Labour and Tories already on track to break spending rules, says report November 28, 2019 Both Labour and the Conservatives are already on track to break their spending rules due to uncosted promises made in their manifestos, according to the Resolution Foundation think tank. The two main parties have both changed their so-called fiscal rules to allow more government spending, but say they will balance day-to-day spending with receipts by [...]
Chinese industrial profits fall at fastest in eight months November 27, 2019 Chinese industrial firms suffered their biggest fall in profits in eight months in October in the latest evidence that the world’s second-biggest economy is slowing. Industrial profits tumbled 9.9 per cent in October compared to a year earlier, following a 5.3 per cent fall in September, the country’s National Bureau of Statistics said this morning. [...]
Labour’s rejection of conventional economic theory ignores important insights November 27, 2019 One of the first tasks facing whoever becomes chancellor after the General Election will be choosing the next governor of the Bank of England. Getting to make this choice would be a key step in the plans of Labour’s shadow chancellor John McDonnell to shake up the Bank of England, but his radicalism is not [...]
UK employer confidence slips to three-year low November 27, 2019 Employer confidence in the UK economy has fallen to its lowest level in over three years as Brexit and General Election uncertainty hangs over firms, new data from the Recruitment and Employment Confederation (REC) has shown. Companies said they were ready to invest in November, however, showing that the upcoming General Election should focus on [...]
Sajid Javid attacks Labour’s claims that only rich will pay for manifesto November 26, 2019 Chancellor Sajid Javid has attacked Labour’s claim that 95 per cent of Brits would pay no more tax under its plans, saying the party’s manifesto includes six policies that would hit middle earners. These include scrapping tax relief for married couples, reversing cuts to inheritance tax, and raising corporation tax on small businesses. Read more: [...]
Getting Brexit done will not help UK economy, say academics November 26, 2019 Carrying out Brexit will not improve the UK’s struggling economy but will usher in years more uncertainty about Britain’s trading relationships, a new report has said. The hard Brexit that Prime Minister Boris Johnson is proposing will also limit the size of the UK market and raise trade costs, making it a less attractive place [...]
Tackling UK productivity crisis could yield £83bn a year for economy, says PwC November 26, 2019 The UK productivity crisis is dragging on the economy, a new report has said, which could be £83bn a year larger if laggard areas could make up just half the efficiency gap. The next government has a major opportunity to increase investment in infrastructure and encourage the private sector to better train its workers to [...]
Germany on track for growth as confidence rises, says Ifo institute November 25, 2019 The German economy is set to grow by 0.2 per cent in the second quarter, the country’s Ifo economic institute has predicted, as executives became slightly more optimistic in November. However, it is too early to say the struggling German economy is turning around, with confidence falling in its important manufacturing sector, according to the [...]
Hopes of US-China trade deal boost Asian stocks amid Hong Kong local elections November 25, 2019 Asian stocks rallied slightly overnight, as investors hoped for progress in the trade war between the US and China. It comes in part as a reaction to comments by US national security adviser Robert O’Brian over the weekend, that an initial – or so called phase one – trade agreement with China is still possible [...]
Conservative manifesto: How will Boris Johnson tax and spend? November 24, 2019 Prime Minister Boris Johnson has launched the Conservative manifesto with a pledge that he would increase spending by a fraction of Labour’s plans in a “sensible, moderate” approach to the economy. According to the Conservatives’ sums, the party would increase day-to-day spending by £2.9bn a year by 2023-24, compared to an £82.9bn increase under Labour. [...]
