Rishi Sunak vows to change UK’s ‘economic geography’ June 24, 2021 Rishi Sunak has vowed to alter the UK’s “economic geography” by ensuring the post-Covid recovery is “more evenly felt across the country”. Sunak also highlighted the need for Britain to invest in high-growth sectors, such as fintech, which the chancellor says will fundamentally alter the economy. Sunak highlighted the government’s Help to Grow scheme, which [...]
FCA boss vows transformation after MPs slam historic ‘culture’ failings over mini-bond collapse June 24, 2021 The Financial Conduct Authority said it was embarking on a “wide-ranging transformation programme” after MPs lambasted it for historic failings relating to the collapse of London Capital & Finance (LCF). A report from the influential Treasury Select Committee of MPs said that a change in the FCA’s “culture” was required to protect consumers from a [...]
Travel industry unites in last-gasp SOS as second ‘lost summer’ looms June 23, 2021 Pilots, travel agents and union members descended on Westminster this afternoon in a plea for the government to “save” the long-suffering travel industry. Due to Covid-19 restrictions, the protestors were forced to appear one after another in two groups of 400, as part of a coordinated campaign of similar events around the country. But even [...]
Biden economic aide: US recovery has been “spectacular” and suggests inflation fears overblown June 23, 2021 President Biden’s chief economic adviser Professor Cecilia Rouse has described the US economy’s recovery as “spectacular” but warned of a “bumpy” time ahead. Rouse, the Chair of the White House’s Council of Economic Advisors, told the BBC that she felt price pressures would be “transitory” and said Biden’s macro-economic plan was not driving inflation upwards. [...]
Rishi Sunak vs Boris Johnson: to spend or not to spend? June 23, 2021 Rishi Sunak has directed his energy into recasting the Treasury back to its traditional role – the guardian of the public finances. The Chancellor notched up a substantial victory after education recovery tsar, Kevan Collins, resigned earlier this month, after his demand for £15 billion for catch-up programmes in schools was beaten down to a [...]
BoE appoints former Citibank economist Catherine Mann to rate-setting panel June 22, 2021 Britain’s finance ministry has today named former Citibank economist Catherine Mann as the newest member of the Bank of England’s Monetary Policy Committee (MPC). Mann’s three-year stint on the nine-member panel, which sets interest rates and oversees the BoE’s £895bn bond-buying programme, will replace Gertjan Vlieghe on 1 September, who is stepping down after six [...]
UK Government borrows another £24.3bn in May as debt approaches 100 per cent of GDP June 22, 2021 The UK borrowed £24.3bn in May despite the gradual winding down of lockdown restrictions, according to the latest official estimates. The Office for National Statistics also confirmed this morning that the UK’s debt hit £2.19trn at the end of last month, representing around 99.2 per cent of GDP. Read more: Analysts warn Rishi Sunak: Treasury’s [...]
Cummings claims Rishi Sunak raised concerns about PM’s Covid response June 21, 2021 Rishi Sunak allegedly shared concerns about Boris Johnson’s handling of the Covid-19 pandemic while the Prime Minister delayed implementing a second lockdown, according to Dominic Cummings. The former powerful Number 10 aide told people on his subscription Substack page that the chancellor was not the lockdown-sceptic he was made out to be and that “Sunak’s [...]
Analysts warn Rishi Sunak: Treasury’s pensions raid could be ‘hugely risky’ June 21, 2021 The Treasury is eyeing pensions taxation as one way to pay for the cost of the pandemic, it was reported this morning. Although there are no plans to make changes to the triple lock, the Treasury is looking at three ways to change the ways in which pension contributions are taxed, which some analysts have [...]
England ‘looking good’ to shed Covid restrictions on 19 July, says Johnson June 21, 2021 Boris Johnson has said the prospects of shedding England’s Covid restrictions on 19 July are “looking good”. The Prime Minister said data showing the immense effectiveness of two jabs against the Delta variant, and the increasing rates of vaccination, should mean the easing of restrictions will go ahead. Data from PHE released last week revealed [...]