public finance

Hammond to borrow extra £90bn after lower productivity forecast

Hammond to borrow extra £90bn after lower productivity forecast

OBR warns chancellor faces long period of sluggish wages growth that will dent tax receipts and increase borrowingPhilip Hammond must borrow an extra £90bn over the next five years after the
EISEN: Ontario’s small business tax cut isn’t enough

EISEN: Ontario’s small business tax cut isn’t enough

The most high-profile measure in Ontario Finance Minister Charles Sousa’s fiscal update last week was a one percentage point cut to the corporate tax rate for small businesses. No doubt, some small
GUNTER: Morneau’s donation doesn’t erase the original problem

GUNTER: Morneau’s donation doesn’t erase the original problem

Since when did the Catholic church reinstate the medieval practice of buying indulgences – making charitable donations or paying bribes to obtain forgiveness of one’s sins? Because that’s what federal
Widening UK budget deficit hands Hammond a headache

Widening UK budget deficit hands Hammond a headache

Rise in public sector net borrowing points to weaker economy than expected and will further limit chancellor’s spending powerBritain’s deficit unexpectedly widened in October, handing Philip Hammond
The chancellor must end austerity now – it is punishing an entire generation | Letters

The chancellor must end austerity now – it is punishing an entire generation | Letters

Alongside the human costs, cuts have hurt our economy, and we’ve now reached a dangerous tipping point, say Joseph Stiglitz, Ha-Joon Chang and 111 othersSeven years of austerity has destroyed lives.
Philip Hammond must ditch deficit reduction and invest. But he won't | Larry Elliott

Philip Hammond must ditch deficit reduction and invest. But he won't | Larry Elliott

The chancellor should change course but with no majority, no money and no productivity growth there’s no hope of thatPhilip Hammond did not get his nickname of “Spreadsheet Phil” for nothing. The
Only half of Britain's fixed speed camera are active

Only half of Britain's fixed speed camera are active

Freedom of information request finds four police forces do not have any fixed cameras while 13 have less than half switched onOnly about half of the UK’s fixed speed cameras are on and primed to catch
Reverse cuts or backing for universal credit may collapse, says thinktank

Reverse cuts or backing for universal credit may collapse, says thinktank

Urgent £3bn cash injection needed to bolster confidence in failing system after welfare cuts, says Resolution FoundationPublic confidence in universal credit will collapse without an urgent £3bn cash
How has Brexit vote affected UK economy? October verdict

How has Brexit vote affected UK economy? October verdict

How has the economy reacted to the vote to leave the EU? Each month we look at key indicators to see what effect the Brexit process has on growth, prosperity and trade in the UK Continue reading...
UK budget deficit narrows to lowest level September since 2007

UK budget deficit narrows to lowest level September since 2007

Inflation-fuelled rise in VAT receipts cheers chancellor ahead of budget but analysts warn of OBR cut in forecasts and further Brexit uncertaintyBritain’s budget deficit has fallen to its lowest level
The Guardian view on Labour’s economic plans: pricey | Editorial

The Guardian view on Labour’s economic plans: pricey | Editorial

John McDonnell is right to call for the end of PFIs but, like the rest of his agenda, it won’t be easyIn a conference speech stuffed with more crowd-titillating plums than the proverbial pudding, John
Aberdeen joins councils raising money by selling bonds as cuts bite

Aberdeen joins councils raising money by selling bonds as cuts bite

Panel of economic experts hired, but move raises risk speculators could bet against council should oil prices wobbleAberdeen city council has taken the unusual step of appointing economic advisers to
A million women £32 a week worse off thanks to pension age changes

A million women £32 a week worse off thanks to pension age changes

IFS says increased UK state pension age is lifting earnings from employment but only partially offsetting reduced incomes from other benefitsMore than a million women are worse off by an average of
Labour blasts 'failing' government after UK deficit jumps in June – as it happened

Labour blasts 'failing' government after UK deficit jumps in June – as it happened

All the day’s economic and financial news, including coverage of the latest UK public financesLatest: Labour blame Tory cuts for economic weaknessTreasury: National debt is too highBREAKING: UK
Theresa May accused of insulting teachers as pay rise is held at 1%

Theresa May accused of insulting teachers as pay rise is held at 1%

Deal first to be announced since Tory MPs raised concerns over public sector pay following the poor election performanceTheresa May has been accused of insulting teachers by offering them a 1% pay
Public sector workers need a pay rise – even Tory voters think so | Frances O’Grady

Public sector workers need a pay rise – even Tory voters think so | Frances O’Grady

Public servants’ pay continues to plummet in real terms, but the consensus is growing that they should receive a rise. The government must listenAlthough it seems longer, it was just three weeks ago
Oliver Letwin: government must look at tax rises for sake of public services

Oliver Letwin: government must look at tax rises for sake of public services

Former head of policy for David Cameron believes people are willing to see taxes go up to fund NHS and social careOne of the key architects of David Cameron’s austerity programme has suggested the
Extra £1bn for Northern Ireland will barely dent public finances

Extra £1bn for Northern Ireland will barely dent public finances

UK government will spend £802bn this year, so funds ‘not much more than rounding error’, says IFS deputy headThe deal to spend an extra £1bn over two years in Northern Ireland will do little to
The Grenfell Tower tragedy should see off austerity. But don’t hold your breath | Patrick Butler

The Grenfell Tower tragedy should see off austerity. But don’t hold your breath | Patrick Butler

While its residents are exempt from some of the government’s harshest welfare policies, it’s pretty much business as usual for everyone elseWhile the ideological certainties underpinning the past six
Pound jumps after Haldane turns hawkish and UK deficit falls – as it happened

Pound jumps after Haldane turns hawkish and UK deficit falls – as it happened

All the day’s economic and financial news, including a new healthcheck on Britain’s public financesLatest: Haldane says rates may rise this yearSterling hits $1.27Harrison: Is he trying to annoy Mark