- Ed Miliband: zero private sector economics or financial experience.
- Wes Streeting: zero private sector economics or financial experience.
- Shabana Mahmood: zero private sector economics or financial experience.
Showing posts with label chancellor of the exchequer. Show all posts
Showing posts with label chancellor of the exchequer. Show all posts
Tuesday, June 23, 2026
Frontrunners For Chancellor
Friday, October 14, 2022
FFS!
Tax Investigation InsuranceThe Rt Hon Jeremy Hunt MP @Jeremy_Hunt has been appointed Chancellor of the Exchequer @HMTreasury. pic.twitter.com/bldKWr3crG
— UK Prime Minister (@10DowningStreet) October 14, 2022
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Wednesday, October 26, 2016
Hammond Mulls Dropping Autumn Statement
Chancellor considers dropping Autumn Statement https://t.co/Rif1VA4ic7 via @FT << Good, once a year is enough
— James McBrearty (@taxhelpukcom) October 26, 2016
An excellent idea, as it has proven to be a means to muddy already very muddy waters wrt tax and government finances.
Tuesday, July 28, 2015
Lamont Assesses Varoufakis's Plan
— Yannis Koutsomitis (@YanniKouts) July 28, 2015
Lamont was the Chancellor who took Britain out of the ERM in 1991 (or rather "managed" it crashing out of the ERM).
Friday, August 02, 2013
UK Construction Jumps
UK construction activity rose in July to its highest level since June 2010.
Reuters reports that the Markit/CIPS construction PMI rose to 57.0 July, up from 51.0 in June. The rise is mainly on the back of an increase in residential construction which has spurred an increase in confidence of purchasing managers.
Whilst the increase in residential construction is hardly surprising, given the increased stimuli to the sector offered by the Chancellor, the size of the increase in PMI is above expectations and as such is very welcome.
Tim Moore, senior economist at Markit said:
The question is, will this stimulation create an inflationary asset bubble?
Reuters reports that the Markit/CIPS construction PMI rose to 57.0 July, up from 51.0 in June. The rise is mainly on the back of an increase in residential construction which has spurred an increase in confidence of purchasing managers.
Whilst the increase in residential construction is hardly surprising, given the increased stimuli to the sector offered by the Chancellor, the size of the increase in PMI is above expectations and as such is very welcome.
Tim Moore, senior economist at Markit said:
"July's survey highlights a new wave of optimism across the UK construction sector, with companies reporting a pace of expansion in excess of anything seen over the past three years."Like it or not, the UK economy's bedrock is the property sector; by stimulating that sector the Chancellor has in effect stimulated the economy.
The question is, will this stimulation create an inflationary asset bubble?
Wednesday, February 16, 2011
King Hints At Rate Rises
Mervyn King, Governor of the Bank of England, has hinted in his letter to the Chancellor that there will be interest rate rises (in line with market expectations) during the course of the year.
On the assumption that the "goat's entrails" have been correctly read, then "experts" are predicting three rate rises during the year bringing rates to 1.5%.
We shall see.
On the assumption that the "goat's entrails" have been correctly read, then "experts" are predicting three rate rises during the year bringing rates to 1.5%.
We shall see.
Monday, October 04, 2010
Child Benefit Shake Up
I see that George Osborne used the BBC Breakfast show to announce to a bleary eyed "Monday morningish" nation that child benefit for higher rate taxpayers would be axed "by" 2013.
Someone should remind Osborne that announcements such as this should be made to Parliament first. The Tories were always quick to criticise Labour when they indulged in this form of "government via media announcement", sadly they seem to be emulating their foe.
Credit to the interviewer, who was clearly taken by surprise, for trying to press some details out of Osborne. She quite rightly made him admit that "higher rate" includes not just those on 50%, but also those on 40%.
She then asked, in relation to "by 2013", whether this would be phased in over a period of time up to 2013. Osborne gave a rambling, evasive response which did not answer the question.
Quite clearly he intends to start cutting child benefit back (for higher rate taxpayers) now, in phases, rather than leaving it all until 2013.
Someone should remind Osborne that announcements such as this should be made to Parliament first. The Tories were always quick to criticise Labour when they indulged in this form of "government via media announcement", sadly they seem to be emulating their foe.
Credit to the interviewer, who was clearly taken by surprise, for trying to press some details out of Osborne. She quite rightly made him admit that "higher rate" includes not just those on 50%, but also those on 40%.
She then asked, in relation to "by 2013", whether this would be phased in over a period of time up to 2013. Osborne gave a rambling, evasive response which did not answer the question.
Quite clearly he intends to start cutting child benefit back (for higher rate taxpayers) now, in phases, rather than leaving it all until 2013.
Wednesday, July 28, 2010
Interest Rates To Stay Low
Mervyn King, Governor of The Bank of England, has told the Treasury Select Committee that given that risks posed to the economic recovery there will be no rush to raise interest rates.
King also gave the Chancellor, George Osborne, a mild vote of support noting that the recent emergency budget had not made a "significant difference" to the chances of Britain suffering a double-dip recession.
Hardly a ringing endorsement!
King also gave the Chancellor, George Osborne, a mild vote of support noting that the recent emergency budget had not made a "significant difference" to the chances of Britain suffering a double-dip recession.
Hardly a ringing endorsement!
Wednesday, July 14, 2010
The Orifice Of Budget Responsibility
Sir Alan Budd, who is leaving as Chairman of the Office for Budget Responsibility after a mere 3 months in the role, appeared before the Treasury Select Committee (TSC) yesterday.
The TSC was keen to probe beneath the public perception that the OBR is not as "independent" as the government, and indeed OBR, would have us believe.
Sir Alan claimed that he had not come under political pressure recently, even though he released public sector jobs data early. He claimed that this was to correct a misinterpretation of figures leaked to the media, the fact that this was of benefit to David Cameron who used the data with glee was (of course) irrelevant.
Sir Alan, who has yet has no successor to replace him, has issued advice to the successor as to the future of the OBR eg:
- the need to relocate it outside the Treasury,
- allow Parliament a role in appointments to the OBR's key committee
- employ both external and Treasury staff to produce its forecasts and analysis.
He neglected to add that his future successor needs to be put on a contract longer than 3 months, allegedly the length of Sir Alan's contract (one wonders why, if that is truly the case, there is no successor lined up yet?) if he/she is to be effective.
As to whether the government and Treasury actually want a truly independent OBR, remains to be seen. Doubtless their choice of Sir Alan's successor may shed some light on that.
We await the announcement with interest!
The TSC was keen to probe beneath the public perception that the OBR is not as "independent" as the government, and indeed OBR, would have us believe.
Sir Alan claimed that he had not come under political pressure recently, even though he released public sector jobs data early. He claimed that this was to correct a misinterpretation of figures leaked to the media, the fact that this was of benefit to David Cameron who used the data with glee was (of course) irrelevant.
Sir Alan, who has yet has no successor to replace him, has issued advice to the successor as to the future of the OBR eg:
- the need to relocate it outside the Treasury,
- allow Parliament a role in appointments to the OBR's key committee
- employ both external and Treasury staff to produce its forecasts and analysis.
He neglected to add that his future successor needs to be put on a contract longer than 3 months, allegedly the length of Sir Alan's contract (one wonders why, if that is truly the case, there is no successor lined up yet?) if he/she is to be effective.
As to whether the government and Treasury actually want a truly independent OBR, remains to be seen. Doubtless their choice of Sir Alan's successor may shed some light on that.
We await the announcement with interest!
Monday, July 05, 2010
Cuts
The Chancellor, George Osborne, is using zero based budgeting to reset the country's battered finances.
He has ordered a purge of capital spending, and review of every single capital expenditure project, to run alongside the annual expenditure cuts demanded of every department of between 25% and 40%.
It is likely that the 40% target is being used as an exercise to "scare the chickens" into grudgingly rolling over and accepting 25% cuts.
He has ordered a purge of capital spending, and review of every single capital expenditure project, to run alongside the annual expenditure cuts demanded of every department of between 25% and 40%.
It is likely that the 40% target is being used as an exercise to "scare the chickens" into grudgingly rolling over and accepting 25% cuts.
Monday, September 28, 2009
Shutting Stable Doors
Listen very carefully and you will hear the sound of a stable door being slammed shut by Darling and Mandelson.
Ahead of Alistair Darling's Labour conference speech outlining new rules to curb bankers' bonuses, Lord Mandelson spoke on BBC's Radio 4 programme.
He noted that Gordon Brown, as Chancellor, had introduced new legislation that "sorted out a ragbag of different regulatory processes" in financial services to make them "much leaner, meaner and more efficient".
Aside from the obvious point that the Tripartite system was hardly "leaner, meaner and more efficient", it is clear that if Darling is now having to introduce further regulations, it is clear that Brown's regulations weren't up to the job.
Mandelson will say later today that we rely too much on the financial services industry.
Fair comment, except this has been known for many years.
What exactly will he replace it with?
Later today Darling will outline plans to:
-End automatic bank bonuses year after year.
-End immediate payouts for top management.
-Defer any bonuses over time so they can be clawed back if they are not warranted by long term performance.
All very well.
However, as can be seen with the change of HQ for the CEO of HSBC, bankers will simply up sticks and leave.
The stable door may now be slammed, regrettably the horses have long since bolted!
Ahead of Alistair Darling's Labour conference speech outlining new rules to curb bankers' bonuses, Lord Mandelson spoke on BBC's Radio 4 programme.
He noted that Gordon Brown, as Chancellor, had introduced new legislation that "sorted out a ragbag of different regulatory processes" in financial services to make them "much leaner, meaner and more efficient".
Aside from the obvious point that the Tripartite system was hardly "leaner, meaner and more efficient", it is clear that if Darling is now having to introduce further regulations, it is clear that Brown's regulations weren't up to the job.
Mandelson will say later today that we rely too much on the financial services industry.
Fair comment, except this has been known for many years.
What exactly will he replace it with?
Later today Darling will outline plans to:
-End automatic bank bonuses year after year.
-End immediate payouts for top management.
-Defer any bonuses over time so they can be clawed back if they are not warranted by long term performance.
All very well.
However, as can be seen with the change of HQ for the CEO of HSBC, bankers will simply up sticks and leave.
The stable door may now be slammed, regrettably the horses have long since bolted!
Monday, June 29, 2009
Who's In Charge?
Those of you who were worried about who is exactly is in charge of the UK need worry no more, Lord Mandelson has revealed that he is in charge and the person where the "buck stops".
In an interview with The Today programme he said:
"The spending period currently operating in Government stretches beyond the next election and therefore it is reasonable to review public spending at that time."
Adding that the Chancellor has already "made that judgment".
By making that statement in public, he has tied both the Chancellor's and the Prime Minister's hands.
Now all we need to know is who exactly is in charge of the Tripartite regulatory system; the Bank of England, the FSA or the Treasury?
In an interview with The Today programme he said:
"The spending period currently operating in Government stretches beyond the next election and therefore it is reasonable to review public spending at that time."
Adding that the Chancellor has already "made that judgment".
By making that statement in public, he has tied both the Chancellor's and the Prime Minister's hands.
Now all we need to know is who exactly is in charge of the Tripartite regulatory system; the Bank of England, the FSA or the Treasury?
Monday, June 22, 2009
Government Headache
The government is learning that running a bank is not at all without its downsides.
This week the Royal Bank of Scotland, owned by the taxpayer, is expected to announce a £9.6M pay package for Stephen Hester, its CEO.
Whether Hester may, or may not, justify such a package will be an issue that will be buried in the headlines that instead will scream about the fact that the taxpayer is "footing the bill".
The sooner the government comes up with a clear plan as to how, and when, it will return its bank holdings to the private sector the sooner it will rid itself of what will become a very nasty headache for the PM and Chancellor (whoever they may be).
This week the Royal Bank of Scotland, owned by the taxpayer, is expected to announce a £9.6M pay package for Stephen Hester, its CEO.
Whether Hester may, or may not, justify such a package will be an issue that will be buried in the headlines that instead will scream about the fact that the taxpayer is "footing the bill".
The sooner the government comes up with a clear plan as to how, and when, it will return its bank holdings to the private sector the sooner it will rid itself of what will become a very nasty headache for the PM and Chancellor (whoever they may be).
Friday, June 05, 2009
Nature Abhors a Vacuum
Unsurprisingly the current political turmoil his hitting the economy. The pound slid 1% against the dollar to $1.6022, a one-week low, while the pound hit a two-week low against the euro of 1.1277 euros.
Nature abhors a vacuum, and until the political situation is brought into some semblance of control KPI's such as the exchange rate will be savaged by the markets.
On a brighter note, well done to Alistair Darling for clinging on to his job as Chancellor.
As to whether is this is a sign of his strength, or the Prime Minister's weakness, is another matter.
Nature abhors a vacuum, and until the political situation is brought into some semblance of control KPI's such as the exchange rate will be savaged by the markets.
On a brighter note, well done to Alistair Darling for clinging on to his job as Chancellor.
As to whether is this is a sign of his strength, or the Prime Minister's weakness, is another matter.
Monday, June 01, 2009
Darling in Denial
Dead man walking Alistair Darling (soon to be ex Chancellor of The Exchequer) has denied the allegations in today's Daily Telegraph that he had broken House of Commons rules, by claiming second home expenses on two properties at the same time.
Yet, within hours of his denial, he announced that he would repay part of a parliamentary expenses claim on his London flat.
He claims that he is innocent, yet he repays some money. Why repay the money if he is confident that everything was above board?
He will be out of office by Friday.
Yet, within hours of his denial, he announced that he would repay part of a parliamentary expenses claim on his London flat.
He claims that he is innocent, yet he repays some money. Why repay the money if he is confident that everything was above board?
He will be out of office by Friday.
Friday, May 22, 2009
Threat To Credit Rating
Standard & Poor's have threatened the Chancellor's reputation, by saying that it was revising its outlook for Britain's "triple A" debt rating to "negative" from "stable".
Any future downgrading would cost the Treasury more in interest payments on government debt.
That being said, ratings agencies happily gave banks and their pyramid scam schemes triple A ratings in the past; why should anyone set much store by their ratings now?
Any future downgrading would cost the Treasury more in interest payments on government debt.
That being said, ratings agencies happily gave banks and their pyramid scam schemes triple A ratings in the past; why should anyone set much store by their ratings now?
Wednesday, April 29, 2009
50% Tax Rate Own Goal
Unsurprisingly, the politically motivated 50% top tax rate introduced by Darling in last week's budget has proven to be an own goal.
The Treasury admitted that billions of pounds of revenue would be lost, as high earners take the high road and leave the UK.
Mike Williams, the director of personal tax at the Treasury, told the Treasury Select Committee that only 31% of the possible total income from the tax increase will be received by the Treasury.
Last week the Chancellor said that the rate change would raise £1.1BN. However, figures now show that £2.5BN will in fact be lost via perfectly legal tax avoidance schemes, or by moving abroad.
Another nail in the coffin of last week's dismal budget.
Labour Chancellors never seem to learn the lesson that the politics of envy, when applied to tax, simply backfires; as they lose more money than they gain.
The Treasury admitted that billions of pounds of revenue would be lost, as high earners take the high road and leave the UK.
Mike Williams, the director of personal tax at the Treasury, told the Treasury Select Committee that only 31% of the possible total income from the tax increase will be received by the Treasury.
Last week the Chancellor said that the rate change would raise £1.1BN. However, figures now show that £2.5BN will in fact be lost via perfectly legal tax avoidance schemes, or by moving abroad.
Another nail in the coffin of last week's dismal budget.
Labour Chancellors never seem to learn the lesson that the politics of envy, when applied to tax, simply backfires; as they lose more money than they gain.
Thursday, February 26, 2009
RBS Breaks a Record
Congratulations to the Royal Bank of Scotland (RBS) for posting the largest loss in British corporate history (£24.1BN in 2008). Given the appalling state of its finances, RBS is to receive a further £25BN capital injection from the overworked British taxpayer, and will place £325BN of toxic "assets" in the government insurance programme.
Clearly RBS is following the old banking maxim that if you owe a small amount, the lender has you by the balls; whereas if you owe a large amount, you have the lender by the balls.
Needless to say the dire situation which RBS has placed itself in threatens many of the jobs of its employees. However, one man who seems to be doing OK is its ex CEO Sir Fred "The Shred" Goodwin, who is currently receiving a pension of £650K per annum (despite being only 50).
Unsurprisingly Alistair Darling is a tad peeved at RBS for treating Goodwin so generously, and even more peeved at Goodwin for taking the money. In fact Darling was so peeved, that he sent Lord Myners to have a word with Goodwin about the wisdom of taking the money.
Darling is still waiting for an answer.
Clearly RBS is following the old banking maxim that if you owe a small amount, the lender has you by the balls; whereas if you owe a large amount, you have the lender by the balls.
Needless to say the dire situation which RBS has placed itself in threatens many of the jobs of its employees. However, one man who seems to be doing OK is its ex CEO Sir Fred "The Shred" Goodwin, who is currently receiving a pension of £650K per annum (despite being only 50).
Unsurprisingly Alistair Darling is a tad peeved at RBS for treating Goodwin so generously, and even more peeved at Goodwin for taking the money. In fact Darling was so peeved, that he sent Lord Myners to have a word with Goodwin about the wisdom of taking the money.
Darling is still waiting for an answer.
Wednesday, February 18, 2009
Roll The Presses!
The Times reports that the Bank of England will write to the Chancellor asking permission to start printing money (quantitative easing), in order to buy up government and other securities.
The Bank, having almost exhausted its interest rate arsenal, is hoping that this will ease the credit drought.
All well and good, but this should have been done quite some time ago.
The Bank, having almost exhausted its interest rate arsenal, is hoping that this will ease the credit drought.
All well and good, but this should have been done quite some time ago.
Wednesday, January 07, 2009
Darling Admits To Overoptimism
Alistair Darling has admitted that his predictions last year, that there would be a recovery in the second half of this year, were in fact wrong.
In the Financial Times Darling says that the Pre-Budget Report in November may have been overoptimistic, when a recovery was forecast for the second half of this year.
No kidding!
In the Financial Times Darling says that the Pre-Budget Report in November may have been overoptimistic, when a recovery was forecast for the second half of this year.
No kidding!
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