GDP growth falls short of expectations, inching 0.1 per cent higher in October December 10, 2021 The UK’s economic growth inched just 0.1 per cent in October, according to the latest figures. The figure remains 0.5 per cent below its pre-pandemic level, the Officer for National Statistic found, falling short of economist and analyst expectations after experts had forecast a 0.4 per cent increase. Construction and hospitality were among the hardest [...]
Treasury must come around to the obvious: The UK needs London December 10, 2021 In the mid-1970s, a bankrupt New York City went begging to the federal government in Washington DC for a bailout. It had got itself into immense financial difficulty; indeed, it was bankrupt. The President, Gerald Ford, effectively said no. The New York Post’s headline the day after was simple, but iconic: “Ford tells City: Drop [...]
One of our own: Rachel Reeves’ journey from the City to the top of Labour politics December 10, 2021 Rachel Reeves looks comfortable in the palatial settings of 1 Lombard Street as she settles down to a gin and tonic, garnished with a slice of grapefruit. The shadow chancellor is is a formidable force in the House of Commons – a Labour staffer described her as “un-chill, but in a very good way” – [...]
Labour’s Rachel Reeves would support cut to UK basic rate of Income Tax December 9, 2021 Rachel Reeves has said she would support a 2p cut to the basic rate of UK Income Tax amid reports that Rishi Sunak is considering the measure. The shadow chancellor told City A.M. in a wide-ranging interview that she “would like to see the chancellor do it”, but described reports of Sunak’s potential tax cuts [...]
Sunak’s tax policy is trying to straddle two worlds and failing on both fronts December 9, 2021 Chancellor Rishi Sunak seems to be in the midst of an identity crisis. After taking drastic measures to put the public finances on a sustainable footing in the wake of the pandemic, by raising the tax burden, he now wants to present himself as a tax cutting Tory. The problem is, he can’t be both. [...]
TfL: Khan hits out at Shapps for refusing to meet him as funding talks go down to wire December 6, 2021 City Hall and Whitehall have continued their row over urgent Transport for London (TfL) funding talks tonight, with each side blaming the other for slow progress. With just four days to go until TfL’s latest government bailout runs out, its fourth in the past 19 months, transport secretary Grant Shapps has still not met with [...]
Exclusive: London MPs warn of DLR decline without new TfL funding deal December 5, 2021 The capital’s Docklands Light Railway (DLR) will be under serious threat of long-term decline without a sustainable funding deal for Transport for London (TfL), a group of London MPs have warned. The six MPs, all Labour members in East or South East London constituencies, wrote to transport secretary Grant Shapps today to say “some of [...]
Rishi Sunak starts planning tax cuts in lead up to next election December 5, 2021 Rishi Sunak has begun to plan a series of Income Tax cuts before the next election, after he promised Tory MPs in October that he would be ease the tax burden by the end of this parliament. The chancellor plotted out increases in Corporation Tax and National Income Contributions this year, that will increase the [...]
London businesses and charities call on Rishi Sunak to provide long-term TfL funding December 5, 2021 More than 80 London business, universities and charities have written to Rishi Sunak to call on the chancellor to provide a long-term funding deal for Transport for London (TfL). Signatories to the letter – including the chiefs of Eurostar International, the ExCel Centre and London City Airport – called on Sunak to provide a funding [...]
Sunak gears up to slash taxes December 4, 2021 Rishi Sunak is preparing to cut income tax by 2p in the pound or to slash VAT rates before the next election.