The first estimate of the UK’s economic growth for the first quarter of this year is out – and despite missing analysts’ expectations of 1 per cent growth, it’s good news for the Coalition, with the size of the economy increasing by 0.8 per cent. Manufacturing output was up 1.3 per cent, and services output up
‘If you’re a saver, this budget is for you’, George Osborne said on Wednesday as he unveiled measures to let people keep more of what they save – such as combining cash and stocks-and-shares ISAs and whacking the subscription limit up to £15,000 from the 1st of July this year. But will people put their
1. Two million more top-rate taxpayers The number of people paying tax at the 40p or 45p rates is to increase by two million under the coalition, going from 3.3 million in 2010-11 to 5.3 million in 2015-16. If the coalition had stuck with the tax policy they’d inherited, there would be 1.3 million fewer
Is George Osborne’s recovery a credit-driven illusion? Many of his critics says so, and ask – as this magazine did two weeks ago – why we still have emergency interest rates at a time when the economy seems to be booming. One thing we learned from the crash is that cheap debt and housing bubbles
‘For millions of families’, the Telegraph reports today, poinsettia ‘is as much a festive favourite as turkey and Christmas trees’. Which is odd given that they’re tropical plants which like to be grown at a balmy 20 degrees. But we can expect fewer of them this year because the UK energy crisis means energy bills are
Ed Miliband’s energy freeze pledge won him ‘political speech of the year’ but has had the unintended (yet inevitable) consequence of throwing the energy market into a spasm. The head of Npower, Paul Massara, has said that the political uncertainty means we may not have enough power to cover demand. He has told BBC Hardtalk:- ‘The
1. Why have I heard of Grangemouth before? Its oil refinery is of huge strategic importance, providing 80pc of Scotland’s fuel and large chunks of England’s too. That’s why a 2008 strike at the site hit the news: it led to panic-buying of petrol in Scotland. The plant’s owners had, then, put forward proposals to
Some of George Osborne’s targets – like balancing the books – are always five years away; he never has to meet them to claim success, as long as he plans to achieve them. But having a falling cash-terms deficit he can be measured on. In March, the OBR forecast that borrowing for 2013-14 would come
At PMQs yesterday David Cameron said Ed Miliband was suffering ‘complete amnesia’ over his time as energy secretary. Ed might have forgotten some of his climate change policies that put money on your energy bills – but it doesn’t matter – they might not be around for long. As James Forsyth said at the weekend, George Osborne
Here’s the main exchange between David Cameron and Ed Miliband at PMQs today:- listen to ‘PMQs: Cameron v Miliband on energy prices’ on Audioboo After wishing the Prime Minister a happy birthday, Ed made the debate all about his energy price cap policy. By PMQs standards it was a reasonably informed one, but neither Cameron
Yesterday David Cameron told the Tory conference that he had a new gesture for Ed Balls – a finger pointing upwards to indicate a stream of positive figures on the economy. You can almost imagine him doing it today at his desk in Downing Street after reading the latest figures on the service sector. Markit/CIPS’
It may have happened last night, but Damian McBride’s interview on Newsnight was responsible for a lot of talk today, not least because it led Jeremy Paxman to say ‘McPrickface’ live on air. listen to ‘Damian McBride defends his memoirs on Newsnight’ on Audioboo
Britain’s no3 political party held their annual conference this week. But before that, the Liberal Democrats met in Glasgow. The week started with Nick Clegg evading questions about Vince Cable’s expected absence from a vote on the economy at the Lib Dem conference. ‘I don’t tell people when they have to turn up to a
Ed Miliband opened with unemployment, then followed up on living standards, attacking Cameron and Osborne for their ‘hubris and total complacency’. listen to ‘Cameron invites ‘constructive suggestions’ from Ed Miliband at PMQs’ on Audioboo Gloria de Piero found herself on the order paper this morning, and wondered – what would twitter ask the PM? But
Good news today for the OBR (who want a constant flow of more than 140,000 immigrants a year to support Britain’s debt burden and ageing population) and bad news for David Cameron (who thinks immigrants are a drain on Britain’s welfare state). Statistics show that in the year ending December 2012, net migration to the UK was
Unemployment is down, there are fewer people claiming jobseeker’s allowance, and more people are in work than ever before. So, the top line on today’s employment figures: They’re good news. The real picture is more nuanced. Unemployment is down by 4,000 on the previous quarter, a figure that is dwarfed by the margin of error. We
As ever there’s good and bad news in today’s jobs numbers. Unemployment fell by 57,000, but the number of people in employment only rose by 16,000. The figures also show that the greying of the British economy continues. In May there were 8,000 fewer 16-64 year olds in work, and 25,000 more 65-pluses in work.
The latest figures for NewBuy, one of George Osborne’s prop-up-the-housing-market schemes, have been published. Mercifully, perhaps, they continue to be underwhelming. To recap: inspired by the American success story of providing mortgages to those that can’t afford them, the scheme provides a guarantee backed by the government and house-builders (who commit 5.5 and 3.5 per
