Energy body: Windfall tax starting to deter investment June 19, 2022 ENERGY industry bigwigs have warned the first signs of the windfall tax’s chilling effect on investment are starting to be felt after reports that the Norwegian state energy company is considering abandoning a £4.5bn North Sea oil project. The Sunday Telegraph reported this weekend that Equinor’s involvement in the Rosebank Field was now in question [...]
Central banks face tough journey to ‘Goldilocks’ policy setting June 19, 2022 Goldilocks found the perfect bowl of porridge through trial and error. The US Federal Reserve, Bank of England and the rest of the central banking elite are following a similar rationale right now. They are grasping for that “just-right” policy setting which allows an economy to reach its full potential without knowing what that setting [...]
Gordon Brown predicts government will ditch tax rises June 19, 2022 Gordon Brown has predicted Boris Johnson and Rishi Sunak will ditch a series of planned tax rises in the face of the UK’s poor economic outlook. The former PM also hit out at the government for having “no plan” and lurching from “crisis to crisis”. The Bank of England this week moved to raise interest [...]
Exclusive: Revolut boss criticises FCA over sluggish progress on banking licence June 15, 2022 The founder of fintech giant Revolut has criticised the Financial Conduct Authority (FCA) after the firm’s progress towards a full banking licence had been "slower” than expected.
Watchdog confirms review of petrol market as record prices put pressure on drivers June 13, 2022 The UK's competition watchdog has announced it will undertake a review into petrol station pricing, after a week of pain at the pumps.
Johnson says income tax cuts will only come after inflation falls June 13, 2022 Boris Johnson has said he will only bring in promised income tax cuts after the UK’s current bout of inflation has weakened. The Prime Minister today said the government wants to cut taxes “as fast as we can”, but that the priority is taming an “inflationary spike that we need to get through right now”. Johnson [...]
Unexpected economic reversal indicates UK is ‘perilously close to a recession’ June 13, 2022 An unexpected reversal in the UK economy indicates the country is “perilously close to a recession,” according to City economists. Gross domestic product (GDP) in the UK fell 0.3 per cent in April, marking the second month in a row the economy has shrunk, according to figures published today by the Office for National Statistics [...]
The Conservative Party under Johnson has given up its devotion to freedom June 13, 2022 It was country music legend Toby Keith who observed that “Freedom don’t come free”. Nevertheless, when the Conservative Party adopted the Manchester liberalism of Margaret Thatcher nearly 50 years ago, it was willing to pay the price. Freedom, in all its forms, became a touchstone of the Conservative brand, pursued not only for its beneficial [...]
CBI: Government must act now on economy to prevent recession June 13, 2022 Urgent action is needed from the government to revive growth otherwise the UK will plunge into a recession. That’s the warning today from the Confederation of British Industry (CBI), the country’s biggest business group. Without a fresh package of measures before the summer parliamentary recess to boost business confidence, a recession will be “a very [...]
SSE warns Sunak against expanding windfall tax to electricity generators June 12, 2022 SSE chief executive Alistair Phillips-Davies has warned the Chancellor Rishi Sunak against extending the windfall tax to electricity generators.