Chancellor trying to own the “whatever it takes” phrase as his signature...
“Unfunded pledges, reckless borrowing and soaring debt” are fundamentally “un-Conservative”.. he says defending tax rises, saying tax cuts can come only when public finances on sustainable footing
Re supply chain challenges: “we are determined to tackle them head on”... Chancellor tells Conservative conference
Chancellor says his party is the party of business and the party of the worker ... smallish policy announcement on AI scholarships for disadvantaged young people...
Short speech, mainly reintroducing himself to country in normal times...
Thought this bit was interesting: “when people get scared…
...they create divisions.
They say…
..you’re either with us…
...or you’re with THEM.
But you cannot make progress…
... if you’re pitting people against each other.”
Prominent pro Brexit retailer Lord Wolfson going very public with his concerns over worker shortages/ visas and Government’s arguments re wage rises, warning of “Seventies style inflationary spiral”...
“labour shortages are a real problem. Of course businesses can, and should, try to recruit workers here in UK — believe me businesses everywhere are trying. But if problem is employees are simply not available in sufficient numbers, then cash alone cannot conjure up more people”
Wolfson suggests: businesses to be able to sponsor as many work visas as they need, BUT - 1. all overseas workers must receive the same pay as their UK colleagues 2. businesses must pay a percentage (7%?) of overseas workers’ wages to the Government as a visa tax.
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US-UK trade talks were obviously going nowhere since Biden’s arrival, not because of a particular snub, but because US is not prioritising new deals at all.
It started to disappear from communiques, calls, even the Queen’s Speech.
NI protocol concerns did not help change that..
Both US Trade Rep Tai, AND her predecessor under Trump, Lighthizer were very aware/ wary that the UK’s strategic decision on closeness/distance to EU post Brexit would cut across scope for US deal...
interesting thing here, is that in brief window quick deal might have been done with Trump, Lighthizer did not appear to believe PM’s promise of hard break with EU, even tho that did transpire, on account of US perception it wouldnt be in UK’s interests:
EUs trade surplus with UK first 7 months 2021, ie post Brexit trade deal, was €82.1bn, notably up from same months in 2020, €56.7bn
Driven by 17.1% or €16bn fall in UK exports to EU.
Trade into EU from every other major partner up.
EU exports to UK grew by 6.2%, or €9bn..
These are pretty stark figures from Eurostat, calculated on a slightly different basis to the UK ONS ones.
Obviously the pandemic period affects most of the 2020 figures and all of the 2021 figures, but that affected all nations.
Only UK exports are down, and significantly so.
different basis used by Eurostat vs ONS includes… not being seasonally adjusted, using International Merchandise Trade Statistics basis eg. shipping part eg engine or wing, internally to subsidiary…
But shd be able to compare UK trade in/out of EU with others on this basis
NEW: Post Brexit import controls/ checks, especially on agrifood, some due to be brought in the coming weeks, mainly delayed until July 2022, the second such delay - ministerial statement by PAymaster General, blaming pandemic supply chain pressures... questions-statements.parliament.uk/written-statem…
Though this was tweeted out by Cabinet Office in last hour too
PM announces £12bn a year 1.25% levy on both employees AND employers National Insurance contributions and dividends to fund NHS post pandemic catch up and social care reforms...
Hypothecated levy, will be separated out on tax bills from 2023. Tax levied from April 2022
£12bn a year slots in just behind Budget 2021 C-tax hike as the biggest tax rising fiscal event since 1993... so thats the top 2 tax rising “budgets” in a generation in 6 months, first C tax than national insurance..
“I accept that this breaks manifesto commitments which is not something I do lightly.. but a global pandemic was in no ones manifesto”... PM tells Commons..