Public finances
The Great Defence Procurement Rip-Off, Housing Edition
There’s no business like government business. Reacting to Philip Hammond’s statement on future army basing yesterday, today’s newspapers have led on either the decision to strip the Desert Rats of… Continue reading
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Vince Cable tells Philip Hammond, cut Trident not welfare
On The Sunday Politics today, Vince Cable told Andrew Neil that he disliked ring fencing particular departments. But he accepted that the NHS and DFID budgets would remain protected for… Continue reading
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The Tory branch of the National Union of Ministers says cut welfare, not our budgets
Philip Hammond is a cautious and loyal politician. He is not a boat rocker. This is what makes his interviews in the Telegraph and The Sun today so noteworthy. He… Continue reading
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Deficit latest: Still £5 billion higher than last year
Today’s borrowing figures show that the government had a surplus of £11.4 billion in January. But before we get too excited, a bit of context is in order. There’s (almost)… Continue reading
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Austerity latest: spending up, deficit up.
We can all overdo it a little at Christmas, but the government’s monthly overdraft statement — which came in this morning — is of a different order. In December, HM… Continue reading
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IFS warns Osborne: don’t cook the books, like Brown
The Institute for Fiscal Studies has today published its attempt to predict what the OBR forecasts will show when they’re released as George Osborne sits down after delivering his Autumn… Continue reading
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George Osborne might meet his debt target after all
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… Continue reading
26 Comments Labour underestimated Osborne’s deficit
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… Continue reading
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Labour to launch a deficit clock for Tory conference
Things have come to a pretty pass when the Labour Party is launching a campaign with a deficit clock to expose George Osborne’s shortcomings. But they are about to do… Continue reading
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Why George Osborne will miss his debt target
Much is being made today of reports that George Osborne will drop his fiscal target in his autumn statement on 5 December. Isabel reported earlier that, faced with breaking his… Continue reading
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Osborne borrows his way out of a debt crisis
This morning’s borrowing figures from the Office for National Statistics are a blow for George Osborne, showing public sector borrowing up £2.7bn on the same time last year. The stats… Continue reading
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The coalition rows back on the Budget’s VAT changes
No government likes to u-turn, and particularly not on a Budget measure. So, tonight’s changes to the VAT regime proposed by the Budget for Cornish pasties and static caravans are… Continue reading
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All eyes on Hollande
Have you noticed the weird hold that François Hollande has over our politics? If you haven’t, then let me tell you: his name has been almost inescapable in Westminster over… Continue reading
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Let’s get real about the fiscal situation
Recently on Coffee House, and elsewhere, some people have been arguing that the deficit reduction isn’t happening fast enough. The latest, a paper from Tullet Prebon, argues that it’s wrong… Continue reading
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How Britain is using spin to con the bond markets
Austerity, austerity, austerity. The A-word is cropping up everywhere at the moment, whether in France or Greece or Germany. And the UK isn’t immune from it either. If there is… Continue reading
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Lies, damned lies, debt and Nick Clegg
Does it matter if the Prime Minister and his deputy mislead the country about what they are doing to the national debt? Neither of them seem to think so, if… Continue reading
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Have the Milibands got Hollande fever?
We’ve grown so used to regarding Ed and David Miliband as mutual nemeses that it’s strange to see them operating as a tag team today. The younger brother has delivered… Continue reading
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Balls wants you to trust him
It’s only ten days or so since Ed Balls was last quizzed by Andrew Neil, but there he was rehashing many of the same lines on the Sunday Politics today.… Continue reading
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Their drinks are still on us
It has been a busy day for Commons committees, and I don’t just mean the education and media select committees either. The John Bercow-chaired House of Commons Commission has released… Continue reading
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Fox fires a shot across the aid budget’s bows
As Pete says, Liam Fox’s piece this morning calling for more supply-side reform is broadly helpful to the Chancellor and has been written with his approval. Strikingly, the former defence… Continue reading
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