George osborne

Budget blues: who will be the biggest losers?

A song is buzzing around my head. ‘It’s the same the whole world over: It’s the poor what gets the blame. It’s the rich what gets the pleasure; Ain’t it all a bloomin’ shame?’ It was triggered by grim new research from the think tank Resolution Foundation claiming that 85 per cent of benefits from promised income tax cuts would go to the wealthiest half of Britain. The Foundation says even when the tax-free personal allowance on income is raised – from £10,600 to £12,500 by 2020 – it will be the better-off who will be the winners because our 4.6 million lowest paid workers earn under £10,600. And, rubbing salt

George Osborne heads into Budget week in defiant mood

Based on the tone that he took on the Andrew Marr Show this morning, we can expect George Osborne to take a rather defiant tone as he unveils this week’s Budget. The Chancellor has had a difficult few weeks, not least because of the retreat on pension reforms and defeat on Sunday trading, but he tried to turn this into a virtue, saying: ‘The big picture is people look at Britain and they see a country getting its act together and putting its house in order. And if you look at what we do as a government, I think we take big, radical, reforming steps. Yeah, we have got a

Steerpike

Watch: Seema Malhotra’s car-crash Sunday Politics interview

With the Budget due next week, George Osborne appeared on the Andrew Marr show to warn of the need for further spending cuts. Keen to put forward an alternative vision for the UK economy, Labour’s Treasury team have also taken to the airwaves this morning. John McDonnell told Marr of the need for more long-term investment, arguing that at least 3 per cent of GDP should be used for investment compared to Osborne’s 1.4 per cent. Alas it seems that Labour’s shadow Chief Secretary to the Treasury had failed to catch this. When Seema Malhotra appeared on the Sunday Politics to help explain McDonnell’s vision she appeared to lack knowledge of any of the specifics.

Don’t expect Budget fireworks from George Osborne

Don’t expect ‘fireworks’ from the Budget one of Osborne’s closest political allies told me this week. Ahead of the Budget on Wednesday the Chancellor finds himself hemmed in by the EU referendum, fraying Tory discipline and the worsening global economic situation, I say in my Sun column this week. A Budget four years out from a general election is normally when a government takes some risks. But I doubt Osborne will be doing much of that on Wednesday. First, he doesn’t want to do anything to make the EU referendum more difficult for the government to win—the intensity with which David Cameron is campaigning reveals how worried he is about

Portrait of the week | 10 March 2016

Home The Bank of England arranged for banks to be able to borrow as much money as they needed around the date of the EU referendum, lest there should be a bank run. After saying in a speech that Britain’s long-term prospects could be ‘brighter’ outside the EU, John Longworth was suspended as director-general of the British Chamber of Commerce, from which he then resigned so that he could speak freely. Four arrests followed the explosion of a bomb in Belfast, which wounded a prison officer working at Maghaberry Prison near Lisburn in Co. Antrim. The law against smoking in public buildings does not apply to prisons in England and

James Forsyth

Osborne can still see off Boris

[audioplayer src=”http://rss.acast.com/viewfrom22/thedeportationgame/media.mp3″ title=”James Forsyth and Fraser Nelson discuss whether George Osborne could still become Tory leader” startat=917] Listen [/audioplayer]When George Osborne last stood up to deliver a budget, he had reached his post-election apotheosis. His economic (and political) strategy had been amply vindicated by the election result. He was, for the first time, regarded as David Cameron’s most likely successor. By the time the Chancellor sat down that status had been confirmed: his announcement of a National Living Wage had shown he was serious about the Tories’ claim to be the new workers’ party. Yet when Osborne comes to the despatch box on Wednesday to present this year’s budget, he

Martin Vander Weyer

This great commodity rally doesn’t mean that spring has arrived

All in all, this is an odd moment for an outburst of high spirits: not from me — I’m as phlegmatic as ever — but from commodity investors. The price of a barrel of oil has rallied from $27 to $40 after talks between Saudi Arabia and Russia about restricting supply; one pundit called that ‘meaningless theatre’ but others expect a climb back to $50. In a similar mood, copper prices have risen by almost a fifth — reflecting producer cutbacks combined with a belief that the Chinese downturn in demand might not be so severe as was first feared. Likewise iron ore, which surged so fast at the beginning

Humiliation for Osborne as Government defeated on Sunday trading laws

In the past few minutes, the government has lost its attempt to relax Sunday trading laws in the Commons 317 votes to 286. The rebellion has been brewing for months, with ministers playing a game of chicken with angry Tory backbenchers right up to the vote. A last-minute attempt by George Osborne to stave off the rebellion by proposing a series of pilots of the relaxed rules, tabled as a manuscript amendment in the middle of the morning, failed when the Speaker rejected it. This has not helped Osborne’s standing amongst MPs, with some remarking that the whole exercise had shown that the Chancellor had still not learned what the

Why the Budget won’t be a welcome rest from Europe for George Osborne

After a few weeks of banging on about Europe, Downing Street hopes that there will be more of a domestic focus in Westminster for a little while at least. The Budget is approaching, and George Osborne is already coming to terms with what he can and can’t do. It turns out that now is not the time to be politically radical, as Tory MPs are already in a rather bad mood about Europe, and trying to change the subject won’t really make enough of a difference. So the Chancellor has already had to retreat on reforms he was considering to pension tax relief after it was made clear to him

Is it too late for George Osborne to be a Conservative hero?

The Chancellor has today declared a ceasefire on Middle Britain: he will not go ahead with his planned pensions raid, where he was intending to erode the relief due to upper-rate taxpayers. The Times splashes on the news, and says that “pressing ahead with the plans may well have dented his popularity within the party as a leadership battle approaches.” If this was his motive, it was not without foundation: the tax credits debacle, his Google gaffe and, most recently, his positioning himself as a EU cheerleader has not endeared him to the Tory members who will decide who succeeds David Cameron. The bookmakers show his odds plunging (below) and have today

The Spectator podcast: Donald Trump’s angry America

In this week’s issue, Freddy Gray discusses Donald Trump’s success on Super Tuesday. America has been the world’s most benevolent superpower, Freddy says, but now its turning nasty. What does Trump’s rise say about America? On the podcast, Freddy tells Isabel Hardman: ‘It actually says something quite troubling about America. I think the rise of Trump suggests that America’s can-do spirit and very positive outlook on the world is changing. I don’t think it’s isolationism so much as more a kind of nastiness, that Trump reflects. It’s a result of the disappointment in Obama. Trump is a sort of bitter, anti-Obama.’ With the issue of Europe bubbling along, James Forsyth

Matthew Lynn

The debt monster

Just after last year’s general election, George Osborne delivered a budget that he hailed as proof that his policies were working. ‘The British economy I report on today is fundamentally stronger than it was five years ago,’ he crowed, as he started to detail the record number of jobs created and a growth rate that had accelerated past our neighbours. ‘Our long-term economic plan is working. But the greatest mistake this country could make would be to think all our problems are solved.’ As it turns out, this final sentence summed things up the best. There was growth but a whole lot of debt as well. The national debt today

Paul Mason hits back at George Osborne: ‘I am not a revolutionary Marxist’

This week Jeremy Corbyn provided the Tories with much comedy fodder after he announced that Syriza’s Yanis Varoufakis would be advising Labour. It was then revealed that Varoufakis’s old chum Paul Mason — who is stepping down from his role as Channel 4’s economics editor — will also be helping the party — contributing a lecture to Labour’s New Economics series. Osborne couldn’t resist ridiculing John McDonnell over the appointments during Treasury questions. He suggested to the shadow Chancellor that the pair were picked because’Chairman Mao was dead and Mickey Mouse was busy’: ‘The fact that the Labour party is now getting it’s advice from Yanis Varoufakis and the revolutionary Marxist broadcaster Paul Mason does

Today in audio: Bored Bercow lashes out

John Bercow hit out at Greg Hands for his ‘long-winded, boring and unnecessary’ answer in the Commons: Ken Livingstone said that his history of rebellions, as well as those rebellions orchestrated by Jeremy Corbyn and John McDonnell, proved they were right: The former London mayor also said Labour was ‘completely out of kilter with the membership’ and that it was time for Labour MPs to come to terms with Corbyn: George Osborne had a dig at Labour’s appointment of Yanis Varoufakis. The Chancellor said he was signed up by the party because ‘Chairman Mao was dead and Mickey Mouse was busy’: And Sadiq Khan vowed to crack down on Uber

Katy Balls

Treasury questions: knives out for George Osborne over Brexit

As expected, there was one topic which dominated Treasury Questions today and that was the EU. The Chancellor did his best to hold his nerve as he faced strong opposition — in the shape of MPs in his own party. It’s a rare occasion when George Osborne is able to find more support in the Labour benches than his own but that’s what happened today as Tory MP after Tory MP went into attack mode over the government’s handling of the EU referendum. Andrew Tyrie, the chair of the Treasury Committee, gave the criticisms an air of authority as he kicked things off by calling Osborne out on the use of Article 50

Save me from this hipster bookshop

My father used to own a rambling provincial bookshop. He was once asked to direct a customer to some esoterica. Peering over his copy of The Spectator, he directed the punter to a far-flung corner of the first floor: ‘It’s the second alcove on the left under “Cranks”’.  Such frank sectioning is sadly lacking at Libreria, East London’s hippest new bookshop, where Cookery is earnestly marked ‘Home and Hearth’ and Art and Architecture is called ‘Ways of Seeing’. I’m not quite sure what is deposited under ‘Enchantment for the Disenchanted’. I didn’t dare look. Libreria, for those not in the know, is the brainchild of trendy young entrepreneur Rohan Silva (a former special advisor to George Osborne)

The Tory dogfight

  [audioplayer src=”http://rss.acast.com/viewfrom22/insidethetorieseudogfight/media.mp3″ title=”James Forsyth, Fraser Nelson and Isabel Hardman discuss the Tory dogfight over Europe”] Listen [/audioplayer] Many Tories had doubts about David Cameron’s EU renegotiation, but only Boris Johnson was promised a piece of legislation to assuage his particular concerns. It was quite a compliment. The so-called Sovereignty Bill was, in effect, the Get Boris Onside Act. It was designed to deal with the Mayor of London’s fears about the relationship between the British parliament and courts and the EU. It was also mooted that Boris would be offered a top cabinet job — perhaps Foreign Secretary. The Prime Minister was convinced that this combined offer would be

This referendum is now a battle between two visions of the future

George Osborne’s plan for this referendum was to turn it into a question of the future versus the past, for both the country and the Tory party. He wanted the voters to see the Out campaign as a bunch of people who wanted to take Britain back to a bygone era. Inside the Tory party, his aim was to have the talent and the ambition on the IN side with only old war horses and the passed over and bitter on the other side. But the events of the past 36 hours have blown this plan off course. Out now has one of the most popular politicians in the country

James Forsyth

Blow to Cameron as Boris backs Brexit

David Cameron used to always remind people who asked him about what Boris would do in the referendum that the London Mayor had never advocated Britain leaving the European Union. But tonight, Boris will do exactly that. He will become the highest profile politician to back Brexit. Boris’s decision shakes up this referendum campaign. The IN campaign have long seen a swing to IN among Tory voters as the key to them securing a decisive victory. They believed that Cameron and pretty much all the Tory party endorsing the deal would provide that. But they cautioned that if Boris went the other way, the Cameron effect would be pretty much

James Forsyth

Contrary to what Cameron and Osborne say, Gove hasn’t been an Outer for 30 years

David Cameron and George Osborne have responded to Michael Gove’s decision to campaign for Out by saying that he has wanted to leave the EU for thirty years. But as Vote Leave are pointing out, Gove has not been an Outer for that long. When he was a journalist, Gove was actually arguing that Britain should, ultimately, stay in the EU. In 1996, he wrote in The Times that ‘It is still in Britain’s interest to stay in the EU.’ So, why are Cameron and Osborne saying that Gove has been an Outer for thirty years? I suspect it is because they want to paint Gove’s belief that Britain should