OBR: UK is already in recession and taxes on course for post World War II high November 17, 2022 The UK is already in a recession that will burn a huge hole in the public finances, forcing the government to hike taxes to their highest level since just after the Second World War in the 1940s, the country’s fiscal watchdog warned today in forecasts published alongside Jeremy Hunt’s autumn statement. The Office for Budget [...]
Sunak says he ‘supported’ landmark Biden and Xi meeting at G20 November 17, 2022 Rishi Sunak has said he supported a landmark meeting between Joe Biden and Xi Jinping at the G20 summit as he signals his intention for a more collaborative relationship with Beijing. The Prime Minister said “China poses significant challenges to our values and to our interests and indeed our economic security”, but that “it is [...]
London pays its way in the economy, Treasury needs to remember to pay us back November 17, 2022 After three prime ministers in as many months, it’s been hard to keep up with the government’s positions. Fracking, triple lock pensions, levelling up – out, in and out again – like a kind of policy hokey cokey. Today, at least, we will get some clarity on the fiscal plan of the new government, after [...]
Hunt to stare down Tory backlash as he hikes taxes across the board November 16, 2022 Jeremy Hunt will have to stare down a potential Tory backbench rebellion as he delivers his tax-hiking fiscal statement tomorrow. The chancellor has warned that the mixture of spending cuts and tax rises is necessary to restore economic credibility, however they may well dent his own credibility in the Tory party. There are already rumblings [...]
North Sea oil and gas production will be hit by hiked windfall tax, says Investec November 16, 2022 The UK jeopardises future North Sea oil and gas production, if the windfall tax is toughened up tomorrow, argued Investec.
Ahead of Budget: Millions of terrified businesses fear they will not survive another year November 16, 2022 In the midst of political uncertainty and ahead of the Autumn Statement, a quarter of SMEs believe the UK economy has been damaged irreversibly by Brexit and Covid-19 – with an astonishing 64 per cent of business owners stating they are worried their businesses won’t survive the next 12 months. The fresh data reveals a [...]
Government in danger of missing nuclear targets, warns industry boss November 16, 2022 The Government is in danger of missing pledged targets to ramp up nuclear power and boost the UK's supply security.
Sunak and Biden didn’t discuss post-Brexit UK-US trade deal at G20 November 16, 2022 The shelved post-Brexit UK-US trade deal was not even on the agenda when Rishi Sunak and Joe Biden met today, the British Prime Minister has revealed. Sunak said after his meeting with Biden at the G20 in Indonesia that the pair spoke about the UK-US “economic partnership”, but the state of trade negotiations was not [...]
Dominic Raab asks Rishi Sunak to launch investigation into two bullying complaints November 16, 2022 Dominic Raab has written to the Prime Minister asking for an investigation into two bullying complaints made against him. The Deputy Prime Minister, Lord Chancellor and Justice Secretary said he would “fully cooperate” with the probe and welcomed “transparency”. This comes after he was notified of two separate complaints made against him from during his [...]
Explainer-in-brief: Rishi Sunak’s Great Wall of China November 16, 2022 Sunak is likely to pay more attention to the potential economic and trade benefits of a working relationship with China.