Philip Hammond confirms he will borrow more and look at tax changes in ‘no deal’

first_imgWednesday 5 December 2018 5:23 pm whatsapp Philip Hammond confirms he will borrow more and look at tax changes in ‘no deal’ whatsapp Owen Bennett With the risk of inflation spiralling, the Bank would be forced to tighten monetary policy, leaving it to the Treasury to borrow an additional £15billion already earmarked as buffer fund.The UK’s tax system would also be examined, meaning Hammond may dramatically cut business tax in order to pull in investment – a move he has repeatedly hinted at.Hammond also admitted the economic reports produced by the government and the Bank – which both predicted smaller economic growth compared to the UK staying in the EU – did not take into account the levers he would pull in such a situation.When challenged over the government’s response to the UK leaving the EU without a deal, Hammond said: “It’s implausible that in a no deal scenario the government wouldn’t do anything.”After setting out a possible collapse in the value of the pound and a rise in inflation, Hammond added: “The Bank’s normal monetary response to that would have to be to tighten monetary policy not loosen it. So I suspect that in that scenario the Bank of England would be looking firmly at the Treasury to respond through a fiscal policy response.” Philip Hammond has confirmed the government would be forced to borrow billions more and consider tax changes to counter the economic impact of no deal.Appearing before the Treasury Select Committee on Wednesday, the Chancellor said the onus would be on the government to keep blood in the veins of the economy as the Bank of England would be severely restricted in its actions.center_img Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableyUndoFinance Wealth PostTom Selleck’s Daughter Is Probably The Prettiest Woman To Ever ExistFinance Wealth PostUndomoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comUndoCleverstTattoo Fails : No One Makes It Past No. 6 Without LaughingCleverstUndo Share Labour MP Alison McGovern was frustrated the analyses given to the committee since Theresa May concluded her negotiations on the withdrawal deal took these moves into consideration.”You’re describing a situation that none of these reports that we’ve been provided with in order to advise our colleagues describe. We have been put in a slightly invidious position as a committee,” she said.Hammond admitted one of the reasons he was urging MPs to support May’s deal is that the country risked staying “mired” in the Brexit debate.“We have to move on as a nation,” he said.However, the Chancellor then added: “If the only proposal on the table was no deal exit which would cost us nearly 10% of our GDP according to this modelling I would take a different view.”City A.M. understands from sources close to the Chancellor that this was not a coded hint at support for a second referendum, and Hammond opposes another Brexit vote. Tags: Bank of England Brexit People Philip Hammond Tax Theresa Maylast_img read more

Tory manifesto: How will Johnson tax and spend?

first_imgRead more: General Election: Boris Johnson promises to ‘forge a new Britain’ post-Brexit The PM announced that he would review business rates and start by cutting them for retailers in 2020-21 in a giveaway worth £320m next year and £10m each year thereafter. According to the Conservatives’ sums, the party would increase day-to-day spending by £2.9bn a year by 2023-24, compared to an £82.9bn increase under Labour. This means for every pound the Tories promise to spend that year, Labour would spend £28.50. whatsapp Paul Johnson, director of the Institute for Fiscal Studies, criticised the policy, however. He said it was “part of a fundamentally damaging narrative – that we can have the public services we want, with more money for health and pensions and schools – without paying for them”. whatsapp Harry Robertson Sunday 24 November 2019 7:04 pm Instead, he unveiled a “triple tax lock” plan to freeze national insurance, income tax, and VAT. Steady approach The Tories said this extra revenue would more than offset tax cuts, which would cost the government £3.3bn a year on average, and spending increases, which would average out at £2.3bn extra a year. Nonetheless, the Conservatives sought to portray themselves as the party of economic credibility. Johnson said: “We are maintaining fiscal discipline… and we will keep debt coming down.” Prime Minister Boris Johnson has launched the Conservative manifesto with a pledge that he would increase spending by a fraction of Labour’s plans in a “sensible, moderate” approach to the economy.center_img Boris Johnson attacked Labour’s radical spending plans at the Conservative manifesto launch (Getty Images) Conservative manifesto: How will Boris Johnson tax and spend? The Tory party said today that it would also cut taxes – although not by as much as Johnson promised in the summer – and still be able to balance the books. Share The new money from the Conservatives comes on top of the more sizeable extra spending announced in September, however, which promised a £33.9bn boost for the NHS over the next four years among other policies. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryNoteableyJulia Robert’s Daughter Turns 16 And Looks Just Like Her MomNoteableyBetterBe20 Stunning Female AthletesBetterBeThe Chef PickElisabeth Shue, 57, Sends Fans Wild As She Flaunts Age-Defying FigureThe Chef Pickbonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutNews SharperChrissy Metz, 39, Shows Off Massive Weight Loss In Fierce New PhotoNews Sharper Revealing the manifesto in Telford, Shropshire, Johnson promised “tax-cutting One Nation Conservatism” but did not keep the promise he made during the Tory leadership election to cut taxes for higher earners, which experts said could cost £20bn. In a costing document released with the manifesto, chancellor Sajid Javid wrote that under the manifesto the Tories would stick to their new spending rule of having “the current budget in balance no later than the third year of the forecast period”. Read more: General Election: Conservatives surge in latest poll Johnson and co said they could do this thanks in large part to the scrapping of the planned corporation tax cut from 19 per cent to 17 per cent. This would make up the bulk of the £5.9bn extra revenue they on average expect to receive for the next four years. The majority of the extra spending will go on the NHS, with an extra £1.5bn a year on average over the next four years, mainly going towards putting 50,000 more nurses into the health service. This will add to the £33.9bn promised in September. The document also put specific figures to the tax and spend plans. The bulk of the tax cuts would come from the already announced rise in the national insurance contribution threshold to £9,500 next year. This would cost on average £2.3bn a year, the Tories said.last_img read more

Citigroup profit jumps 15 per cent in strong end to year

first_img Harry Robertson The third-largest US bank’s profit rose to $5bn (3.8bn) in the final three months of 2019, up from $4.3bn a year earlier. This took earnings per share to $2.15, well above analysts’ predictions of $1.84. Tuesday 14 January 2020 8:24 pm Corbat said: “We enter 2020 in a strong competitive position, from capital and liquidity to talent and technology.” The bank’s institutional clients group, which includes investment banking, saw revenue grow 10 per cent to $9.4bn. Profit at Wall Street giant Citigroup beat expectations to post a 15 per cent rise in fourth-quarter profit, with solid growth in both its consumer and institutional banking arms. whatsapp Citigroup was among the first US banks to report fourth-quarter earnings (Getty Images) Total revenue grew seven per cent to $18.4bn, with strong growth in each of the North America, EMEA, Latin America and Asia regions. Citigroup shares had risen 2.9 per cent two hours into trading to $82.93 as the lender continued the strong start to US earnings season, which had earlier seen rival JPMorgan Chase post a record annual profit.center_img Citigroup was among the first US banks to report fourth-quarter earnings (Getty Images) Also Read: Citigroup profit jumps 15 per cent in strong end to year Show Comments ▼ Citigroup was among the first US banks to report fourth-quarter earnings (Getty Images) Also Read: Citigroup profit jumps 15 per cent in strong end to year Share whatsapp At Citi’s consumer arm, revenue grew by five per cent year on year to $8.5bn in the fourth quarter. Growth was particularly strong in Latin America, hitting 10 per cent. Citi’s chief executive Michael Corbat called it a “strong finish to the year”. He added: “Due to good client engagement, we drove balanced growth across our products and geographies.” Citigroup profit jumps 15 per cent in strong end to year Bond trading income rocketed 49 per cent year on year to $2.9bn, a figure flattered by a poor end to 2018. Yet it also reflected heightened activity in the bond market due to geopolitical uncertainty.last_img read more

Lloyd’s of London takes out £650m cover to protect emergency fund

first_img Damian Shepherd Lloyd’s of London takes out £650m cover to protect emergency fund The five-year cover is financed by JP Morgan as well as other reinsurers including Berkshire Hathaway and Swiss Re, according to a Financial Times report. whatsapp Show Comments ▼ Also Read: Indeed: Global interest in UK jobs post-Brexit lifts to pre-pandemic levels More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org The five-year term is effective from January 2021. Also Read: Premier Inn owner Whitbread’s shares soar as business travel demand returns The remaining £200m has been backed by eight major global reinsurance firms, including SCOR, Berkshire Hathaway and Munich Re. “In the event that something really, really big happens, this makes it much more safe for our policyholders that we will basically pay out the claims they are entitled to receive some money for,” Lloyd’s CFO Burkhard Keese told the FT.center_img Insurance market Lloyd’s of London has taken out £650m in cover to protect its backup central fund against possible high-risk events that could cause losses. The cover also has a lower cost of capital and should help the company to underwrite more business. The first £450m of the cover is said to have been provided using a newly established cell company and financed by JP Morgan. Thursday 17 June 2021 10:49 am whatsapp Share Also Read: Oxford Circus to be transformed into two pedestrian-friendly piazzas The central fund at Lloyd’s is a £3bn backstop funded by its underwriting members to protect the market in times of stress. The report said that the arrangement will provide aggregate reinsurance protection to Lloyd’s Central Fund from an attachment point of up to £1.25bn. Tags: Lloyd’s of Londonlast_img read more

Emmonak fire destroys Kwik’Pak buildings, causes $3 million in damage

first_imgSouthwestEmmonak fire destroys Kwik’Pak buildings, causes $3 million in damageMarch 21, 2016 by Emily Russell, KNOM Share:Emmonak in July 2013. (Photo by Adam DuBrowa/FEMA)A fire in the village of Emmonak destroyed five commercial buildings and caused an estimated $3 million in damages over the weekend.According to a report filed by the Alaska State Troopers, local troopers and the Village Public Safety Officer were called around 1:30 p.m. Saturday. Smoke was seen billowing out of the Kwik’Pak Fisheries warehouse. Kwik’Pak is a commercial fisheries business and the village’s largest employer.According to the report, efforts to put out the fire were unsuccessful due to “failed and inoperable equipment.” The fire spread rapidly, destroying three Kwik’Pak Fisheries buildings. It also engulfed and destroyed two buildings belonging to Yukon Marine Manufacturing, a local boat-building business.When the trooper report was filed more than 24 hours after the incident, the fire was still burning. No injuries were reported and no foul play is suspected. Damage to all five commercial buildings is currently estimated at $3 million.Share this story:last_img read more

UK house price growth expected to surge as post-election supply bounce lacking

first_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofBest Wine Gifts & Wine Accessories at Every PriceGayotHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofWhat is ‘Ranked-Choice Voting,’ the New System for New York’s MayoralFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily Proof Hopes for a post-election surge in the supply of houses to the market have failed to materialise, the Royal Institution of Chartered Surveyors (RICS) said today.“Tight supply conditions continue to be a key factor underpinning prices, with fresh instructions to sell becoming increasingly sparse while average stocks per surveyor fell to a new record low [52 properties],” RICS said.The average stock of houses per surveyor is now down by 12 per cent since the start of 2015. Surveyors now expect price growth to accelerate of the coming months on the back of the supply shortage.“There had been some hope that the removal of political uncertainty would encourage more properties onto the market but the initial indications are that this is not proving to be the case. As a result, it is hardly surprising that prices across much of the country are continuing to be squeezed higher with property set to become ever more unaffordable,” said RICS chief economist Simon Rubinsohn.Meanwhile, house prices climbed by 4.5 per cent in May, just a third of what the rate that was seen this time last year, according to figures published today by LSL property services. London is no longer home to the fastest growing house prices, LSL said, with price growth of 5.2 per cent – below the South East, East Anglia and the East Midlands. This drop has been led by properties in Kensington and Chelsea, which are 16 per cent cheaper than their autumn peak. LSL said the biggest constraint on the top end of the market had been stamp duty changes.“The melody of growth has slowed, with monthly house price rises now just a third of what they were a year ago. But the property market is still hitting the high notes – with the average home in England and Wales currently worth £277,178. This is the fourth new record for property values this year,” said Adrian Gill, director of Reeds Rains and Your Move estate agents. Wednesday 10 June 2015 8:37 pm whatsapp whatsapp Show Comments ▼center_img Express KCS UK house price growth expected to surge as post-election supply bounce lacking Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailPost FunKate & Meghan Are Very Different Mothers, These Photos Prove ItPost FunMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekInvestment GuruRemember Cote De Pablo? Take A Deep Breath Before You See Her NowInvestment Guruzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity MirrorTele Health DaveRemember Pierce Brosnan’s Wife? Take A Deep Breath Before You See What She Looks Like NowTele Health DaveLearn It WiseAfter Losing 70lbs Susan Boyle Is So Skinny Now She Looks Like A ModelLearn It WiseTheFashionBallAlica Schmidt Is The Most Beautiful Athlete To ExistTheFashionBall Tags: UK house priceslast_img read more

People / Loic Gay to head up Norbert Dentressangle’s forwarding division

first_img Norbert Dentressangle has announced that Loïc Gay joined in March to head up the group’s Air & Sea division.He brings with him over 14 years air and sea freight management experience, having held commercial and operational management positions with DSV and DB Schenker, amongst other companies.Mr Gay is a graduate of EDHEC Business School in Lille and has worked in France, Belgium, Australia and the US.Norbert Dentressangle chief executive Hervé Montjotin said: “As head of Norbert Dentressangle’s Air & Sea Division, Loïc Gay is tasked with overseeing the next stage in the development of our freight forwarding business.”The company’s Air & Sea business had a turnover of €206m last year, up 42% from 2013, with offices in 14 countries. By Gavin van Marle 15/04/2015last_img read more

People / Gary Wilson and Mark McKenna new men at the top at B&H Worldwide

first_img B&H Worldwide has made a double appointment: Gary Wilson becomes managing director and Mark McKenna (pictured above) is promoted to the newly created head of global operations and quality role.Mr Wilson has spent the past three years working alongside group chief executive Stuart Allen to shape the company’s strategic development, including expanding its European presence.He has also been responsible for the expansion of B&H’s Miami hub, alongside developing the company’s 24/7 control tower in Asia.Mr McKenna’s promotion comes just a year after joining the company as head of operations, having spent nearly eight years at Agility as its freight manager.During the past 12 months, he has been leading the EMEA team, and Mr Allen noted he was at the “forefront” of streamlining operational processes.In his new role, Mr McKenna will focus on standardising B&H operations worldwide, and – together with Mr Wilson – will be based out of the company’s head office at Heathrow.“These two individuals lead by example within our organisation and their new and enhanced roles will ensure our continued growth is underpinned by both strategic and operational excellence worldwide,” said Mr Allen. By Alexander Whiteman 24/10/2018last_img read more

Backed by Amazon Care and Intermountain, a new coalition lobbies for policy changes around at-home care

first_img Unlock this article — and get additional analysis of the technologies disrupting health care — by subscribing to STAT+. First 30 days free. GET STARTED Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. About the Author Reprints Adobe The telehealth boom has made one thing clear: The era of health care provided exclusively within the confines of a clinic or hospital is over.In the hopes of making the shift to virtual care more permanent, Washington, D.C.-based lobbying firm Sirona Strategies formed a coalition earlier this month called Moving Health Home. The organization’s 10 members include virtual-first care company Amazon Care, hospital chains Ascension and Intermountain Health, and risk-based senior care group Landmark Health. Together, they plan to advocate for a suite of policy changes that would widen access to at-home care — and allow providers to be reimbursed more readily for those services. Backed by Amazon Care and Intermountain, a new coalition lobbies for policy changes around at-home care GET STARTED Health Tech What is it? Log In | Learn More What’s included? By Erin Brodwin March 18, 2021 Reprints linkedin.com/in/erinbrodwin/ STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. @erbrod [email protected] Health Tech Correspondent, San Francisco Erin is a California-based health tech reporter and the co-author of the STAT Health Tech newsletter. Erin Brodwin Tags government agenciesmedical technologylast_img read more

Portarlington Tidy Town’s Spring Clean a huge success as they call for law changes

first_img GAA Portarlington Tidy Town’s Spring Clean a huge success as they call for law changes Kelly and Farrell lead the way as St Joseph’s claim 2020 U-15 glory Home News Portarlington Tidy Town’s Spring Clean a huge success as they call for… News Facebook By Alan Hartnett – 12th April 2019 Pinterest GAA Pinterest 2020 U-15 ‘B’ glory for Ballyroan-Abbey following six point win over Killeshin TAGSTidy Towns Twitter Here are all of Wednesday’s Laois GAA results Previous articleThree new Autism classes for Laois – FlemingNext articleIn Pictures: Laois secondary school bring first ever hockey season to a close Alan HartnettStradbally native Alan Hartnett is a graduate of Knockbeg College who has worked in the local and national media since 2008. Alan has a BA in Economics, Politics and Law and an MA in Journalism from DCU. His happiest moment was when Jody Dillon scored THAT goal in the Laois senior football final in 2016. Twitter GAA WhatsApp WhatsApp The Tidy Town’s ‘Spring Clean’ of Portarlington was a big success.Over 100 volunteers took part at over 28 different locations across the town and surrounding areas.200 sacks of rubbish were collected – which is considerably less than last year despite covering the same locations.David Maher who organises the clean up in Portarlington said: “After years of seeing the problem getting worse and worse it is good to see an improvement this year.“While some of the improvement was down to the work of Laois County Council and in particular or our local litter warden, the truth is that much of the improvement is down to the departure from the town of certain individuals who were heavily involved in illegal dumping.“It is pattern we have seen again and again over the years where 99% of illegal dumping is accounted for by 1-2% of the population.”David also called for changes in the law that he believes would combat illegal dumping.He said: “Ireland is relatively unique in the western world, in that we make the paying for rubbish collection optional.“In all other developed countries waste collection is a service provided by the local authority and paid for by a Local Property Tax (LPT)- which is both fair and efficient.“Unless we remove the incentive to illegally dump – how can we expect to tackle the problem? The decision of the the Environment minister, Richard Bruton, not to review the LPT and use this to fund an improved waste management services is very regrettable.”Maher concluded: “It really comes down to a lack of leadership and political courage by those is power.Voluntary groups like ourselves and indeed the efforts of Local county councils can’t solve the problem when the system itself is broke at a national level and needs to be fixed.”SEE ALSO – New sports hall and TJ Doheny World Title fight in Town gets Council’s blessing Facebook RELATED ARTICLESMORE FROM AUTHORlast_img read more