UK’s new housing minister vows to crack down on ‘immoral’ insurance deals September 22, 2022 The UK’s new housing minister has vowed to crack down on “immoral” practices in the insurance sector that “drive up prices for consumers,” after tower block leaseholders were hit with surging premiums in the wake of the Grenfell tower disaster. In a comment piece in The Telegraph, Housing secretary Simon Clarke said his department [...]
National Insurance rise to be axed on 6 November, says Kwarteng September 22, 2022 This year’s hike in National Insurance will be axed from 6 November, Kwasi Kwarteng has today announced. The Treasury today said the move to reverse the 1.25 percentage point increase in National Insurance – which was originally brought in to pay for increased health and social care spending – will save businesses an average of [...]
Ex Russian president and PM: Nuclear weapons may be used to defend land seized from Ukraine September 22, 2022 Strategic nuclear strikes may be used to defend territories seized by Russia, its former Prime Minister and President Dmitry Medvedev has said. The threat was made on Thursday ahead of referendums due to be held in Ukraine’s Donetsk, Luhansk, Kherson and Zaporizhzhia provinces, about being incorporated into the Kremlin’s reach. This comes after Vladimir Putin [...]
Bank of England shirks historic rate hike despite warning of longer inflation September 22, 2022 The Bank of England today shirked the biggest interest rate hike since the late 1980s despite inflation threatening to run hot for months. Borrowing costs climbed 50 basis points to 2.25 per cent, their highest since November 2008 and the seventh rise in a row, the Bank announced. Before the decision, City economists and markets [...]
Rees-Mogg faces attacks from Tory MPs on plans to scrap fracking ban September 22, 2022 Business secretary Jacob Rees-Mogg has faced a series of attacks from the Tory backbenches over the government’s plan to lift the England moratorium on fracking. Rees-Mogg today told MPs that opposition to lifting of the fracking ban was “sheer Luddite-ry”, after the government last night released a British Geological Survey (BGS) into the practice. The [...]
Sadiq Khan: Income tax cuts to ‘disproportionately benefit’ wealthiest September 22, 2022 The Chancellor’s proposed cuts to income tax will “disproportionately benefit” society’s wealthiest, according to an analysis by the Greater London Authority (GLA). Figures showed that, by introducing a 1p cut, those on a £150,000 per year salary would have a tax relief of £1,950 while those earning the least would not see any benefit. “Tomorrow’s [...]
Biden underlines his commitment to NI Protocol as he meets with Truss September 21, 2022 Joe Biden has emphasised his commitment to the post-Brexit Northern Ireland Protocol before his meeting with Liz Truss, telling the Prime Minister he wanted to hear “what’s on your mind”. The US President said in a short statement before the pair’s first bilateral meeting that the UK was the US’ “closest ally in the world” [...]
Trussonomics will certainly challenge the dull orthodoxy of declinism September 21, 2022 Is Britain gripped by the orthodoxy of managed decline? It does appear so. Yesterday saw the Institute of Fiscal Studies, the respected economic wonk shop, bemoan Liz Truss’ tax cuts as piling on debt in a time of poor economic growth. Another, the Institute for Public Policy Research, has rubbished the idea that tax cuts [...]
Liz Truss tax cuts must be bolder to revive UK economy, Thatcherite thinks tank claims September 21, 2022 Liz Truss must be even bolder than cancelling the corporation tax rise to unlock the UK’s full economic potential, a Thatcherite think tank has claimed today. The prime minister’s chancellor, Kwasi Kwarteng, is expected to reverse the six percentage point corporation tax hike at this Friday’s mini-budget. The move will generate a 1.2 per cent [...]
Truss hires former energy exec as new business liaison head September 21, 2022 Liz Truss has hired former EDF Energy executive Michael Stott as new head of business liaison for Downing Street. Stott is to become Truss’s key leader of business relations and engagement strategy, Sky News learned today. He is replacing Alex Hickman who held the role for two years under Boris Johnson. The newest business figure [...]