The Brexit unknown: how the votes moved markets – and what next March 15, 2019 | City Talk British politics has faced a turbulent week: three nights of Brexit votes, a Spring Statement and a downgrade to economic growth. Market prices have swung on each twist as investors attempt to digest a constantly shifting set of possible outcomes. The single constant factor is uncertainty. With the scheduled exit date of 29 March looming, [...]
Trading on WTO terms would be no panacea for global Britain March 15, 2019 Despite the series of votes this week, a no-deal Brexit remains a real possibility. In fact, it is still the legal default unless a deal is struck or the EU agrees to extend Article 50. Many Brexiteers – 308 MPs, in fact – appear to think that this is the best Brexit option. Their assumption [...]
State-centric and uninspiring: The Spring Statement wasn’t much to get excited about March 15, 2019 Who has time to care about a Spring Statement when the unfolding Brexit process feels like watching a cross between Saw 3 and a monster truck rally? This has been a problem for two and a half years – the Brexit black hole has sucked time and resources away from almost every other area of [...]
IEA says attacks on tax havens undermine competition and privacy March 15, 2019 The Institute for Economic Affairs (IEA) has today attacked the UK government’s crackdown on tax havens, saying it undermines competition and breaches people’s right to privacy. Laws to make it public knowledge who avoids tax by registering companies in overseas British territories contradict principles of liberal democracy and damage the economy, the free-market think tank’s [...]
Trump attacks May’s handling of Brexit but dangles trade deal March 14, 2019 US President Donald Trump criticised Prime Minister Theresa May’s handling of Brexit negotiations, but restated his desire to strike a trade deal with the UK in a press conference today. He also came out against a second referendum and suggested there would have to be an extension of Article 50 while speaking at the White House [...]
Leading German think tank almost halves country’s growth prediction March 14, 2019 Germany has had its growth forecast for 2019 almost halved by one of the country’s top think tanks, adding to its economic gloom. GDP growth this year will be just 0.6 per cent, the Ifo Institute said today. It had previously predicted growth of 1.1 per cent. Read more: No-deal Brexit could hit Germany's economy, [...]
Hammond has the cash to end austerity, IFS says March 14, 2019 The improved public finances announced in yesterday’s Spring Statement give the chancellor Philip Hammond the power to bring austerity to an end, the Institute for Fiscal Studies (IFS) has said today. The think tank also said Britain’s relentless focus on Brexit has stopped it from addressing important economic and financial challenges in its analysis of the Spring Statement. [...]
Raising corporation tax may seem like a vote winner, but it makes all of us poorer March 14, 2019 Last year, parliament passed a law requiring the UK’s overseas territories (OTs) – including Bermuda, the Cayman Islands, and the Virgin Islands – to publish lists of the “beneficial owners” of the companies registered in them. The sponsors of the law claimed it was a crime-fighting measure. Conservative MP Andrew Mitchell justified the law by [...]
The UK’s elites have a habit of ignoring the will of the people March 14, 2019 On 20 April 1653, Oliver Cromwell marched into parliament saying, “you have sat here too long for any good you have been doing here lately” – words that surely chime with current events. Cromwell was utterly frustrated with an establishment which denied the will of the people. Obviously, no one is suggesting that the army should [...]
Spring Statement: Hammond warns against no deal as UK slashes 2019 growth forecast March 13, 2019 The UK chancellor Philip Hammond slashed the 2019 growth forecast in his Spring Statement and said future spending and economic wellbeing are dependent on an orderly Brexit. Hammond announced that the Office for Budget Responsibility (OBR) had cut the country’s 2019 growth forecast to 1.2 per cent, down from the 1.6 per cent predicted in [...]
