Sunak wants to be a low-tax Tory but instead he’s following the US and picking winners March 25, 2022 When Frank Sinatra first uttered the words “the best is yet to come”, the UK’s fiscal strategy probably couldn’t have been further from his mind. But the words ring true after a spring statement that did little to make life any easier for those of us who make a living trying to read the Chancellor’s [...]
The City View: More Spring Statement analysis, and The Macallan’s Master Whisky Maker distills her craft March 24, 2022 Today Andy Silvester chats to Economics and Markets reporter Jack Barnett — they look back on yesterday’s Spring Statement; go through dire IFS figures; and discuss lack of growth in the UK economy. Andy also takes us through the business news: P&O are in even more hot water; and the CEO of convenience store operator [...]
Spring statement: Record fall in living standards under current parliament March 24, 2022 UK living standards will fall quicker over the course of this parliament than any other since records began, reveals fresh analysis released in the wake of chancellor Rishi Sunak’s spring statement. The typical non-retired household is forecasted to be two per cent worse off by the time of the next election in 2024, according to [...]
Rishi Sunak has shown his true colours by hiding stealth tax rises in the detail March 24, 2022 Don’t be fooled, Rishi Sunak is a fiscal conservative first, and a low-tax conservative second. This was a tax-cutting spring statement, but as the Office Budget Responsibility (OBR) pointed out, on balance Sunak has been a tax-hiking Chancellor. In fact, the net cut to personal taxes introduced at the Spring Statement offsets “just over a [...]
Cost of living squeeze already biting UK economy as experts warn worst is still to come March 24, 2022 The damage the cost of living squeeze is inflicting on UK households is already starting to weigh on the economy as top forecasters warn the worst effects of spiralling living standards are yet to come. A fresh flurry of data released today revealed consumers are slashing spending to alleviate pressure on their finances caused by [...]
Boris Johnson calls for wind and nuclear ramp up ahead of energy strategy announcement March 24, 2022 Prime Minister Boris Johnson has revealed the UK's new energy strategy will expand domestic nuclear and offshore wind capacity.
Sunak’s decision to hike national insurance while cutting income tax is ‘indefensible’ March 24, 2022 Top economic forecasters today slammed Chancellor Rishi Sunak’s decision to push ahead with the national insurance tax hike while cutting the basic rate of income tax as “indefensible”. All of the windfall households will receive from lower income tax bills will be offset by fiscal drag and a 1.25 percentage point national insurance uplift and [...]
Growth forecasts and a lack of ambition portend a grim economic future March 24, 2022 For all the pageantry of yesterday’s spring statement, the truth is that just one thing really matters: the drastic, deeply concerning downgrade in the UK’s growth forecasts. There are only so many political sleight of hands that any Chancellor can do to hide the fact that unless the UK finds the secret sauce of sustained [...]
Rishi Sunak admits Brits face ‘challenging and uncertain’ times after Spring Budget March 24, 2022 Chancellor Rishi Sunak has said the country is facing “challenging and uncertain” times after official forecasters predicted the biggest fall in living standards on record. Following his spring statement on Wednesday, the Chancellor insisted the Government was “on the side of hard-working families”. But Labour said that he had done nothing to tackle the cost-of-living [...]
Fresh 30-year high inflation print wobbles London investors March 23, 2022 A fresh 30-year high UK inflation print wobbled London’s top indexes today. The capital’s premier FTSE 100 index dipped 0.22 per cent to 7,460.63 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.53 per cent to 21,001.62 points. Fresh data released today by [...]