Why is this such a worried bull market? July 18, 2018 Normally bull markets are full of people who are optimistic. They radiate enthusiasm for economies and shares. They hunt down markets or individual stocks that look cheap compared to the rest and recommend them. They recommend simply buying the global or local market to join in a general uplift in shares they expect. Eventually you [...]
Used car fintech startup Oodle has grabbed £100m of funding from Citigroup March 27, 2018 Oodle, the used car fintech startup co-founded by an ex-banker, has just grabbed £100m of funding from Citigroup. The young business, which scooped a £60m investment from private equity giant KKR last year, has already received more than £1.18bn worth of finance applications through its website which merges car searching and financing. Citigroup’s funding is [...]
IFS: Tax rises of £30bn per year needed to keep spending level and still balance Budget March 14, 2018 The government would have to raise taxes by £30bn a year to keep government spending level while also hitting the chancellor’s targets, according to the influential Institute for Fiscal Studies (IFS). Chancellor Philip Hammond yesterday struck an optimistic tone in the first Spring Statement, a pared-back update on the economic forecasts created by the Office [...]
Spring Statement: Spring is finally in the air, but the chancellor is right to play it safe March 14, 2018 The Spring Budget may have been downgraded to a mere Statement – with all fiscal announcements reserved for the November Budget – but yesterday’s speech by the chancellor still gave some useful insights into what to expect during 2018. So too did the revised forecasts from the Office for Budget Responsibility (OBR) that accompanied the [...]
Neither March hares nor rabbits from hats – why expectations for the spring statement are low March 13, 2018 If you were expecting any rabbits out of hats in today’s Spring Statement, both the Treasury and the Chancellor have been doing their level best to disabuse you of such a notion for some time. After last Autumn’s “Boring Budget” expect the “Stale Spring Statement”. Day-to-day public spending may finally be in surplus for the [...]
Spring Statement: OBR reveals the UK will be paying Brexit divorce bill until 2064 March 13, 2018 The Office for Budget Responsibility estimates the UK will be paying its Brexit divorce bill until 2064. Published to coincide with Philip Hammond’s Spring Statement today, the OBR puts the final figure at £37.1bn – squarely in the middle of government estimates of £35bn-£39bn. The body estimates that for the years 2019 and 2020 the [...]
Spring Statement: Here’s how economists reacted to Philip Hammond’s economic update March 13, 2018 Chancellor Philip Hammond today gave Parliament an update on the British economy based on new forecasts which show slightly lower government borrowing this year. The Office for Budget Responsibility said borrowing will hit £45.2bn in the 2017-18 fiscal year, falling steadily to £21.4bn by 2022-23, the end of the forecast period, although the cyclically adjusted [...]
Spring Statement: Chancellor Philip Hammond reveals stronger borrowing forecasts March 13, 2018 Chancellor Philip Hammond today unveiled lower government borrowing forecasts as slightly stronger growth and higher tax receipts boosted the public finances. The government will borrow £45.2bn in the 2017-18 fiscal year, £4.7bn lower than previously thought, he told Parliament during his Spring Statement, according to forecasts from the Office for Budget Responsibility (OBR). Borrowing will [...]
Cost of Brexit, austerity update but no fireworks: Here’s what to expect from Philip Hammond’s Spring Statement on 13 March March 9, 2018 The chancellor will next week deliver his new, understated Spring Statement – and although it is not expected to have the same weight as previous Budgets, he is still expected to make waves. As previously announced, Philip Hammond will use the statement to respond to the latest OBR forecasts and set out some long-term thinking, [...]
Deputy mayor for transport slams government for abandoning London’s transport network as TfL faces near £1bn deficit February 21, 2018 London’s deputy mayor for transport will issue a rebuke of government today for abandoning the capital’s transport network as Transport for London (TfL) faces a near £1bn operational deficit next year. The organisation is dealing with the loss of government funding, as well as a surprise fall in passenger numbers, and tonight, Val Shawcross will [...]