Govt efficiency savings questioned

Just a quarter of the government’s claimed efficiency savings have been verified by the National Audit Office (NAO), raising questions about the remaining £9.8 billion. The watchdog’s annual report into progress towards the Gershon efficiency savings today finds only £3.5 billion, or 26 per cent, of the £13.3 billion the government claimed to have saved […]

Treasury forecasts could hit interest rates

The Treasury’s economic forecasts could be partly responsible for interest rates rising, the Lords’ economic affairs committee has said. Looking at monetary policy over the last year – during which interest rates have risen twice – the committee expressed concern “over-optimistic” growth forecasts might affect interest rates. In 1997 the Labour party handed over responsibility […]

Tories attack Brown’s economic record

The Conservatives today laid into Gordon Brown’s economic record as the chancellor presented his tenth and possibly final pre-Budget report (PBR). Mr Brown began his annual statement with a confident assessment of the UK’s economic position, with forecasts for growth of up to 3.25 per cent next year and predictions of falling deficits and borrowing. […]

Brown goes green in pre-Budget report

Gordon Brown has delivered his tenth pre-Budget report as chancellor, introducing a raft of green measures and increased investment in education and skills. He praised the strength of the UK economy, saying that this year’s growth of 2.75 per cent was better than expected and next year’s was likely to be even better. And he […]

Opinion Former PBR submissions

Gordon Brown will tomorrow deliver his annual pre-Budget report (PBR), setting out his forecasts for the economy and flagging up any possible changes in next year’s Budget. The report was first introduced by Labour in 1997, but builds on the legal requirement for all chancellors to deliver two economic statements to parliament every year. Although […]

Brits to ‘google their taxes’

Taxpayers would be able to look up on a website how their money has been spent under new proposals published by the Conservatives. Shadow chancellor George Osborne has unveiled details of a new bill which would require government to register all spending over £25,000 and for citizens to access it, in real time, on a […]

Byers: Make or break time for Labour

Former cabinet minister Stephen Byers has warned that the forthcoming year will be “make or break time for New Labour”. Writing in the Times, the Tony Blair ally claims that next year’s comprehensive spending review will involve a “fundamental reconsideration” of Labour’s priorities and establish the party’s political agenda for the next decade. Mr Byers’ […]

Poll finds Brown gets little credit for the economy

Gordon Brown’s claim to have presided over a decade of economic growth is not shared by most people, a new poll suggests. It reveals the chancellor’s record on the economy, which is seen as his main trump card in the race to succeed Tony Blair as prime minister, is not as good as he thinks. […]

Brown under fire over public spending

Opposition parties have accused Gordon Brown of making a “mess” of the UK finances after new figures show borrowing reached a record £7.3 billion in June. This is up from £6.2 billion in June last year, while Office for National Statistics (ONS) figures also reveal a public sector deficit of £6.4 billion, up £1.7 billion […]

Tories ‘will not promise tax cuts’ at next election

The Conservatives are unlikely to promise tax cuts at the next general election, the shadow chancellor has confirmed. George Osborne said that while the party would continue to work for lower taxes in the long-term, the “simple truth” was that the economy and the state of the public finances would not allow them within the […]