Boffins blast HS2 arguing Britain’s high speed rail offering could be five times more expensive than its French equivalent May 26, 2016 High Speed 2 (HS2) could be up to five times more expensive than its French equivalent according to a new academic study, reigniting rows over whether the £56bn railway plan is a “vanity project”. The academics, led by Professor Tony May from Leeds University and transport consultant Jonathan Tyler, said that France's TGV line from [...]
Brent crude and WTI: US oil falls below $40 per barrel after EIA data March 23, 2016 US oil fell below $40 per barrel today, after fresh data suggested the global oversupply still has some ground left to cover before markets rebalance. Data released today by the Energy Information Administration (EIA) showed US crude oil inventories jumped by 9.4m barrels last week to a record total of 532.5m. This was much more than analysts expected, with [...]
Concerns raised by free market advocates in Westminster after new Prime Minister Theresa May unveils a department of industrial strategy July 14, 2016 Prime Minister Theresa May set out her stall yesterday by merging two Whitehall departments into a giant new office that promises to deliver an “industrial strategy” for Britain. The Department of Business, Energy and Industrial Strategy will replace the departments of Business, Innovation and Skills (known as BIS) and Energy and Climate Change (known as DECC). The [...]
EU referendum: Institute of Economic Affairs say staying in the EU would cost Britain at least £9,265 per household each year February 3, 2016 Remaining in the European Union could cost the United Kingdom at least 13 per cent of gross domestic product (GDP) each year, a leading free market think tank has claimed. In a new report out today by Cardiff Business School professor Patrick Minford, the Institute of Economic Affairs (IEA) said shifts in EU trade policy, [...]
PwC’s Andrew Sentance has a very unusual reason for wanting to stay in the EU May 16, 2016 And you thought Ukippers had weird reasons for backing Vote Leave. Bank of England Governor Mark Carney may be facing a backlash after voicing economic concerns over a potential Brexit, but one former Monetary Policy Committee member doesn't mince his words. Andrew Sentance, senior adviser at PwC and former MPC member, came out in favour [...]
Brent crude and WTI: US oil prices soar to new 2016 high May 12, 2016 US oil prices shook off earlier losses to hit their highest level so far this year, buoyed by a shock drop in US oil stocks. West Texas Intermediate crude, the US benchmark, added one per cent to $46.7, having hit $46.9 earlier in the day. Brent crude, the global benchmark, rose 0.8 per cent to $48 per [...]
UK Budget predictions 2016: What do free marketeers want from chancellor George Osborne? March 15, 2016 Chancellor George Osborne normally pulls something out of his hat on Budget day, but with pensions seemingly pressured off the table, his choices are restricted. But in an ideal world, what do free marketeers want from him next week? Corporation tax This, the TaxPayers' Alliance says, is undermining what is already weak public confidence in [...]
Brent crude and WTI: Oil set to clock first weekly gain this year on cold weather January 22, 2016 Oil prices are set to clock their first weekly gain this year, as freezing weather and snowstorms in parts of the US and Europe boosts demand for heating oil. Brent crude, the global benchmark, jumped seven per cent to $31.30 per barrel, while West Texas Intermediate crude, the US benchmark, increased 6.26 per cent to $31.38. [...]
Low oil prices will lead to skills crisis for North Sea and mean UK does not realise full potential of oil and gas reserves April 25, 2016 A leading industry expert has raised concerns that low oil prices could dampen the long-term prospects for the North Sea, create a generational skills crisis and lead to oil being left in the ground. Alan McCrae, a partner at PwC who heads up oil and gas tax, said that unless there was a “dramatic recovery [...]
Steel crisis: Small business ministers Anna Soubry slammed for saying steel sector not “totally” free market May 16, 2016 Small business minister Anna Soubry has come under fire from two influential think tanks after she suggested that the UK's steel sector should not be treated as a "totally" free market. Writing in the Sunday Times Magazine, Soubry recalled her early discussions with Prime Minister David Cameron: “Like him I believe the blast furnaces at [...]