Biden economic aide: US recovery has been “spectacular” and suggests inflation fears overblown June 23, 2021 President Biden’s chief economic adviser Professor Cecilia Rouse has described the US economy’s recovery as “spectacular” but warned of a “bumpy” time ahead. Rouse, the Chair of the White House’s Council of Economic Advisors, told the BBC that she felt price pressures would be “transitory” and said Biden’s macro-economic plan was not driving inflation upwards. [...]
Rishi Sunak vs Boris Johnson: to spend or not to spend? June 23, 2021 Rishi Sunak has directed his energy into recasting the Treasury back to its traditional role – the guardian of the public finances. The Chancellor notched up a substantial victory after education recovery tsar, Kevan Collins, resigned earlier this month, after his demand for £15 billion for catch-up programmes in schools was beaten down to a [...]
BoE appoints former Citibank economist Catherine Mann to rate-setting panel June 22, 2021 Britain’s finance ministry has today named former Citibank economist Catherine Mann as the newest member of the Bank of England’s Monetary Policy Committee (MPC). Mann’s three-year stint on the nine-member panel, which sets interest rates and oversees the BoE’s £895bn bond-buying programme, will replace Gertjan Vlieghe on 1 September, who is stepping down after six [...]
UK Government borrows another £24.3bn in May as debt approaches 100 per cent of GDP June 22, 2021 The UK borrowed £24.3bn in May despite the gradual winding down of lockdown restrictions, according to the latest official estimates. The Office for National Statistics also confirmed this morning that the UK’s debt hit £2.19trn at the end of last month, representing around 99.2 per cent of GDP. Read more: Analysts warn Rishi Sunak: Treasury’s [...]
Cummings claims Rishi Sunak raised concerns about PM’s Covid response June 21, 2021 Rishi Sunak allegedly shared concerns about Boris Johnson’s handling of the Covid-19 pandemic while the Prime Minister delayed implementing a second lockdown, according to Dominic Cummings. The former powerful Number 10 aide told people on his subscription Substack page that the chancellor was not the lockdown-sceptic he was made out to be and that “Sunak’s [...]
Analysts warn Rishi Sunak: Treasury’s pensions raid could be ‘hugely risky’ June 21, 2021 The Treasury is eyeing pensions taxation as one way to pay for the cost of the pandemic, it was reported this morning. Although there are no plans to make changes to the triple lock, the Treasury is looking at three ways to change the ways in which pension contributions are taxed, which some analysts have [...]
England ‘looking good’ to shed Covid restrictions on 19 July, says Johnson June 21, 2021 Boris Johnson has said the prospects of shedding England’s Covid restrictions on 19 July are “looking good”. The Prime Minister said data showing the immense effectiveness of two jabs against the Delta variant, and the increasing rates of vaccination, should mean the easing of restrictions will go ahead. Data from PHE released last week revealed [...]
Minister: Reports that Matt Hancock kept PM in the dark over vaccine success ‘are wrong’ June 20, 2021 Reports that Matt Hancock withheld information from Boris Johnson about the success of vaccines against the Delta variant are incorrect, according to justice secretary Robert Buckland. Johnson and three senior ministers – Hancock, Rishi Sunak and Michael Gove – met last Sunday before making a decision the next day to delay the next step of [...]
Andy Haldane became the media darling of economics, the Bank of England must continue his legacy June 20, 2021 After 32 years at the Bank of England, the current senior economist at Threadneedle Street – Andy Haldane – is moving on to new pastures. His departure as one of the top dogs at the Bank of England will leave the oldest and first central bank without his valuable experience. But as communication with the [...]
Tensions rise between Boris Johnson and Rishi Sunak behind closed doors over spending June 20, 2021 Tensions are reportedly increasing between Boris Johnson and Rishi Sunak over the Prime Minister’s myriad of recent spending promises. Two recent major spending announcements – of a new Royal Yacht and a new G7 green infrastructure programme for developing countries – were reportedly announced by Johnson without even consulting Sunak or the Treasury. The green [...]