Rishi Sunak preparing more help for families facing rising energy bills March 13, 2022 Rishi Sunak is reportedly drawing up plans to provide more financial help to families facing further increases in energy bills in the wake of the Russo-Ukraine war. The chancellor is expected to outline details of a two-stage intervention to ease the cost of living crisis during his spring statement on 23 March, according to the [...]
Latest GDP figures confirm UK economy grows 0.8 per cent as Covid fears subside March 11, 2022 Official data from the Office for National Statistics (ONS) showed that gross domestic product (GDP) grew by 0.8 per cent in January as the hit from the Omicron variant subsided. It more than reversed the entire 0.2 per cent fall that had been observed in December. Experts had predicted a 0.1 per cent rise in [...]
Rishi Sunak urged to ‘turn wise words into action’ by FSB chair after small retailers feel ‘abandoned’ March 11, 2022 The chair of the Federation of Small Businesses (FSB) has urged chancellor Rishi Sunak to “turn wise words into action”, after the vast majority of micro firms said they felt “abandoned” by his policies. As the cost of living crisis continues to bite for retailers and consumers alike, 2,000 independent retailers were surveyed through Not [...]
Lib Dems call for £18bn cut to VAT to ease cost of living crunch March 10, 2022 The Liberal Democrats are calling for an £18bn VAT cut that would see the rate slashed from 20 to 17.5 per cent in a bid to ease the cost of living crunch on British households. The Lib Dems say the new policy proposal, released on the eve of the party’s spring conference, would save households [...]
Editorial: Shocks happen – and our institutions weren’t ready for this one March 10, 2022 And Rishi Sunak thought the hard bit was over. Wearing the scars of a two-year fight against a global pandemic, he may have thought he’d have some respite to get the public finances in order in time for some pre-election giveaways. That increasingly looks a long prospect. It may feel glib to discuss such matters [...]
Russia-Ukraine war to take tax cuts off the table, IFS warns March 10, 2022 Even higher inflation triggered by Russia invading Ukraine will take promised tax cuts off the table, a leading think tank warned today. Surging energy prices driven by concerns over the security of oil and gas supplies amid a ramping up in tensions between Moscow and the West will eat into Chancellor Rishi Sunak’s room to [...]
As government debt jumps to fund defence spending, our economy will pay the price March 9, 2022 Sanctions will clearly hit the Russian economy very hard. But economic prospects for the West are not exactly rosy. Twice in the 1970s and again in the early 90s, there were rapid spikes in oil prices; each instance was followed by economic recessions. The deep recession following 2008 was, of course, due to financial causes [...]
Russia-Ukraine war to deliver £90bn blow to UK economy March 8, 2022 Russia’s war with Ukraine will deal a £90bn blow to the UK economy driven by a worsening cost of living crunch sending the British consumer into retreat, reveals fresh forecasts published today. Soaring energy prices as a result of Moscow sending troops in Ukraine will feed already historic high inflation in Britain, heaping even further [...]
Chancellor pressures asset managers to cut ties with Russia March 8, 2022 The Treasury has ramped up pressure on asset managers to dump their holdings in sanctioned Russian firms, with chancellor Rishi Sunak hosting top industry bosses last week to discuss divestment.
First we need to cut fuel duty, then we must redesign our road taxes entirely March 8, 2022 In early 2011 at The Sun, I pestered the editor for long enough about rising petrol prices that he decided the newspaper should be doing something about it. A campaign to freeze fuel duty was born – with all the old-school trimmings. We even took post bags full of petitions signed by readers up Downing [...]