Reactions to the chancellor’s statement December 5, 2013 THE BUSINESS GROUPDirector general of the CBIJohn Cridland The CBI had lobbied the government to cap business rates at two per cent and support business finance. “We have always advocated the dual approach of tackling the deficit and driving growth – the OBR forecasts confirm it is working. Let’s stick with what works. “The pressure [...]
The Funding for Lending pivot may take the gloss off Osborne’s economy November 28, 2013 THE ANNOUNCEMENT that the Funding for Lending Scheme (FLS) is being redirected away from mortgages is one of the most significant economic policy developments of the year. FLS was launched in the summer of 2012 as a joint Treasury and Bank of England initiative to boost bank lending to the real economy. Unlike 2011’s Project [...]
Rock bottom rates may be here for even longer November 26, 2013 INTEREST rates could stay at rock bottom for even longer than the Bank of England has promised, senior official Charlie Bean told MPs yesterday. The Bank has said it will consider raising rates when unemployment falls to seven per cent. But if inflation is at or below its two per cent target, the Bank could [...]
Why it’s no time to be complacent about the UK’s inflation problem November 14, 2013 THE SURPRISE fall in the annual inflation rate in October to 2.2 per cent on the consumer price index and 2.6 per cent on the retail price index is obviously welcome news. However, it’s too soon to be complacent. It also reminds us that inflation has been consistently above the Bank of England’s 2 per [...]
Why it’s no time to be complacent about the UK’s inflation problem November 12, 2013 THE SURPRISE fall in the annual inflation rate in October to 2.2 per cent on the consumer price index and 2.6 per cent on the retail price index is obviously welcome news. However, it’s too soon to be complacent. It also reminds us that inflation has been consistently above the Bank of England’s 2 per [...]
Sorry to be a party-pooper, but this is the wrong kind of growth October 31, 2013 EVEN the Bank of England sometimes makes mistakes. It was forced to correct its most recent data on consumer borrowing yesterday, in a development that confirmed what many of us feared all along: credit is beginning to surge dangerously. Yes, the economy has rebounded; but in many ways we are seeing the wrong kind of [...]
Why the London Docklands hold the key to tackling the UK housing crisis October 1, 2013 HOW DO we solve Britain’s housing crisis? Ed Miliband has promised to see 200,000 homes built each year by 2020. But his pledge was linked to a misguided initiative to stop developers hoarding land (the Office for Fair Trading couldn’t find any evidence that this actually happens). The Tories, meanwhile, are bringing forward the second [...]
Why the London Docklands hold the key to tackling the UK housing crisis September 30, 2013 HOW DO we solve Britain’s housing crisis? Ed Miliband has promised to see 200,000 homes built each year by 2020. But his pledge was linked to a misguided initiative to stop developers hoarding land (the Office for Fair Trading couldn’t find any evidence that this actually happens). The Tories, meanwhile, are bringing forward the second [...]
Cameron puts European rights law on notice September 29, 2013 DAVID Cameron yesterday indicated that he is ready to pledge to abolish the Human Rights Act in the Conservatives’ manifesto for the 2015 general election. The Prime Minister said he would do “whatever that takes” to ensure Britain can deport foreign criminals that the government believes pose a threat to national security, including replacing the [...]
What the other papers say this morning – 26 September 2013 September 25, 2013 FINANCIAL TIMES Nokia asked Elop to give back €18m Nokia’s chairman asked Stephen Elop, the Finnish group’s former chief executive, if he would forgo part or all of his €18.8m pay-off several days ago as the furore over it grew. People close to Nokia said that as pressure mounted over the weekend from Finnish politicians, [...]