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Financial system more vulnerable after Trump victory, says BoE

The US election outcome has “reinforced existing vulnerabilities” in the financial system, the Bank of England has warned, adding that the outlook for financial stability in the UK remains challenging.…

Widening UK tax shortfall creates a nightmare for Philip Hammond

Philip Hammond is a worried man. The tax system is getting out of touch with the way people live and work, he says, leading to a hole in projected tax…

UK household inflation expectations soar in October

Brace yourself for rising prices. A measure of UK inflation expectations has soared above its long-term average, in another sign that households are readying themselves for an upsurge in consumer…

Lending to UK manufacturers slows but consumer credit rises

Bank lending to manufacturers declined 5.2 per cent in October compared with one year ago, according to the latest statistics on money and credit in the UK economy published on…

Only events have the power to shift the Brexit debate

When Margaret Thatcher died in 2013, Tony Blair usurped her as the source of all modern wrongs. Inequality: his fault. Terrorists: he provoked them. Spin and celebrity? Inventions of this…

Philip Hammond has broken with the Treasury orthodoxy

Politics is a funny business. Sometimes politicians make bold claims to have torn up the conventional wisdom while taking timid steps that barely change anything. But other times the old…

Forecasters have been much too pessimistic about Brexit

This year has not been kind to economic forecasters. Blood-curdling noises from the Treasury before the EU referendum were, thankfully, not fulfilled. The Treasury had warned of an “immediate and…

Business investment holds up after Brexit vote

The EU referendum result had little impact on business investment in the UK in the third quarter, according to official data, but the Office for National Statistics suggested most of…

UK confirms 0.5 per cent GDP growth

The UK economy expanded by 0.5 per cent between July and September, the Office for National Statistics has confirmed. Economic output increased 0.5 per cent in the quarter and was…

Whitehall drama between prime minister and chancellor continues

It is hard to tell who had the upper hand: the mild-mannered man at the despatch box discoursing on “traffic pinch points” and a “step change in [railway] reliability”; or…

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