Neither March hares nor rabbits from hats – why expectations for the spring statement are low March 13, 2018 If you were expecting any rabbits out of hats in today’s Spring Statement, both the Treasury and the Chancellor have been doing their level best to disabuse you of such a notion for some time. After last Autumn’s “Boring Budget” expect the “Stale Spring Statement”. Day-to-day public spending may finally be in surplus for the [...]
Spring Statement: OBR reveals the UK will be paying Brexit divorce bill until 2064 March 13, 2018 The Office for Budget Responsibility estimates the UK will be paying its Brexit divorce bill until 2064. Published to coincide with Philip Hammond’s Spring Statement today, the OBR puts the final figure at £37.1bn – squarely in the middle of government estimates of £35bn-£39bn. The body estimates that for the years 2019 and 2020 the [...]
Spring Statement: Here’s how economists reacted to Philip Hammond’s economic update March 13, 2018 Chancellor Philip Hammond today gave Parliament an update on the British economy based on new forecasts which show slightly lower government borrowing this year. The Office for Budget Responsibility said borrowing will hit £45.2bn in the 2017-18 fiscal year, falling steadily to £21.4bn by 2022-23, the end of the forecast period, although the cyclically adjusted [...]
Spring Statement: Chancellor Philip Hammond reveals stronger borrowing forecasts March 13, 2018 Chancellor Philip Hammond today unveiled lower government borrowing forecasts as slightly stronger growth and higher tax receipts boosted the public finances. The government will borrow £45.2bn in the 2017-18 fiscal year, £4.7bn lower than previously thought, he told Parliament during his Spring Statement, according to forecasts from the Office for Budget Responsibility (OBR). Borrowing will [...]
Cost of Brexit, austerity update but no fireworks: Here’s what to expect from Philip Hammond’s Spring Statement on 13 March March 9, 2018 The chancellor will next week deliver his new, understated Spring Statement – and although it is not expected to have the same weight as previous Budgets, he is still expected to make waves. As previously announced, Philip Hammond will use the statement to respond to the latest OBR forecasts and set out some long-term thinking, [...]
Deputy mayor for transport slams government for abandoning London’s transport network as TfL faces near £1bn deficit February 21, 2018 London’s deputy mayor for transport will issue a rebuke of government today for abandoning the capital’s transport network as Transport for London (TfL) faces a near £1bn operational deficit next year. The organisation is dealing with the loss of government funding, as well as a surprise fall in passenger numbers, and tonight, Val Shawcross will [...]
Deliveroo is going green: Riders will start using electric scooters and bikes early in 2018 December 23, 2017 Deliveroo has announced an early Christmas present to residents of London, as it has said it will begin to trial electric scooters to cut down on noise and air pollution next year. The meal delivery company has said its riders in the capital will be able to rent electric-powered scooters and bikes early in 2018 [...]
Government slammed as dysfunctional as Philip Hammond admits cabinet has had no “end state” Brexit discussions – and reveals the Spring statement date December 6, 2017 Philip Hammond has admitted there have been no specific discussions of the country’s “end state” after Brexit, drawing criticisms that the government is “breathtakingly dysfunctional”. Speaking during a Treasury select committee hearing this afternoon, the chancellor admitted that conversations had not gone beyond “general discussions”. “The cabinet has had general discussions about our Brexit negotiations, [...]
Let’s get serious about leading the fourth industrial revolution November 27, 2017 The abolition of stamp duty for most first-time buyers dominated the headlines after last week’s Budget. But an equally important national priority was delivered too: positioning Britain to lead the fourth industrial revolution. As the chancellor said, this wave of technological change is already transforming the way we live and work, raising living standards, delivering [...]
6 key Budget 2017 takeaways November 23, 2017 Work in progress and still some way to go – that was my immediate take on the Budget. The good news was that the Chancellor recognised the need to position the UK for the great opportunities and significant challenges ahead. Despite this, far more needs to be done. First, the Chancellor and The Treasury are [...]