A high-speed economy needs more than just a few extra trains February 18, 2020 History will show that productivity, not Brexit, was the economic issue of our age. And the new government has made a high-speed start. The focus on “levelling up” the UK economy — and a resultant focus on regional productivity — is completely right. The story of this country’s regional productivity is sometimes characterised solely as [...]
IR35: Business groups urge Rishi Sunak to suspend rollout February 17, 2020 Employment groups have urged the new chancellor Rishi Sunak to suspend the IR35 new tax regulations for self-employed workers or risk damaging the economy. According to industry bodies, the changes, which are due to come into effect in April, will lead to a third of self-employed contractors stopping freelancing over non-compliance fears. Andy Chamberlain, deputy [...]
Budget 2020: Hospitality sector calls for business rates and apprenticeship levy reform February 17, 2020 The new chancellor is facing pressure from the UK hospitality industry to include plans to reform business rates and the apprenticeship levy in the upcoming budget. The industry’s trade body has urged Rishi Sunak – who was appointed as chancellor after Sajid Javid stepped down in last week’s cabinet reshuffle – to cut the business [...]
Question marks surround Boris Johnson’s first budget February 16, 2020 The timing and content of the forthcoming budget was thrown into doubt this weekend, with the government refusing to confirm either the date of the announcement or that the current spending limits would remain in place. Boris Johnson is considering scrapping fiscal spending rules written just months ago as Number 10’s plans to take greater [...]
Boris Johnson considers tearing up Sajid Javid’s fiscal rules February 16, 2020 Boris Johnson is considering scrapping the fiscal rules written by the Treasury just months ago in a bid to increase spending in next month’s budget. Ex-chancellor Sajid Javid wrote the rules into the Tories’ 2019 election manifesto in an attempt to exercise fiscal restraint amidst a swathe of spending pledges. The primary rules were promises [...]
March budget may be delayed, says transport secretary Grant Shapps February 16, 2020 The government is likely to delay next month’s budget in the wake of Sajid Javid’s resignation, according to the transport secretary. Richmond (Yorkshire) MP Rishi Sunak was promoted to chancellor in Thursday’s cabinet reshuffle, after Javid refused to sack all of his special advisers as demanded by Boris Johnson. Sunak will now handle the country’s [...]
When is the UK Budget 2020? February 14, 2020 The UK Budget 2020 is due next month but after the shock resignation of Sajid Javid this week the government may be forced to delay the date. The official date for the Budget 2020 is 11 March but the government so far has not confirmed it will go ahead after the reshuffle which saw Rishi [...]
GBP/EUR Update – Cabinet Reshuffle February 14, 2020 Reports over the weekend of tensions rising between the UK and the EU over trade negotiations meant that the pound got off to a shaky start this week. Despite this, sterling did make some gains later in the day, reflecting investors’ optimism that a suitable deal will be reached, despite reports that the EU may [...]
Now Mark Carney sees a silver lining to Brexit February 14, 2020 Mark Carney has said there may be a silver lining to Brexit for the UK economy. Speaking to Reuters, the outgoing Bank of England governor said there are some potential upsides for the economy from Brexit, in marked contrast to some of his previous comments on the decision to leave the EU. “In an environment [...]
New-look cabinet to meet later after Sajid Javid’s shock exit February 14, 2020 Boris Johnson’s newly reshuffled cabinet will meet for the first time later today after the shock departure of chancellor Sajid Javid. His deputy, Rishi Sunak, is the new Treasury boss after Javid refused to sack his special advisers in order to keep his job. He said “no self-respecting minister” could agree to Prime Minister Boris [...]