George osborne

George Osborne pulled off one of those bits of political theatre that he so enjoys today. Watching his statement in the Commons, one sensed something was up as Osborne delighted in delaying naming the new bank governor. It was an indication that, like the Mounties, the Chancellor had got his man. Moments later, a clearly delighted Osborne announced that Mark Carney, the Canadian Central Bank Governor, would be the new governor of the Bank of England. This is quite a coup for Osborne as Carney is widely regarded as the best central bank governor in the world. It also marks a clear break with all that has gone wrong in

When George Osborne gives his Autumn Statement on 5 December, the OBR will publish its new forecasts for growth, deficit and debt. For the last few weeks, the consensus has been that the OBR would declare that Osborne will miss the debt target he set himself in 2010: to have the debt-to-GDP ratio falling in 2015-16. The logic behind this, as I set out in September, is pretty straightforward: the OBR will have to lower its growth forecasts, which will in turn mean lower tax revenues, higher deficits and more debt. But it now looks like Osborne might narrowly avoid failure, though not because the outlook for the economy or

As Fraser reported at the time, Labour put up a deficit clock on its website last month, claiming that the government was borrowing £277 million more during Tory conference than in the same four days last year. It based this on the borrowing figures available at the time, which were for the period April to August. In that period, the government had borrowed £802 a second more than in the same five months of 2011, so Labour assumed it would continue to do so in October. But new figures out yesterday show that this was not the case. In fact, looking just at borrowing in October, Labour was lowballing it

George Osborne has a dilemma to answer in his autumn statement (which must be finalised by 28 November, when it will be submitted to the Office of Budget Responsibility). He has promised to offset politically welfare cuts worth £10bn with tax increases on the wealthy. There is an added complication in that Osborne cannot afford (literally) to choke recovery by imposing levies on sources of wealth creation. This leads him, logically, to pensions and property. The FT reports that the chancellor is considering reducing the maximum level of tax relief on annual pension contributions from £50,000 to either £40,000 or £30,000. It is estimated that these changes would net the

David Cameron (and a host of other politicians, including Ed Miliband, Vince Cable and Boris Johnson) will address the CBI’s annual conference this morning. Cameron’s widely trailed speech is a call to arms; indeed, he wants to put the public sector on a war-footing. The speech will contain the usual spiel about Britain being in a ‘global race to succeed’ and the need for innovation and cutting red tape, faster decision making etc, etc, etc. You’ll know, of course, that these urgent words come from the man who feels that the decision on a third Heathrow runway cannot be made until after the next election. This fact mocks Cameron’s claim

Few politicians have put as much thought in to the team around them as George Osborne. He is a collector of talented people. Unlike most Tories, he has gone outside of CCHQ and parliament for nearly every senior appointment he’s made. But I understand that after Christmas he’ll be losing one of the most important members of his operation, Poppy Mitchell-Rose. Mitchell-Rose has acted as Osborne’s fixer and gatekeeper since he first became shadow Chancellor. On the long—and sometimes bumpy—road from opposition to government, she has been a calm sherpa who has dealt with a host of problems before they have even arisen. But she is now moving to Washington,

George Osborne’s spirited bid in The Times (£) earlier this week  to appropriate the Obama victory for the Tories is a curious mirror image of the Labour Party’s arguments to the same effect. Both ignore the reality that the US is the US, not us, and Obama is Obama; formulas for election success aren’t a peel-off/stick-on tattoo, to be transferred between one body politic and another. But the article was interesting for what it told us about the Chancellor himself, quite apart from a slightly nerdy obsession with American elections. The fifth and decisive point in his piece was all about how social liberalism plus fiscal conservatism was the key

George Osborne’s public interventions on issues other than the economy are few and far between, which is why his article in today’s Times merits attention. In it, Osborne analyses some of the causes of Barack Obama’s victory and then applies his findings to the 2015 election in Britain. On the basis of this article, we can conclude that the Tories’ leading strategist expects to fight the next election in a challenging economic climate against two men, Ed Balls and Ed Miliband (in that order), who he intends to blame for causing Britain’s ills. He will present Ed Balls and Ed Miliband (in that order) as reactionaries who exist beyond the

Tonight was a good one for the Tory whips. What looked last week like it could have been a tricky vote on a Labour motion to delay the fuel duty rise, turned into a relatively easy government win. There were only nine Tory MPs absent from the vote and every other Tory MP backed the government. Now, the reason there was no rebellion was, at least partly, because Treasury ministers dropped a fair few hints that there would be action on fuel duty in the autumn statement. Robert Halfon, who has led a sustained campaign on this issue, said after the vote that it was ‘Right to wait until’ the

We are now closer to the 2015 election than the 2010 one. We also expected by now to have the coalition’s mid-term review, the document that will set out its priorities for the second half of its term in office. But its publication has now been delayed until January. This is because the debates about what new policies to include in it are still going on. The quad—David Cameron, George Osborne, Nick Clegg and Danny Alexander—met on November 1st to discuss various ideas for it. They were, as I report in the Mail on Sunday, joined by Oliver Letwin and David Laws for this meeting with the Cabinet Secretary Jeremy

Fresh from his success nationalising the Post Office pension, which artificially knocked £23 billion off the national debt, the Chancellor has come up with another manoeuvre which effectively adds £35bn to the total of QE – and analysts think this just save him from having to tear up his fiscal rule in next month’s mini-Budget. CoffeeHousers may remember that two years ago, Osborne said that the debt-to-GDP ratio would be falling by 2015/16. But the outlook between his first budget and his last one has deteriorated rapidly. But help may be at hand. There is a lot of spare cash from debt interest hanging about in the Asset Purchase Facility: the

The Spectator hosted a packed-out debate last night on the motion — ‘George Osborne isn’t working: we need a Plan B’ — and you can now hear the outcome for yourself. As Isabel reported earlier, it was an evening of intense discussion and disagreement, so we have recorded the entire evening for you to listen at your leisure. The event lasted nearly two hours, so here are the timings for the individual speakers: 03:12 – Alistair Darling (for) 10:25 – Jesse Norman (against) 19:04 – Matthew Oakeshott (for) 27:42 – Fraser Nelson (against) 36:10 – David Blanchflower (for) 47:13 – Norman Lamont (against) 54:30 – Question and answers with Andrew Neil 1:39:08 – Final