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...Jeremy Hunt is targeting cutting another 2p off national insurance in a pre-election September mini-Budget that would allow the Conservatives to boast they had halved the rate of the tax in a single year...
...The recent jump in US productivity comes after a massive fiscal stimulus centred on green industry, a frenzied period of rehiring and a surge in new business formation in homeworking hotspots....
...a sustainable basis,” said Pill in a speech....
...on a sustainable basis,” he added....
...Elizabeth Martins, senior UK economist at HSBC, said that if the aim of Bailey’s comments was to convince investors that the UK did not face the same risks as the US of inflation reaccelerating, “this morning...
...After a spell of soaring prices and steep interest rates, Christine Lagarde this week allowed herself a moment of optimism....
...in some administrations in this country — regard as a very serious legal obstacle that can be construed as a violation of the legal international order.”...
...Marc FilippinoSam Fleming is the FT’s economics editor. Thanks, Sam. Sam FlemingThank you....
...a more robust recovery in an election year....
...That would be around a percentage point below the pre-pandemic average set from 2000 to 2019....
...The BoE’s February outlook was for even weaker growth than that predicted by the IMF, as it projected an expansion of a quarter of a percentage point this year and three-quarters next year....
...A fund analysis found a 1 percentage point spike in US rates led to a 90 basis point rise in other advanced economies and an increase in emerging markets of 1 percentage point....
...These include a worsening situation in the Middle East, after Iran launched a barrage of drones and missiles at Israel in retaliation for a suspected Israeli strike in Damascus....
...“Stalling disinflation could surprise investors, leading to a repricing of assets and a resurgence of financial market volatility,” the GFSR said....
...Lingering memories of Truss’s “mini” Budget of 2022, which triggered a surge in bond yields and mortgage rates as markets panicked as a result of unfunded tax cuts, are diminishing any sense of relief at...
...Scenarios have a pedigree in the central banking world; Sweden’s Riksbank is a long-standing proponent....
...The BoE’s increasing optimism on inflation comes after the US Federal Reserve sparked a market rally overnight, with officials indicating they want to cut interest rates by three-quarters of a percentage...
...Andrew Bailey said during a visit in Washington that the UK remained “pretty much on track” compared with the BoE’s February inflation forecast, adding that he expected a further sharp drop to price growth...
...That left headline inflation lower than the 3.5 per cent rate forecast in a Reuters poll of economists....
...Hunt was speaking at the start of a trip to the US in which he will promote the idea that the UK is shrugging off a period of high inflation and stagnant growth, and that the public will start to feel benefits...
...exchequer — a process dubbed “fiscal drag”....
...It is expected to produce a new business plan in coming days which could include a change in bill proposals....
...The Tories’ existing plans include a pledge to increase day-to-day Whitehall departmental spending by 1 per cent a year overall in real terms after the election....
...Labour will on Tuesday propose to toughen a planned crackdown on tax perks enjoyed by “non-doms” living in the UK, alongside a wider effort to tighten compliance, as the party seeks to plug a hole in funding...
...Global stock markets sank and Asian currencies were hit by a rising dollar on Tuesday, following a Wall Street sell-off prompted by strong US retail sales figures suggesting the Fed may cut rates this year...
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