“He was saying: ‘Thatcherites are safe to come home to the Labour Party’” Tony Blair’s former political advisor John McTernan says Keir Starmer has set out Labour as the party of economic competence Newsnight
This is an exceptionally blunt warning from the IMF, indicating that Chancellor Kwasi Kwarteng's £45bn mini-budget spree may not only have been ill-judged and risks sharper interest rate rises, but could also increase income inequality.The Truss government's growth plan centres on tax cuts for the better off, in the hope it will benefit wider society by boosting investment, innovation and job creation.
But a 2020 study by academics at the London School of Economics examined the impact of such policies in wealthy countries over five decades - and found they failed to significantly boost growth or jobs. They were more likely, the study claimed, to widen the gap between rich and poor. At the very start of the Conservative leadership campaign, a top IMF official told me large-scale universal tax cuts in the UK would be a"mistake" .
Instead, as the energy price crisis has intensified, it's been calling for measures that are targeted towards the least well-off. And it's openly urging the government to focus on that when the chancellor reveals the next instalment of his plans in November.
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What to do with Scottish paper £20 and £50 notes as expiry date loomsScottish paper banknotes from Bank of Scotland, Clydesdale Bank, and Royal Bank of Scotland are being taken out of circulation and the deadline is just in a matter of days.
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Chief Bank of England economist signals there will be a significant interest rate rise to comePill, who sits on the Monetary Policy Committee (MPC), which sets interest rates, said: “It is hard not to draw the conclusion that all this will require a significant monetary policy response'
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Bank of Ireland UK pulls mortgage deals amid turmoilThe bank is the latest lender to suspend mortgage offers to new customers as interest rates go up.
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'Significant monetary policy response' to come, Bank of England chief economist saysThe Bank of England's chief economist has said the government's mini-budget, which led to the pound falling to a record low against the dollar, will require 'a significant monetary policy response'.
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Bank of England Says It Won't Hesitate to Hike Rates After Pound Falls to Historic LowThe Bank of England on Monday said it is monitoring financial market developments 'very closely' after a dramatic morning of market turmoil saw the British pound fall to an all-time low against the U.S. dollar.
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