The Times reported over the weekend that the government could overrule recommendations on public pay rises from the independent pay review bodies amid concerns higher wages could fuel rampant inflation. The reports, which followed news that the Bank of England had raised interest rates to 5 per cent in a shock move designed to tame
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
Rachel Reeves has backtracked on Labour’s flagship plan to spend £28 billion a year on new green jobs and technology. The shadow chancellor said this morning that the party would look to “ramp up” spending every year to the figure, as she blamed the new position on the financial position of the country and the
Labour announced its green energy spending plan two years ago at the party’s annual conference to an atmosphere of part shock, part fanfare. “I will be Britain’s first green chancellor”, Rachel Reeves declared as she unveiled proposals for a colossal investment in greener technology. She committed to “an additional £28bn of capital investment in our
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 an urgent question to the chancellor, Rachel Reeves accused the government of a “sleight of hand”, telling the House of Commons that the windfall tax alongside the tax incentive for energy companies will allow “a third or more of any revenue” to be “handed back”. Frazer brushed off the criticism, telling the House that…
Chancellor Rishi Sunak has laid out plans to spread the costs of rising energy prices for “80% of homes in England”. Sunak told the House of Commons today that it would be “dishonest” to pretend we do not have to adjust the energy price cap, which will rise to £1,971 from April.. The Chancellor faced…
The cost of living soared 5.1% in the 12 months leading up to November 2021, up from 4.2% in October, and the highest hike since September 2011. Surging costs of transport and energy were mostly responsible for the rise, which far surpassed forecasts of a 4.7% jump, according to the Office for National Statistics (ONS).…
