Uk economy

Lord Adonis weighs in on petrol shortages Sign up for FREE now and never miss the top politics stories again SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Petrol supply issues have sparked panic among Britons who have begun trying to stock up across the country, with queues outside petrol stations. A small number of petrol stations have been forced to close due to lack of supply, with others introducing restrictions. Related articles 'No question!' Diane Abbot blames Brexit for UK fuel shortages Sky News' Phillips has Shapps squirming over 'shabby' HGV shortage While there's not a shortage of petrol across the country, there is a lack of drivers to distribute fuel. And now, a primary school teacher has …

[Read more...] about UK schools could be forced to close this week amid fuel chaos

By Jennifer Scott Published 4 hours ago Share close Share page Copy link About sharing Labour should promise to fix the "mess" caused by Brexit at the next general election, a former minister has said. Hilary Benn said people "can see what is happening in front of their eyes" and it was time argue for "a new relationship with the EU". But the idea could open old wounds, with Labour's Brexit policy blamed by some on the left for its heavy 2019 general election defeat. Sir Keir Starmer has not made Brexit a priority since becoming leader. It was mentioned just five times in his 11,500 word essay on the future of the party, with the Labour leader saying: "We would fix the holes in the shoddy Brexit deal - but we also need to think more broadly about how government and business interact." A group of MPs who like Sir Keir campaigned for another Brexit referendum, including …

[Read more...] about Labour conference: Starmer should fight election on Brexit, says Hilary Benn

Published 5 December 2019 Share close Share page Copy link About sharing A renovated 18th Century cloth trading hall generates about £7m each year for the local economy, a report says. The Piece Hall in Halifax, West Yorkshire, has had five million visitors in two years since a £22m renovation. The Bradshaw Advisory independent report also found the shops in the building support 107 jobs. One of the report's authors said the Grade I-listed site's positive impact on the area was "outstanding". A third of the visitors to ticketed events at the hall were from outside Calderdale, it found. At least £7m is generated annually by direct employment, events and retail activity at the site, the report found. The study also estimates that a total of £26m has been added to the local economy indirectly since the cloth hall reopened in 2017. Also, every £1 spent on operating …

[Read more...] about Halifax’s Piece Hall revamp brings £7m boost to local economy

Parliament was “misled” over the cost of reaching the net zero target, Conservative MPs have said, as internal documents reveal that most small electric cars cost thousands of pounds more than officials claimed they would by 2021. Data obtained from the Climate Change Committee (CCC), the official advisory body, following a legal battle shows that ministers based their estimates of the overall cost of the policy on assumptions that included a claim that the cost of small electric cars would plummet to £13,000 by 2021. In fact, most cost at least £20,000. The disclosure comes amid serious concerns in the Treasury and among Tory backbenchers about the financial burden of the net zero target. A mass switch to electric cars is seen as “essential” if the UK is to meet its target to reduce greenhouse gas emissions to net zero by 2050, and the CCC claims that it will eventually save some £275 billion. But the Global Warming Policy Forum (GWPF), the climate sceptic think tank that …

[Read more...] about Parliament ‘misled’ over cost of net zero target, say Conservative MPs

After a 30-year career in Threadneedle Street, the Bank of England’s former chief economist Andy Haldane is no stranger to ornate architecture – but even he was impressed by the surroundings of the Royal Society of Arts’ Great Room in July. Addressing a socially-distanced audience, the RSA’s incoming chief executive said he was “delighted” at the prospect of spending more time among the frescos of a room first opened a year before Adam Smith published the Wealth of Nations in 1775 and where Alexander Graham Bell first demonstrated the telephone. But the RSA’s John Adams Street headquarters will have to wait a little longer for its new leader as Haldane’s career takes a surprise diversion into Whitehall , starting Monday. After a poorly received prime ministerial speech on levelling-up filled with soundbites but little else, Haldane has been charged with giving intellectual ballast to the Government’s leitmotif . As an economist who made the journey from a Leeds …

[Read more...] about Andy Haldane tries to turn Boris Johnson’s lofty levelling-up ideas into reality

Published 1 hour ago Share close Share page Copy link About sharing A Labour government would cut business rates in England and then phase them out completely, shadow chancellor Rachel Reeves will announce on Monday. The party wants to boost the High Street by axing what it views as an outdated tax that harms business. It plans a new property tax it says will shift the burden onto tech giants. Ms Reeves will tell Labour's conference in Brighton: "Labour will tax fairly, spend wisely, and get our economy firing on all cylinders." The conference has so far been dominated by a row over Sir Keir Starmer's plans to change the way leaders and MPs are selected. Labour backs Starmer over party rules reforms Labour needs policies now, says Burnham Rayner stands by calling Johnson 'scum' The Labour leader got a watered-down version of the plans passed by conference, despite …

[Read more...] about Labour conference: Party to unveil plan to scrap business rates

Summary Graphic: World FX rates https://tmsnrt.rs/2RBWI5E Fed speakers expected to repeat that rates will remain low Dollar loses ground as Treasury yields stall Yen falls on crosses as economic concerns grow TOKYO, May 18 (Reuters) - The dollar plumbed a six-year trough against the Canadian dollar and teetered near multi-month lows versus European currencies amid renewed expectations that the United States will not hike interest rates anytime soon. Dallas Federal Reserve President Robert Kaplan on Monday reiterated his view that he does not expect interest rates to rise until next year, fuelling a further decline in bets that inflationary pressure could force the Fed to act sooner. This week a host of Fed policymakers are scheduled to speak, and the U.S. central bank will also release minutes from its most recent meeting, which may give indications about where monetary policy is headed this year. However, the growing consensus is that the Fed will tolerate …

[Read more...] about Dollar falls on expectations U.S. rates will stay low for longer

Summary Graphic: World FX rates https://tmsnrt.rs/2RBWI5E Fed speakers expected to repeat that rates will remain low Dollar loses ground as Treasury yields stall Yen falls on crosses as economic concerns grow TOKYO, May 18 (Reuters) - The dollar plumbed a six-year trough against the Canadian dollar and teetered near multi-month lows versus European currencies on Tuesday, as Treasury yields stalled amid renewed expectations the United States will not hike interest rates anytime soon. Dallas Federal Reserve President Robert Kaplan on Monday reiterated his view that he does not expect interest rates to rise until next year, fuelling a further decline in bets that inflationary pressure could force the Fed to act sooner. This week a host of Fed policymakers are scheduled to speak, and the U.S. central bank will also release minutes from its most recent meeting, which may give indications about where monetary policy is headed this year. However, the growing …

[Read more...] about Dollar drops as yield support fades amid expectations of low U.S. rates

Summary Graphic: World FX rates https://tmsnrt.rs/2RBWI5E NEW YORK, May 18 (Reuters) - The dollar dipped on Tuesday for the fourth straight session, reaching its lowest level against a basket of currencies since late February on waning fears that inflation spikes could prompt the Federal Reserve to raise interest rates sooner than anticipated. U.S. Treasury yields stalled as investors grew more confident that the Fed will hold off on tightening its accommodative monetary policy, despite worrisome indicators that booming demand and scarce supply are sending prices soaring. Those price increases have stoked fears of longer-term inflation, despite the central bank's assurances that the spikes will be transitory. "The market has come around to the Fed's expectation that inflation is set to rise over near term but will plateau and decline in the coming months," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. "The …

[Read more...] about Dollar slides to 2-1/2 month low as Fed rate hike fears subside

Summary Graphic: World FX rates https://tmsnrt.rs/2RBWI5E Fed minutes loom on horizon Traders also look to CPI data from Britain and Canada Monetary policy outlook holds key to dollar's direction China's policy moves unsettle cryptocurrencies TOKYO, May 19 (Reuters) - The U.S. dollar steadied but remained near a six-year low against its Canadian counterpart and nursed losses against European currencies as expectations that U.S. interest rates will remain low undermined the greenback. The minutes from the U.S. Federal Reserve's most recent meeting due later on Wednesday are expected to confirm that policymakers think a rate hike is still in the distance. Investors will also be scrutinising consumer price data in Britain and Canada later in the trading day to determine how quickly major economies will be forced to rein in their accommodative monetary policy, which holds the key to the dollar's trend in the medium term. "I'm most concerned about the relative …

[Read more...] about Dollar steadies before Fed minutes, bitcoin stumbles