Hammond rows back on pledge to ease tax burden for self-employed workers September 6, 2018 Chancellor Philip Hammond has abandoned plans to give 3.4m self-employed people a tax break, it emerged earlier today. In a move to free up £350m for potential extra NHS funding, the Treasury is scrapping a tax cut that would have saved the UK’s self-employed workers an average £134. The relief had first been revealed in [...]
Impeach Trump? It wouldn’t affect the US economy one jot, says Barclays September 6, 2018 Impeaching President Donald Trump would have little to no effect on the fortunes of the US economy, according to Barclays. Trump said the economy would crash in the event of his impeachment, leaving everybody “very poor”, in an interview with Fox News last month. In reality, whether Trump sees out his four-year term in the [...]
It’s hubris to believe that we can or should reshape the economy September 6, 2018 On Wednesday, the archbishop of Canterbury, Justin Welby, fronted the final report of the IPPR’s Commission on Economic Justice. It makes an interesting read, but is otherwise a completely over-the-top attack on current economic policy, with a wishlist of mainly unworkable policies attached. It begins with an examination of everything that the Commission – made [...]
A land levy would be far fairer than our punitive business rates September 6, 2018 We have by now all heard about the crisis facing our high streets, and the burden of business rates in particular. But while high-profile retail struggles like that of House of Fraser and Maplin have brought this issue into the headlines, the problems with this badly designed tax run far deeper. Contrary to what any economist [...]
DEBATE: Would it be beneficial for the UK economy if Mark Carney stayed on as Bank of England governor? September 5, 2018 Would it be beneficial for the UK economy if Mark Carney stayed on as Bank of England governor? Katrina Usita, an economist at OMFIF, says YES. Uncertainty is the UK economy’s greatest problem. Mark Carney’s willingness to extend his term as Bank of England governor for another year assuages some of that, at least in [...]
Unemployment down, GDP up – there’s no logic for a public spending boost now September 5, 2018 Despite the warmth of the days, there is a distinct autumn feel to the mornings. And in the autumn, thoughts begin to turn to the Budget. Speculation has already begun about what the chancellor Philip Hammond might or might not do. Read more: Corbyn won’t stop until the government controls everything For Labour, recent weeks have [...]
Now is not the time to reform Help to Buy – it’s the time to scrap it entirely September 5, 2018 Housebuilders weighed on the FTSE yesterday following reports that the government is unlikely to extend the Help to Buy programme – in its current format – beyond 2021. Help to Buy has been doping up the housing market for more than half a decade since former chancellor George Osborne revealed his plan to stimulate demand. Prices [...]
Eurozone producer price inflation spikes due to rising energy prices September 4, 2018 Eurozone producer price inflation accelerated above expectations in July, powered by a rise in expensive energy prices. Producer prices among the 19 countries in the Eurozone rose 0.4 per cent month-on-month and four per cent year-on-year in July, according to data released by Eurostat this morning. Read more: Petrol station merger could drive up fuel [...]
Mark Carney says he is willing to stay on as Bank of England governor September 4, 2018 Mark Carney today said he is willing to do whatever he can to promote a smooth Brexit process when asked if he will stay on as Bank of England governor. Carney said he is "not in a position" to make an announcement today, but said he expects the Treasury to make an announcement "in due [...]
Lehman Brothers 10 years on September 4, 2018 | City Talk It’s hard to believe that it’s almost ten years since financial markets globally underwent a cardiac arrest that brought the world economy to its knees. Financial markets had already been on a slow downward slope in the lead up to events in September 2008, over concerns about the stability of the global financial system that [...]