Rishi sunak mp

MORE than two dozen Tory MPs have written to Rishi Sunak urging him not to raise fuel tax in his Budget. They say Boris Johnson made a pledge in 2019 not to increase the hated levy and breaking the vow would betray voters. The 26 Conservatives - including former ministers Tracey Crouch, Esther McVey , David Davis and Iain Duncan Smith said Brits pay more at the pumps than anywhere in the EU. The 58p-a-litre levy is in the Chancellor’s sights - with as much as a 5p rise being considered - to help plug the Covid black-hole next week. But the letter shows Downing Street faces a major rebellion on Mr Sunak’s Budget if drivers are targeted. The warning shot was organised by Rob Halfon MP and Howard Cox, of Fair Fuel UK - who have been working with The Sun to “Keep It Down” for a decade. It says the move would “create significant economic difficulties” for millions. The letter says analysis by the Centre for Economics and Business Research shows “a hike of 2p … [Read more...] about More than two dozen Tory MPs urge Rishi Sunak not to raise fuel tax in Budget

LONDON: British finance minister Rishi Sunak will next week promise yet more spending to prop up the economy during what he hopes will be the last phase of lockdown, but he will also probably signal tax rises ahead to plug the huge hole in the public finances. Sunak, who is due to announce a new budget plan on March 3, has already racked up more than 280 billion pounds (US$397 billion) in coronavirus spending and tax cuts, pushing Britain's borrowing to a peacetime record. Prime Minister Boris Johnson plans to lift England's current lockdown entirely only in late June so Sunak is expected to rely heavily on the debt markets again. His job retention scheme, paying 80per cent of employees' wages, will probably be extended beyond a scheduled April 30 expiry date, further inflating its estimated cost of 70 billion pounds. Support for the self-employed looks set to stay too. Businesses are demanding Sunak keep other lifelines, such as exempting the firms hardest hit by the … [Read more...] about UK’s Sunak to build bridge to recovery with more spending

THE rumour mill is gathering pace with the Budget just days away. Chancellor Rishi Sunak is believed to be plotting a pensions raid and business tax hike alongside more support for workers and struggling families. The Budget will be held on Wednesday March 3. The Chancellor takes centre-stage as he outlines the government's plans for tax hikes, cuts and things like changes to Universal Credit and the minimum wage. It is due to take place at around 12.30pm, once Prime Minster's questions ends in the House of Commons. The update is likely to focus on the economic fallout from the coronavirus crisis. What is the Budget? THE Budget is when the government outlines its plans for tax hikes, cuts and things like changes to the minimum wage. It's different to the Spending Review , which sets out how much public cash will go towards funding certain departments, devolved government's and services, such as the NHS. The Budget is read out in the House of Commons … [Read more...] about Budget 2021 predictions including furlough and universal credit extension

1/TANTRUMS WITHOUT TAPER What happened to keeping borrowing costs in check? All of a sudden, central banks are grappling with rising bond yields that could threaten recovery prospects. February is ending with some of the biggest bond moves in years, even after soothing noises from Federal Reserve Chair Jerome Powell, European Central Bank boss Christine Lagarde and Reserve Bank of New Zealand Governor Adrian Orr. Australian and New Zealand 10-year yields have soared 70 basis points each - Australia's biggest monthly yield jump since 2009. U.S. 10-year yields are set for the biggest monthly rise since late-2016. Focus now turns to what central banks say or do next; the Reserve Bank of Australia meets Tuesday and officials from the Fed, ECB and the Bank of England officials are due to speak. The RBA tried to defend its 0.1per cent target on three-year yields. If Tuesday's euro zone data shows inflation ticking higher, pressure will grow on the ECB, too. Graphic: Bond … [Read more...] about Take Five: Policymakers under pressure

WASHINGTON/LONDON: New U.S. President Joe Biden's administration told allies on Friday it was re-engaging with them to help steer the global economy out of its worst slump since the Great Depression, a contrast with go-it-alone approach of Donald Trump. U.S. Treasury Secretary Janet Yellen told her peers from the Group of Seven rich nations that Washington was committed to multilateralism and "places a high priority on deepening our international engagement and strengthening our alliances". Yellen spoke to the G7 in an online meeting, chaired by Britain, at which she called for continued fiscal support to secure the recovery, saying "the time to go big is now". Britain said officials discussed giving help to workers and businesses hit by the pandemic while ensuring sustainability of public finances "in the long term". As well as the United States and Britain, the G7 includes Japan, France, Germany, Italy and Canada. Italian Economy Minister Roberto Gualtieri said the … [Read more...] about US says it’s back at the table to help global economic recovery