All the latest analysis of the day's news and stories
Yesterday’s Budget was more about the OBR’s forecasts than it was the Chancellor’s policy decisions. The forecasts for productivity, earnings and economic growth make pretty grim reading. One should never forget of course that these are just forecasts. But they now suggest that GDP per capita will be 3.5 per cent smaller in 2021 than
I’ve always thought of the Daily Mail as catering to a sort of Roundhead English tradition, the inheritors of low Protestantism, the solid middle class, high in conscientiousness and below average in openness. That’s not my tradition, personally; I identify with the Cavalier inheritance, more Catholic, more reactionary-but-in-a-jokey-way (or is it?), represented by the Daily Telegraph,
It’s something of a terrifying thought, but if Labour defeat the Tories at the next election, John McDonnell will be the new occupant of No.11 Downing Street. One of his main roles as chancellor will be to have a grasp of the numbers that matter. But it seems that may be too much to ask
Philip Hammond wants fully autonomous driverless cars on our roads by 2021. That’s not too far away, is it? I know it sounds like a science fiction year, but it’s only about fifty months off. Technologically, it’s plausible. Earlier this year I travelled over 100 miles in a driverless truck across Florida with the BBC. True,
Only a month ago, in its damning editorial the Daily Mail said Philip Hammond was a ‘dismal, defeatist, relentlessly negative’ Eeyore. Today, they ‘rescind’ the Chancellor’s nickname, and the paper isn’t the only one to praise Hammond’s Budget: The Sun says that Hammond delivered his first Budget for its readers. While the paper admits that it
Today’s budget forecasts a £20bn reduction in the tax receipts by 2021-22. That’s the cost of the productivity downgrade: The Treasury got a £9bn windfall this year from a lower borrowing forecast. That’s the same as the £9bn peak fiscal loosening in 2019-20: The £14bn higher borrowing by the end of the period is roughly
Are the giant ‘Technology Trusts’ – Amazon, Apple, Facebook and Google – on the road to the monopolists’ breakers yard? It’s received wisdom they soon will be. As Edward Luce writes in the FT, ‘Big Tech is the new big tobacco in Washington. It is not a question of whether the regulatory backlash will come, but
Even for a veteran of the struggle for freedom and democracy in Zimbabwe, the events of the past week continue to shock. When Robert Mugabe refused to step down in his rambling TV address on Sunday, it seemed impeachment would be the only way to remove him from office. Proceedings to do just that started
My Budget reaction is mostly: Meh. By that, I mean this won’t really change the weather, though it might just gee up some despondent Tories, who are cheered by the Stamp Duty cut regardless of what the OBR and others have to say about it (in short, it’ll push up prices and only really help
Odd-looking chap, the chancellor. Give him a moustache and a top hat and he could be Neville Chamberlain. Or a funeral director. With his stooping frame and his watchful hook-nosed features he has the air of a vulture about to feast on carrion. But he struck a kindlier note at the Budget as he set
Philip Hammond began his first Budget, in March, by playing down its importance — for his big ideas on fiscal policy, he suggested we would have to wait until the autumn. It was a wait which was very nearly extended to eternity as he narrowly avoided losing his job in a post–election reshuffle. We found
As Jeremy Corbyn worked himself into a bother over Philip Hammond’s Budget in the Chamber, Labour’s shadow chancellor busied himself on the airwaves. Keen to show there was a better – more socialist – way, John McDonnell tried to explain to Andrew Neil why Labour had a more credible grip on the economy than the
We could have given them free Spotify subscriptions. Or Just Eat vouchers. Instead, the government’s pitch to Jezza-loving twenty-somethings was a cut in stamp duty for first-time buyers. The levy on buying a home will be abolished completely up to £300,000, and, for the trainee bankers and tech moguls buying in the better parts of
If we accept the usual caveat that it’s difficult for any Opposition leader, no matter how good, to respond well to a Budget straight after it has been delivered only in its broad-brush form, then we might conclude that Jeremy Corbyn’s response today was pretty good, all things considered. The Labour leader was angry and
On Budget Day, MPs and journalists joke about it being a ‘quiet day’ and ‘not much going on’ as they pass one another in the corridors of Westminster (this is an accurate representation of how utterly hilarious the corridors of power normally are). Today’s Budget was in a number of respects rather quiet, especially in
So where are the nasties? Philip Hammond’s Budget speech can be summed up as follows: £2.8 billion for the NHS, £44 billion of capital funding and loan guarantees for housing, £400 million for a new charging infrastructure for electric cars, £2.3 billion investment in research and development, £1.5 billion worth of changes to Universal Credit, an
After months of Tory nerves, Philip Hammond has just finished presenting his Autumn Budget in the Chamber. Among the main giveaways, the Chancellor announced more funding for the NHS as well as pitching to the young with his housing proposals and 18-30 railcard. He also announced measures to ease out the rollout of Universal Credit
Jeremy Corbyn rarely talks about Brexit at Prime Minister’s Questions, and it is interesting that he chose today’s session, which will get little attention as a result of the Budget, to probe Theresa May on the matter. The Labour leader did have a good stint, quoting a number of European negotiators, Tory backbenchers and Cabinet
Last Saturday, the high-street chain Paperchase ran a promotion in the Daily Mail offering two free rolls of wrapping paper. Nothing objectionable about that, you might think, even if the design was migraine-inducingly awful. I have lost count of the number of times I have been dragged into this ghastly emporium by my daughter on
Here’s a law of politics that is about as cast-iron as a law of politics can be: people who hate tabloid newspapers are snobs. Every time. Scratch a Daily Mail basher or those people who seethe daily about the Sun and you will find someone who’s really just scared of the throng and of what
Philip Hammond avoided any disasters in his second budget of 2017. Here are the headline announcements: Growth forecasts downgraded: Britain’s economy is now expected to grow by 1.5 per cent in 2017, down from the prediction of 2 per cent made in March Stamp duty scrapped for first time buyers on homes costing up to £300,000
Philip Hammond’s second Budget of the year will mean that the Chancellor has another ‘bite at a not especially flavoursome cherry’, says the Daily Telegraph. The last time, his announcements ‘misfired’; since then Hammond’s ‘room for manoeuvre’ has become even more limited. This means that many in the Tory ranks are not filled with ‘great
You don’t have to be a member of Her Majesty’s Opposition to conclude that something has gone wrong with the Universal Credit rollout. After a series of issues including a six week wait for first payment and an expensive helpline to supposedly deal with said issues, the government is under pressure to put the scheme on
Philip Hammond and this government seem to have something against the UK’s 4.85 million self-employed people. Over the last year they have introduced a whole raft of measures to squeeze the self-employed sector, from damaging reforms to dividends taxes to the disastrous changes to IR35 tax laws in the public sector. Even as the UK
If you’re on the hunt for a mortgage, a fixed rate one will ensure that your repayments stay the same. Here are some of the ‘best buys’ for five-year fixed rate mortgages on the market at the moment: Data supplied by moneyfacts.co.uk
Robert Mugabe has resigned as president of Zimbabwe after 37 years in power. The 93-year-old confirmed his intention to step down in a letter to the speaker of the country’s parliament this afternoon. His decision to quit follows widespread protests on the streets of the capital, Harare, in the wake of the coup carried out
David Davis has just given a speech on the Brexit transition period – intended to prevent Britain from crashing out of the EU in a disorderly manner. But at the end of his address, it seems that he was personally advocating a different type of transition. As Davis said his goodbyes, he took a tumble.
It’s Budget day tomorrow and there’s growing concern among Tories that the Chancellor may be about to bungle the Budget. Only rather than housing, the NHS or education, the issue that has got everyone hot and bothered is a plan for an 18-30 railcard. Nicknamed the millennials’ card, the Chancellor is expected to announce that
Let’s take a moment to celebrate Lena Dunham. OK, so she stinks as an actress and her brand of self-indulgent, pity-me feminism leaves me cold. But credit where it’s due: she’s now managed to unite America’s culture-warring and politically divided population. Surely a Nobel Peace Prize nomination can’t be far behind. Loathing for Lena has
One of the most sinister noises in the world is that of dumb officialdom groping around to find some reason for a verdict that has already been arrived at. A Canadian university has just given the world a particularly fine example of the genre. Wilfrid Laurier is a university in Ontario, Canada with a surprisingly
Donald Tusk’s jibe that Britain was no longer attempting to have its cake and eat it in Brexit talks was a clear dig at the Foreign Secretary. But now the EU is guilty of adopting the same approach, according to the Sun. Michel Barnier said yesterday that ‘he wants all his demands met’ on various
Tomorrow is D-day for Philip Hammond. As the Chancellor puts the finishing touches to his Budget, Tory MPs wait nervously – hoping it will be a day free of gaffes. Unfortunately, history suggests that this is unlikely. Over the years Hammond has earned a reputation for being tin-eared and ham-fisted. To get readers in the
Oh dear. Trouble is brewing at Lib Dem HQ over Sarah Olney. After losing her seat by 45 votes in the snap election, Olney was quickly appointed as Vince Cable’s Chief of Staff – beating several more conventional candidates (i.e. trained press officers) to the coveted job. At the time, Olney made a verbal agreement
Southern Railway train drivers accepted a 28 per cent pay rise over five years, taking their basic salary for a four-day week to £63,000 and putting them in the top 7 per cent of UK earners. With overtime, they get £75,000, lifting them into the top 5 per cent. How much pre-tax pay is needed
