British banks have been accused of “profiteering” as millions of Britons struggle to get by during the cost-of-living crisis. As a result, the Financial Conduct Authority (FCA) has summoned the four big banks for a meeting on Thursday over their conduct. Appearing to support such allegations, » Read More
Ronald Reagan once joked that the most terrifying words in the English language are: “I’m from the government and I’m here to help”. Yesterday Britain’s premier, faced with figures pointing to a deepening economic malaise, promised: “I am totally, 100%, on it and it’s going to be okay”. Reagan, like our PM a California-dweller, » Read
With the Bank of England set to raise interest rates for the 13th time in a row later today, James Cleverly has insisted that the “idea that we should consciously be going into a recession” is not subscribed to by anyone in government. Mr Cleverly, the foreign secretary, » Read More
Reacting to figures today showing that inflation is stubbornly high, chancellor Jeremy Hunt said the new numbers “strengthen the case for the government to stick to its guns”. The new figures show the Consumer Prices Index (CPI) rose by 8.7 per cent in the 12 months to May, » Read More
Labour party leader Sir Keir Starmer recently sat down for an interview with The Economist magazine for a conversation that was framed around unpicking as yet “curiously undefined” Starmerism. First of all, it is worth saying that the fact Sir Keir’s political beliefs are a topic of debate right now is good news for the
The chancellor Jeremy Hunt has said the government is “on track” to deliver on its promise of halving inflation this year after price rises eased last month. Data published by the Office for National Statistics this morning showed that the Consumer Prices Index rose by 10.1 per cent in the 12 months to March this
Rishi Sunak claimed in a speech yesterday that the UK economy suffers from an “anti-maths mindset” that costs the economy “tens of billions per year”. It was the latest pronouncement on what has been a core if questionable theme of his premiership: his desire to convert the masses to the cult of calculus. » Read More
Home office minister Chris Philip has dismissed the International Monetary Fund’s (IMF) economic forecast for the UK, claiming the organisation’s predictions are “unduly pessimistic”. Mr Philp, the policing minister, said this morning that the UK has a “track record” of “consistently outperforming” the IMF’s forecasts — that is despite new figures showing the UK economy flatlined in
Jeremy Hunt has rejected the “bizarre” suggestion that his budget is aimed at helping the wealthiest one per cent in society following his decision to get rid of the lifetime pension allowance. The lifetime allowance — the total amount workers can accumulate in their pension savings before paying extra tax — was abolished yesterday. » Read
In the Autumn Statement in November, Jeremy Hunt was the proud spokesperson of treasury orthodoxy. Outlining the most austere economic plan announced since George Osborne’s “emergency budget” in 2011, the very presence of “spreadsheet Jeremy” sent well-telegraphed signals to Britain’s financier class. The government’s hedonistic flirtation with Trussonomics — lenders were assured — had been as fleeting
