Inflation rose to 3.1% in August, according to the ONS. Up from 2.9% in July…
Rising fuel costs are the largest contributing factor. The ONS points out a 6.1% rise in the cost of raw materials in the 12 months to August is an indicator of more pain to come. It can always get worse…
The Times reports this morning that yet another ‘deterioration’ in the public finances means Healey will need to find at least £10 billion in tax hikes or spending cuts at the Budget. What choice will a Labour Chancellor make? It’s really anyone’s guess…
Andy Haldane, Burnham’s recent adviser on the economy who has not taken up a No10 job, told Andrew Marr on LBC:
“The market now suspects that this is a traditional tax-and-spend socialist government with better TikTok videos…
imposing windfall taxes on oil & gas or on banks or upping capital gains tax would […] repeat the mistake that Rachel made […] The Achilles heel, the fiscal Achilles heel of this government thus far has been its unwillingness and/or inability to cut public spending.”