This is not sound money. It’s socialism

There’s a new word doing the rounds to describe the Tories following Jeremy Hunt’s £55bn tax and spending autumn statement and it’s not very pleasant to read. ‘Consocialists’ was a term first coined by Reform leader Richard Tice to encapsulate the left-wing movement of the once Thatcherian party, but following Thursday’s unprecedented tax grab, it … Read more

George Osborne saddles taxpayers with £133bn bill as accounting trick backfires

Under a deal halted by Mr Osborne, the government foots the bill for any losses incurred by the bank from the difference between the yield on its bond holdings and the interest it pays. Recent interest rate hikes and chaos in government bond markets “will mean money will flow from the Treasury to the US … Read more

Tax increases are looming, but OBR forecasts have been wrong for years

During his long reign as Chancellor alongside Tony Blair, Brown exercised an iron grip on Treasury Department policymaking, micromanaging every decision made and extending his influence to every corner of the government machine. With a determination to vastly increase the size of the state while maintaining a facade of caution, critics accused Brown of manipulating … Read more

Pipe strike continues after last union meeting fails

The British hospitality industry is in ‘free fall’, bosses warned, as the number of restaurants going under rises by nearly 50 percent, he writes. Hannah Boland. The Treasury Department faces mounting pressure to act this winter to protect restaurants and pubs as Sacha Lord, the overnight economics adviser for Greater Manchester, warned that the situation … Read more

ROSS CLARK: Has anyone done as much damage to the UK economy as Ed Miliband?

Has anyone done as much damage to the UK economy in the long run as Ed Miliband? The opposition’s climate spokesman yesterday promised a future Labor government to give in to demands from governments around the world for reparations to cover “loss and damage” from climate change. He didn’t want to use the ‘R’ word, … Read more

‘Slash and burn’ economy not the answer to global misery, warns Freeland – National

Canada will not turn to “slash and burn” economy as the world braces for an impending economic downturn, Treasury Secretary Chrystia Freeland said. Her comment comes after she submitted her fall economic statement Thursday, warning that Canada will face “significantly weaker growth” and risk persistent and prolonged inflation in the coming months. Despite a poor … Read more

Bank of England risks a repeat of chaos in mini-Budget bond markets, city traders warn

Antoine Bouvet, interest rate strategist at ING, said: “There is a new front in the war against the disruption of the gold market: the repo squeeze and the short-lived gold shortage.” He said: “It is becoming increasingly difficult to buy or borrow short-term gilts through repurchase agreements (repo). “The crisis has been brewing for some … Read more

RMT calls off railway strikes and claims victory amid talk of double-digit wage offer

The RMT said it would now enter into “intense negotiations” to strike a deal with Network Rail. Train company employees have also canceled strikes. Mr Lynch claimed victory, saying that the RMT action this summer “had made sense to railway employers”. He added: “We have always wanted to reach a negotiated settlement and that is … Read more

Bank of England unveils biggest rate hike in 30 years

Elon Musk is about to cut half the jobs at Twitter while wielding the ax at the social media company. The richest person in the world wants to cut 3,700 jobs, Bloomberg reports. Affected employees will be informed tomorrow. Mr. Musk will also roll back the company’s flexible work policy and tell all surviving employees … Read more

Rishi Sunak could freeze foreign aid to balance Britain’s books

Rishi Sunak is considering freezing Britain’s foreign aid budget for another two years in a bid to balance Britain’s books. The amount the UK spends on international development has been set at 0.5 percent of national income, but was expected to return to the usual level of 0.7 percent in 2024-25. However, officials are considering … Read more