It may not be Hammond’s cup of tea, but we deserve some tax-cutting champions May 31, 2019 I for one am thrilled to see politicians not just talking about tax cuts, but competing for the best policy to reduce a tax burden that is at a near 50-year high. Sure, it took a leadership contest to get them properly talking about it, but from the home secretary’s endorsement of the Adam Smith [...]
Markets brace as Trump threatens Mexico with 25 per cent tariffs over immigrants May 31, 2019 US President Donald Trump is set to slap fresh tariffs on all Mexican imports next month, in a shock move that could threaten a recently-agreed major trade deal between the two sides. Read more: Mueller says 'not an option' to charge Trump over Russia inquiry The White House warned late last night that the US [...]
Tory leadership contest can spark a much-needed debate on the future of tax May 31, 2019 Should the Conservatives slash taxes? Social media star Liz Truss certainly thinks so, arguing yesterday that "taxes hold back growth, and by cutting rates in a targeted way we can turbocharge economic growth and boost wages so the overall tax burden falls." Her leadership rival Dominic Raab has also made headlines this week by pledging [...]
UK consumer confidence holds up in May despite Brexit impasse May 31, 2019 Consumers were feeling more upbeat about the British economy in May than they were in April despite Brexit, a new survey has shown, although confidence was well below the longer-term average. Read more: Warm-weather pub trips boost tepid consumer spending growth in April Meanwhile, more people felt positive about their personal financial situation than during [...]
US first quarter growth revised down to 3.1 per cent May 30, 2019 US first quarter economic growth was revised down slightly to an annualised rate of 3.1 per cent, according to the second estimate released today by the country’s Bureau of Economic Analysis (BEA). Read more: Global markets sink into the red as technology front opens up in trade war The annualised growth rate is nonetheless one of [...]
Interest rates would be hiked if Britain achieves orderly Brexit, says Bank of England May 30, 2019 Deputy governor of the Bank of England Dave Ramsden has said interest rates would need to be hiked if Britain leaves the European Union in an orderly manner with a transition deal. Read more: Hammond may topple new PM to prevent no-deal Brexit Ramsden, speaking in Inverness, Scotland, said although he expected growth to pick [...]
The inflation target is just the start for the next ECB president May 30, 2019 With the EU elections out of the way, the horse-trading over a host of top EU jobs, including who replaces Mario Draghi as president of the European Central Bank (ECB), will ratchet up. By the European Council meeting on 20-21 June, a successor to Draghi should become clear. The new president’s most urgent task is [...]
Keep your wits about you, it’s not easy to navigate this tyrannical political jungle May 30, 2019 Any country that forced its citizens to spend over 40 per cent of their time working for those in power would be roundly condemned as a slave state and the most appalling tyranny. Yet this is the effective reality in Britain. Just over two fifths – 40.94 per cent – of everything the nation earns is [...]
Urgent action needed to tackle stagnating productivity, top economists warn May 30, 2019 The UK and other rich countries must take urgent action on multiple fronts to tackle the productivity slowdown that is undermining growth and preventing living standards from improving, Oxford University economists have today warned. Read more: UK productivity falls for second consecutive quarter Despite rapid technological change, productivity growth in nearly all of the world’s [...]
Britain’s tax bill at its highest since 1955 in comparison to earnings May 30, 2019 Tory heavyweights have taken aim at high taxes in the UK to mark what a think tank has dubbed Tax Freedom Day, a measure of when Brits stop paying tax and start pocketing their earnings. The Adam Smith Institute has estimated that every penny the average person earned for working up to and including 29 [...]