HS2: Delayed AGAIN or scrapped for good? Govt refuses to say if expensive project will ever terminate at London Euston January 27, 2023 The Government has refused to confirm that HS2 will reach its central London terminus at Euston following reports that it may be delayed or scrapped. The Sun said soaring inflation means that the high speed rail project may not run to Euston until 2038 – or be scrapped completely, with trains instead stopping at a [...]
Bank of England expected to raise interest rates by 50 points to post financial crisis high of four per cent January 26, 2023 The Bank of England is set to hike interest rates 50 basis points to four per cent next week, jacking them up to the highest level since the financial crisis, markets expect. City traders reckon its governor Andrew Bailey will lift borrowing costs for the tenth time in a row, something the UK central bank [...]
Rishi Sunak and Jeremy Hunt to shun tax cuts in March budget despite £11bn energy windfall January 23, 2023 Jeremy Hunt and Rishi Sunak will hold fire on tax cuts at the 15 March budget despite being handed an around £11bn windfall from international energy prices falling to pre-Russia-Ukraine war levels, according to top economists’ predictions gathered by City A.M. Brits will have to wait until the run up to the next general election, [...]
Starmer promises Labour will deliver ‘decade of renewal’ after doubts cast over Sunak pledges January 4, 2023 A Labour government will deliver “a decade of national renewal” to show “the light at the end of the tunnel” for the British people, opposition leader Sir Keir Starmer will claim in his first speech of 2023 tomorrow. Speaking in Stratford, East London, Starmer, 60, is set to characterise the more than decade of Conservative [...]
Business energy support set to be halved to reduce taxpayer bill December 30, 2022 Support for businesses to help them cope with swelling energy bills will halve in the spring to avoid taxpayers holding the bag if oil and gas prices surge again, according to The Times. Chancellor Jeremy Hunt next month will announce a 12-month extension to a scheme that caps energy costs for businesses, similar to a [...]
2022: The year the UK economy soured December 23, 2022 Let’s not forget that inflation was already a problem heading into 2022. The final inflation reading of 2021 was for November and came in at 5.1 per cent, nearly three times higher than the Bank of England’s two per cent target and the highest level since September 2011, according to the Office for National Statistics [...]
Hunt confirms full fat budget and OBR forecast on 15 March 2023 December 19, 2022 The government will deliver a full fat budget on 15 March next year, chancellor Jeremy Hunt confirmed today. The announcement will be accompanied by an assessment of the impact of the government’s tax and spending plans on the public finances by the Office for Budget Responsibility (OBR). Last month, Hunt delivered what was in effect [...]
Hunt defends new electricity generator levy in Downing Street showdown December 15, 2022 Chancellor Jeremy Hunt defended the introduction of a new tax on legacy electricity generators at a Downing Street roundtable this week.
EXCL – UK investors abandon Sunak and Hunt as only one in four have faith in Tory economic policy December 15, 2022 Just over one in four UK investors have faith in Tory economic policy, with the majority concerned about slowing economic growth, according to new research shared exclusively with City A.M. today. In fact, less than a third believe Jeremy Hunt is the right person to be chancellor. Just 27 per cent have confidence in the [...]
Bank of England calls for tighter rules on LDI market after mini-budget chaos December 13, 2022 Tighter oversight of the pensions industry is needed to ensure it can “withstand severe but plausible market moves” similar in size to those seen in the aftermath of Liz Truss’s disastrous mini-budget in September, the Bank of England said today. The recommendation from the Bank’s financial policy committee (FPC) has been sparked by concerns over [...]