Including everything the Government has done will leave a couple with children and 1 earner worse off by 2015-16 by £65 a week, or around £3,300 a year
We have a Chancellor who complains about tax shopping by multinationals while at the same time slashing UK corporation tax to encourage multinationals to shop around and choose Britain.
The OBR thinks departments will underspend their capital budgets in both 2013-14 and 2014-15 by £1.5bn, thus effectively cancelling out 60% of the Chancellor’s stimulus.
What the Institute For Fiscal Studies found is that the public finances really have deteriorated and that underlying borrowing, on the OBR’s own forecasts, should be £131.9bn this financial year, £10.9bn up on the £121bn 2011/12 deficit.
George Osborne had a surprise for us all in his Autumn Statement today
The justification for deferring bonuses is to incentivise bankers to take more care over the risks they take. What this research shows is that a three-year delay just isn’t long enough to perform this job.
Mr Carney has aggressively attacked the US “Volcker Rule”, which will prevent American investment banks playing the global capital market casino, in strikingly similar terms to the banking lobby. And radical structural reform of the sector looks likely to be anathema to the next Governor.
How confident do you feel that the Chancellor’s proposed ring-fencing of retail banks will prove robust and protect the public from the need to pick up the future gambling debts of investment bankers?
Despite what the Chancellor implied, the Vickers report never did a rigorous cost-benefit analysis of a full separation of retail and investment banking. It was like Hamlet without royalty
One might describe the problem not as zombie companies, but a zombie economy. Demand has one foot in the grave. If spending across the economy picked up, one would expect many of those struggling companies to return from the living dead.
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