chancellor, we don’t need Chequers to end austerity October 16, 2018 I generally presume cynicism in politicians’ arguments. But Philip Hammond implying a Chequers-style relationship with the EU is needed to “end austerity” was shocking in its brazenness. Ahead of the October Budget, the chancellor has echoed Theresa May in suggesting that looser government spending is just around the corner. Their calculation seems to be that [...]
Hammond predicts economic boost from ‘Brexit deal dividend’ October 12, 2018 Chancellor Philip Hammond said today that securing a Brexit agreement with the EU will lift the economy. Speaking in the run up to the Budget later this month, Hammond told the BBC that there has been a “measurable change of pace” in the negotiations between the UK and the EU, adding that the UK could [...]
IMF data shows there’s even less cash to splash October 11, 2018 Positive news around the public finances has been forthcoming in 2018, following years of disappointingly slow deficit reduction. Borrowing fell to a 16-year low in the fiscal year that ended in April, while in July the Treasury recorded its biggest surplus since 2000. Thus it was a shame to be brought crashing back down to [...]
Give businesses a tax-break to encourage investment, CBI tells Chancellor ahead of Budget October 9, 2018 Philip Hammond is under growing pressure to hand businesses a tax-break in the upcoming Budget to boost competitiveness. The CBI today echoed calls from the British Chamber of Commerce to increase the amount firms can invest without being taxed. The Annual Investment Allowance currently stands at £200,000 a year, but the CBI is calling for [...]
Manufacturing props up UK output growth as business optimism wanes October 8, 2018 British business output growth is being propped up by the resilient performance of the manufacturing sector, despite ongoing uncertainty. Though still falling below long-term trends, output held steady in September, while business optimism declined, according to BDO’s latest Output Index. Read more: Lloyd's boss 'accelerates' Brussels operation amid no-deal fears The manufacturing sector, which makes [...]
The Tories talk the talk on free markets, but the policies don’t match the rhetoric October 5, 2018 Last year’s Conservative party conference marked a change in tone for the Prime Minister and her relationship with the free market. Perhaps it was the 2017 snap election upset that made her roll back her language around “untrammeled free markets”, or maybe there was increased understanding that after Brexit a commitment to competition would be vital [...]
Theresa May and Boris Johnson were both in the shadow of Jeremy Corbyn at the Conservative conference October 3, 2018 Inevitably, Theresa May's speech was always going to be judged alongside her disastrous efforts this time last year. Twelve months ago she lost her voice and the stage fell apart, but even from that low bar her address in Birmingham was a successful outing for the PM. She also survived the alternative leader speech given by Boris [...]
The government’s migration blindspot is a missed opportunity October 3, 2018 If there is one message that has been trumpeted by cabinet ministers, MPs, and members at this week’s Conservative party conference, it is that the Tories are and have always been the party of business. From Philip Hammond’s affirmation that “the Conservative party has business at its core”, to Boris Johnson waxing lyrical about the [...]
May is not a match for Boris – give him a chance to lead October 3, 2018 Boris has spoken, and such was his performance that the moment must come soon where he is given the opportunity to lead the Conservative Party before it faces further humiliation at the hands of the EU leadership, or is ultimately defeated by Jeremy Corbyn and his Momentum mob. Everyone expected Boris Johnson to cover the [...]