Economy

Brexit is, we’re told, a disaster that shaved a hefty slice off UK economic growth. But there does seem to be a very large proverbial elephant standing in the way of this thesis. Our EU neighbours don’t seem to have been doing any better than an admittedly sluggish – if now recovering – Britain. While the UK economy grew by 0.7 per cent in the first quarter of this year followed by 0.5 per cent in the second quarter, the French economy managed only 0.3 per cent and 0.2 per cent. It is Germany that continues to surprise most on the downside. The economy shrank again in the second quarter,

Did Kemi Badenoch just say that maternity pay in the UK is ‘excessive’? That’s the claim kicking off the first day of the Tory party conference: an affair that is supposed to act as a ‘beauty pageant’ for the four remaining leadership contenders. It’s not great timing for Badenoch – and it’s certainly not how she and her team will have wanted to kickstart her four days in Birmingham, trying to win over grassroot Conservatives. It’s also, however, not really what she said. “There was a time when there wasn't any maternity pay and people were having more babies.”@KemiBadenoch suggests statutory maternity pay is "excessive".@KateEMcCann | @AdamBoultonTABB pic.twitter.com/j21Vaw7nXN — Times Radio (@TimesRadio) September 29,

China’s leaders and economic policymakers – who have been optimistic and confident about the economy for years – are clearly spooked.  Just two weeks ago, Chinese state media was happily insisting that the country was experiencing ‘stable economic growth’. China requires a major rethink when it comes to the economy, something which may be politically impossible for a Leninist government Yet in the last week, Beijing has announced and is expected to approve over £319 billion in new fiscal measures – the biggest monetary policy stimulus since the pandemic. The move is a clear acknowledgement that China has a weak economy with an array of systemic economic and social problems. In another

It takes something when even the Guardian is warning you that your tax rises might end up costing more than they raise in revenue. The paper is reporting today that Treasury officials are becoming worried that the Office for Budgetary Responsibility (OBR) will conclude that plans to abolish non-dom status and its associated loopholes will persuade so many rich individuals to leave the country that, even with higher taxes, the government will be the net loser. If that is what the OBR concludes it will blow a hole in Rachel Reeves’ budget next month. Ending non-dom status was one of the handful of planned tax rises which the government was prepared to

Keir Starmer gave a formidable speech to the Labour conference today. It was easily good enough to inspire the party’s natural supporters to cut him some slack over the bumpy months ahead. In doing so, the Prime Minister also clawed back some of the ground lost through the needless mistakes that have afflicted his rookie administration and shifted the dial just a bit from doom-mongering and towards hope for the future. Starmer’s spirit of doggedness may be the key to explaining how far he has got in life without exhibiting any sign of natural brilliance While he will never be a Boris Johnson-level natural communicator, Starmer nonetheless has improved his

It is not hard to imagine what will be in Rachel Reeves’ ‘industrial strategy’. There will be lots of ‘green industries’, along with plenty of ‘cutting-edge technologies’, all designed to nurture ‘national champions’ in the ‘sectors of the future’. And presumably Lord Alli, the Labour donor who has been footing the bill for Keir Starmer’s wardrobe, will be put in charge of overseeing all the details. Alongside the tax rises in the Budget planned for next month, the Chancellor’s promise of a full-blown industrial strategy is a troubling prospect. ‘Around the time of the Budget we will publish a green paper on a new industrial strategy focused on driving and

Smart meters were meant to make our lives easier. They were designed to help us reduce energy consumption and cut bills. Over the last five years, the government has been pushing energy firms to install these meters as quickly as possible. Millions of homes have been fitted with one. The flashing screen monitoring how much power is being used has become a ubiquitous feature in households across Britain. We’re constantly nudged to switch off a couple of lights, or skip a load in the washing machine, as we see what this energy use is costing us. But there’s a big problem with smart meters: millions of them don’t work properly.

With the Huw Edwards court case complete – and the disgraced BBC News presenter given a six-month prison sentence, suspended for two years, after he admitted charges of making indecent images of children – attention has returned to the fact that he could still receive a £300,000-a-year BBC pension. Many are horrified by this. There have been demands that some way should be found to withhold payment from Edwards. I disagree. Imagine if we did decide that those convicted of crimes such as Edwards’ have no property rights A pension is part of the remuneration we receive for work done. It isn’t some extra perk or discretionary bonus handed to