A Bank of England policymaker has argued that pay growth may be at a “turning point”, strengthening the case for higher interest rates.
Labour wants British businesses to wade into the debate over the UK’s future in Europe, saying they risk being too late to stem the rising sceptic tide in the country.
The Bank of England has warned half a million families would be at risk of falling into mortgage arrears once it started to raise interest rates from their emergency level of 0.5%.
George Osborne was drawn into a confrontation with Britain’s leading tax and spending experts after the Institute for Fiscal Studies said he had a duty to spell out his deficit reduction plans and warned of cuts on a “colossal” scale.
British workers suffered the biggest fall in real wages of all major G20 countries in the three years to 2013, according to the International Labour Organisation (ILO).
George Osborne has lashed out at criticisms of his plans for further public spending cuts in the next parliament, accusing the BBC of hyperbolic coverage and conjuring up bogus images of the 1930s depression.
The shadow chancellor, Ed Balls, brushed aside George Osborne’s eye-catching tax cuts and got straight to the heart of the problems facing his rival – stagnant wages, worrying borrowing and disappointing revenue receipts.
The eurozone economy stumbled in November, according to a closely watched survey which has raised fears that falling demand from Russia and China will plunge the currency area into renewed recession in the new year.
The government has introduced £450m of tax breaks to help North Sea oil companies at a time of plunging prices, rising costs and steep output declines, but some industry experts have warned the money is too little, too late.
It’s the 2.1 billion euro question: “Is Cameron going to pay the £1.7bn?” a London cab driver asked me last week. The answer, despite the prime minister’s angry outburst on the subject, is almost certainly “yes”, though there will no doubt be some haggling over the timing and over minor details.
Shadow cabinet members are privately expressing concern that Ed Balls needs to adopt a more clearly defined position on the budget deficit after recent statements that have left many of them confused.
The Bank of England has warned of “deep-rooted problems” in the City that are undermining public trust in the financial system, as it launched a sweeping review intended to wipe out market manipulation.