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Reeves May Get Budget Lifeline From New UK Productivity Data

Phil Aldrick @philaldrick.bsky.social · 1d

The OBR is about to downgrade productivity just as the productivity figures start to pick up, from
@tomreesjournalist.bsky.social www.bloomberg.com/news/article...

The UK is enjoying its fastest productivity growth since the pandemic, according to new research from Pantheon Macroeconomics that relies on tax data instead of the standard labor-market figures.

Phil Aldrick @philaldrick.bsky.social · 12d

Reeves has confirmed this, telling Times Radio “The IMF have said that we should move to just one major fiscal event a year and I agree … we do need to change the way that the OBR do their forecasting and two full forecasts a year make it harder to have that one fiscal event.”

Phil Aldrick @philaldrick.bsky.social · 12d

Reeves risks a clash with the OBR as she considers scrapping the spring forecast in a bid for greater policy stability

www.bloomberg.com/news/article...

Phil Aldrick @philaldrick.bsky.social · 16d

Tallies with IFS finding last year that middle earners are paying less income tax and NICs than at any point in the past 50 years
ifs.org.uk/publications...

Phil Aldrick @philaldrick.bsky.social · 16d

Striking data point from ONS today. Income inequality at lowest level in 40 years, with the low reached under the Tories.
From ONS dataset www.ons.gov.uk/peoplepopula...

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Phil Aldrick @philaldrick.bsky.social · 17d

The Companies House filings are public now and reveal the Foreign Office made Mandelson divesting his 21pc stake (£6m-ish) in GC a requirement of him becoming ambassador. It didn't happen and the FO was putting the pressure on. find-and-update.company-information.service.gov.uk/company/1053...

Mandelson Loses Voting Rights and Dividends at Own Firm

Phil Aldrick @philaldrick.bsky.social · 17d

The arrangements with Global Counsel were put in place to avoid conflicts as US ambassador and accelerated to cut ties with him after the Epstein emails emerged

www.bloomberg.com/news/article...

Peter Mandelson has been stripped of voting rights and barred from taking dividends at the lobbying company he co-founded, as the Labour peer continues to suffer the fallout from his links to the late...

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Phil Aldrick @philaldrick.bsky.social · 17d

Mandelson has lost voting rights, dividends and had the value of his shareholding capped in the lobbying firm he founded and co-owns.

www.bloomberg.com/news/article...

UK Taxpayers Lose £400 Million on Covid Startup Rescue Fund

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Phil Aldrick @philaldrick.bsky.social · 23d

The £1.14bn Covid rescue scheme for start-ups, the Future Fund, has so far cost the taxpayer £400m. Of the 1,191 companies rescued, 334 are bust. Government accounts show

www.bloomberg.com/news/article...

UK taxpayers have lost £400 million ($547 million) on a startup investment rescue fund launched by former Prime Minister Rishi Sunak during the pandemic after hundreds of the companies went bust.

Bank of England Gilts Decision Risks £4 Billion Hit for Reeves

Phil Aldrick @philaldrick.bsky.social · 26d

Thursday’s Bank of England decision on gilt sales could add another £4bn to Reeves’ budget hole. That’s equivalent to 1p on corporation tax

www.bloomberg.com/news/article...

UK Chancellor of the Exchequer Rachel Reeves will need to find a further £4 billion ($5.4 billion) to put her budget back on track if the Bank of England decides to stop active gilt sales at a critica...

Mandelson Firm Let Conflicts Persist as Losses Prevented Buy-Out

Phil Aldrick @philaldrick.bsky.social · 27d

It is now likely to issue new shares shortly to existing shareholders to raise the funds to sever ties with Mandelson, or to get those owners to buy Mandelson out.

www.bloomberg.com/news/article...

Peter Mandelson’s advisory firm Global Counsel allowed the risk of conflicts of interest to persist for months after he was appointed Britain’s ambassador to the US because the loss-making company was...

Phil Aldrick @philaldrick.bsky.social · 27d

Global Counsel has distanced itself from the Epstein link but Mandelson used Global Counsel’s email to contact the paedophile financier in 2013

www.bloomberg.com/news/article...

Mandelson Firm Let Conflicts Persist as Losses Prevented Buy-Out

Phil Aldrick @philaldrick.bsky.social · 27d

There also questions about whether the Foreign Office raised concerns about such conflicts during Mandelson’s appointment process

www.bloomberg.com/news/article...

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Phil Aldrick @philaldrick.bsky.social · 27d

Potential conflicts arose because Mandelson was negotiating a tech treaty with the US and Global Counsel, the firm he co-founded, has several tech clients. He also arranged for Starmer to meet Palantir, a client, after seeing Trump in Washington

www.bloomberg.com/news/article...

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Phil Aldrick @philaldrick.bsky.social · 27d

Mandelson’s advisory firm failed to buy him out of his 28pc stake, prolonging the risk of conflicts of interest with the former US ambassador, because it is loss-making and therefore prohibited from buying back shares under the 2006 Companies Act

www.bloomberg.com/news/article...

Peter Mandelson’s advisory firm Global Counsel allowed the risk of conflicts of interest to persist for months after he was appointed Britain’s ambassador to the US because the loss-making company was...

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Phil Aldrick @philaldrick.bsky.social · Sep 10

Mandelson, the British ambassador to the US, was given days to respond but chose to reveal news of the emails to The Sun instead. Earlier today.

www.bloomberg.com/features/202...

UK Ambassador Told Epstein ‘I Think the World of You,’ Emails Reveal

Phil Aldrick @philaldrick.bsky.social · Sep 10

Mandelson was defending Epstein after his conviction as a serial sex abuser in 2008. He even offered to discuss Epstein’s plight with his contacts. @harrynwilson.bsky.social and @bloomberg.com have had exclusive access to emails

www.bloomberg.com/features/202...

Peter Mandelson, the prominent Labour politician who was named British ambassador to the US this year, expressed steadfast support and offered to discuss Epstein’s now-infamous 2008 case with his cont...

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Phil Aldrick @philaldrick.bsky.social · Sep 10

The first principle on inflation is "do no harm". BCC says that means no more taxes on business as margins, particularly for low paying industries, are threadbare. Which means costs will be pushed through to consumers www.bloomberg.com/news/article...

Reeves Risks Another Post-Budget Inflation Surge, Business Warns

Phil Aldrick @philaldrick.bsky.social · Sep 10

Inflation has more than doubled in the past year to 3.8% and BOE sees it hitting 4%. That makes striking tube drivers' claims more reasonable than inflation at 2% target. It's also holding up rate cuts. Markets say we have a six month wait for the next one www.bloomberg.com/news/article...

Stubborn inflation has emerged as one of the biggest drawbacks from Chancellor of the Exchequer Rachel Reeves’ first budget. She risks repeating the result with her second.

Phil Aldrick @philaldrick.bsky.social · Sep 10

Reeves has made inflation a priority, telling Cabinet on Tuesday they all need to pull together to keep prices down. But business groups say the 4.1% living wage hike, £5bn cost of employment rights bill, new packaging rules will hurt www.bloomberg.com/news/article...

Reeves Risks Another Post-Budget Inflation Surge, Business Warns

Phil Aldrick @philaldrick.bsky.social · Sep 10

Businesses are warning government policies will stoke inflation for a second year running as tax, employment rights and minimum wages pile on billions of pounds more cost. The BOE and OBR say the last budget was inflationary. The risk is this one is, too www.bloomberg.com/news/article...

Stubborn inflation has emerged as one of the biggest drawbacks from Chancellor of the Exchequer Rachel Reeves’ first budget. She risks repeating the result with her second.

Starmer Strategist Leaves Downing Street After Two Weeks

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Phil Aldrick @philaldrick.bsky.social · Sep 8

Starmer's strategist, former IPPR director Tom Kibasi, lasted just two weeks amid allegations of an "aggressive communication style". From @pronouncedalva.bsky.social www.bloomberg.com/news/article...

Tom Kibasi was seconded from NHS England to work on a government reboot, but has now left.