Philip Hammond loosens George Osborne’s fiscal rules to give himself more elbow room as Brexit unfolds November 23, 2016 The government has published yet another new set of rules on fiscal policy, as chancellor Philip Hammond aims to give himself more room for manoeuvre over the course of the next five years than his predecessor, George Osborne. The former chancellor watched from the backbenches as Hammond abandoned all three of Osborne’s rules, introduced in [...]
Autumn Statement 2016: For all Hammond’s plans the OBR fears UK economic productivity could be weaker after Brexit November 23, 2016 In the Autumn Statement today chancellor Philip Hammond said no other major economy has such a gap between the productivity of its capital and its other cities. He also said the UK lags the US and Germany by a whopping 30 points in productivity. According to Hammond raising productivity is essential for the "high wage, high [...]
All the places the Autumn Statement will hit your wallet November 23, 2016 The Autumn Statement was lighter on personal finance initiatives than it has traditionally been – but that doesn't mean it had nothing to offer. For pensioners, without a doubt the most important thing was that the pensions triple lock – which guarantees pensions will rise at least 2.5 per cent a year – has been [...]
It’s official: The pound’s fall is set to raise inflation way above target in the next few years November 23, 2016 The UK’s rate of inflation will grow faster than previously predicted, according to new government forecasts. The Consumer Price Index (CPI),the main measure of UK inflation, will rise to 2.3 per cent in 2017, according to new figures from the Office for Budget Responsibility. The figures were released today alongside chancellor Philip Hammond’s first Autumn [...]
Autumn Statement 2016 will be the UK’s last November 23, 2016 The Autumn Statement is being abolished, chancellor Philip Hammond said today. "This is my first Autumn Statement and it will also be my last," he told MPs in the House of Commons today. He is introducing a Spring Statement, and an Autumn Budget instead. Hammond said he would not introduce significant economic and financial changes [...]
Savers will be offered new government-backed investment bond next year November 23, 2016 Savers will be offered a new government backed investment bond at the next Budget, the chancellor said today. The three-year bond will offer a 2.2 per cent interest rate on deposits of up to £3,000, and will be available through NS&I. It will be open to those aged 16 and over, available for 12 months from spring [...]
Boost for UK exporters as chancellor announces doubling of UK Export Finance capacity November 23, 2016 Chancellor Philip Hammond has announced plans to make it easier for British firms to export. Hammond said in his Autumn Statement that he would be doubling the capacity of UK Export Finance. Read more: Live coverage: Autumn Statement 2016 UK Export Finance is Britain's export credit agency and a government department which works alongside the Department for [...]
The deficit now won’t be cut by the end of the Parliament says chancellor Philip Hammond November 23, 2016 The UK government will cut the deficit at a slower rate than previously forecast, according to the Office for Budget Responsibility (OBR). The government's fiscal outlook has been significantly damaged by the cut in GDP growth forecasts. Public sector net borrowing will be £68.2bn in 2016-17, before falling to £20.7bn by 2020-21. During this Parliament [...]
The OBR has cut forecasts of UK growth for the next five years as Brexit takes its toll November 23, 2016 Official forecasts of the UK’s economic growth until 2020 have been cut, as economists start to take stock of the medium-term impacts of the UK’s decision to leave the European Union. The lower growth has also prevented the government from running a budget surplus by the end of this Parliament in 2019-20. The UK’s gross [...]
Uncertainty not totally to blame for UK’s economic problems, says MPC member November 23, 2016 Uncertainty might be causing some wobbles for businesses, but it gets more blame than it deserves, a member of the Bank of England's monetary policy committee (MPC) will say this morning. Speaking at a conference hosted by JP Morgan Cazenove, Kristin Forbes, external MPC member, is expected to say that, while mentions of uncertainty in the likes of [...]
