Lib Dems call for £18bn cut to VAT to ease cost of living crunch March 10, 2022 The Liberal Democrats are calling for an £18bn VAT cut that would see the rate slashed from 20 to 17.5 per cent in a bid to ease the cost of living crunch on British households. The Lib Dems say the new policy proposal, released on the eve of the party’s spring conference, would save households [...]
Editorial: Shocks happen – and our institutions weren’t ready for this one March 10, 2022 And Rishi Sunak thought the hard bit was over. Wearing the scars of a two-year fight against a global pandemic, he may have thought he’d have some respite to get the public finances in order in time for some pre-election giveaways. That increasingly looks a long prospect. It may feel glib to discuss such matters [...]
Russia-Ukraine war to take tax cuts off the table, IFS warns March 10, 2022 Even higher inflation triggered by Russia invading Ukraine will take promised tax cuts off the table, a leading think tank warned today. Surging energy prices driven by concerns over the security of oil and gas supplies amid a ramping up in tensions between Moscow and the West will eat into Chancellor Rishi Sunak’s room to [...]
As government debt jumps to fund defence spending, our economy will pay the price March 9, 2022 Sanctions will clearly hit the Russian economy very hard. But economic prospects for the West are not exactly rosy. Twice in the 1970s and again in the early 90s, there were rapid spikes in oil prices; each instance was followed by economic recessions. The deep recession following 2008 was, of course, due to financial causes [...]
Russia-Ukraine war to deliver £90bn blow to UK economy March 8, 2022 Russia’s war with Ukraine will deal a £90bn blow to the UK economy driven by a worsening cost of living crunch sending the British consumer into retreat, reveals fresh forecasts published today. Soaring energy prices as a result of Moscow sending troops in Ukraine will feed already historic high inflation in Britain, heaping even further [...]
Chancellor pressures asset managers to cut ties with Russia March 8, 2022 The Treasury has ramped up pressure on asset managers to dump their holdings in sanctioned Russian firms, with chancellor Rishi Sunak hosting top industry bosses last week to discuss divestment.
First we need to cut fuel duty, then we must redesign our road taxes entirely March 8, 2022 In early 2011 at The Sun, I pestered the editor for long enough about rising petrol prices that he decided the newspaper should be doing something about it. A campaign to freeze fuel duty was born – with all the old-school trimmings. We even took post bags full of petitions signed by readers up Downing [...]
Soaring oil prices create panic among most UK drivers March 7, 2022 Soaring oil prices continue to create panic among UK drivers, as growing numbers continue to be concerned about filling up their tanks. As a result of the ongoing Ukrainian conflict and consequences on oil prices as well as because of soaring inflation, UK petrol prices have risen last week to £1.55 per litre for diesel [...]
Exclusive: Energy crisis needs crisis measures argues Octopus chief executive Greg Jackson March 7, 2022 Octopus boss Greg Jackson has called for long term reforms to the energy market alongside short term moves to protect consumers.
CPS: Shield exports from tax to boost Global Britain and small business March 7, 2022 Shielding spending on ramping up exports from taxes will unlock a well of economic growth by boosting engagement with trade among Britain’s small businesses, a new report recommends today. Allowing firms to cut their tax bills by offsetting investment in exports would strengthen incentives for small firms to participate in trade, according to the Centre [...]