Babak Belurs

Jumat, 23 September 2022

Kwasi Kwarteng to unveil his plan to kick-start UK economic growth - Financial Times

UK chancellor Kwasi Kwarteng will on Friday attempt to deliver shock treatment to Britain’s stagnating economy, with a 30-point growth package to turn “the vicious cycle of stagnation into a virtuous cycle of growth”.

Kwarteng’s mini-Budget will feature tax reforms to help struggling self-employed business owners, alongside scrapping a planned increase in corporation tax that will help profitable larger companies.

The chancellor will sharply increase borrowing to pay for a package of tax cuts and an emergency plan to hold down household and company energy bills, while announcing a series of contentious regulatory reforms.

A cap on bankers’ bonuses is expected to be axed and environmental legislation will be overhauled. “We will be bold and unashamed in pursuing growth — even when that means taking difficult decisions,” Kwarteng will say.

He will also outline regulatory reforms in the City of London intended to unlock billions of pounds of investment by pension funds in infrastructure, part of prime minister Liz Truss’s drive to make the UK capital the world’s leading financial centre.

Labour believes Kwarteng is sowing the seeds for the Conservative party’s defeat by announcing tax cuts that disproportionately help the rich and profitable big businesses, while allowing bankers’ bonuses to rise.

Meanwhile the think-tank the Institute for Fiscal Studies and the investment bank Citi have warned that Kwarteng is due to put the public finances on an “unsustainable path”.

The chancellor will insist he will maintain “responsible public finances”. However the government’s fiscal rule, which states that debt should be on course to fall as a share of gross domestic product within three years, is set to be suspended.

The chancellor’s “growth plan”, to be outlined to MPs on Friday, runs to about 30 pages and contains Treasury costings, but there will be no new forecasts from the UK fiscal watchdog.

Kwarteng’s plan to cut national insurance and scrap the planned corporation tax rise will cost £30bn a year. He is also planning to cut stamp duty on house purchases.

Labour believes the chancellor may go even further and cut the basic rate of income tax from 20p in the pound to 19p.

The chancellor will only set out the costs over six months of his intervention to hold down household and business energy bills, although much of the scheme will run for longer. The total cost has been estimated at £150bn.

The mini-Budget is expected to draw criticism from several quarters. The green lobby is likely to react angrily to Kwarteng’s plan to reduce the burden of environmental assessments and to rewrite habitats and species regulations to speed up the delivery of 100 major infrastructure projects.

But some 38 local council and mayoral areas are in discussions with the Treasury about setting up new investment zones in their areas, which would benefit from more liberal planning rules and time-limited tax cuts.

The government is also pursuing changes to how self-employed business owners are taxed, to free small companies from unnecessary costs.

Truss is committed to reviewing the tax levied on one-person businesses, freelancers and contractors under so-called IR35 rules, which have been attacked for adding the sorts of costs that permanent employees face without the associated benefits.

IR35 rules have been overhauled in recent years, shifting responsibility from contractors to employers over whether they should be considered to be employees for tax purposes.

Employers fearing large tax bills have as a result chosen not to use contractors, which has had a chilling effect on the freelance economy.

Small businesses have already claimed victory after Kwarteng on Thursday confirmed plans to reverse a rise in national insurance introduced by his predecessor Rishi Sunak from November 6. Business lobby groups had said the rise was unfairly penalising employers across the UK.

The move will reduce tax for 920,000 businesses by nearly £10,000 on average next year. Craig Beaumont, chief of external affairs at the Federation of Small Businesses, said this was a “good moment” for businesses in the UK.

“This marks the end of the ‘fuck business’ era of the previous administration — and finally removes the threat of having the highest small-business tax burden since Clement Attlee hanging over us,” he added.

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2022-09-22 21:31:11Z
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Kamis, 22 September 2022

Khayri Mclean: Huddersfield stabbing victim named as boy arrested - BBC

A 15-year-old boy who was stabbed to death outside his Huddersfield school has been formally named by police.

Khayri Mclean was attacked in a "targeted incident" on Wednesday afternoon, close to North Huddersfield Trust School, West Yorkshire Police said.

A 16-year-old, arrested in the town on suspicion of murder on Thursday morning, remains in custody.

A family friend told the BBC how she held the boy's hand as he lay dying.

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Sherrin James, 35, said her daughter was in a relationship with Khayri, but she had known his mother for a number of years.

Ms James had driven from her home to the scene after her daughter told her of the attack.

She added: "I got on the floor with him and was holding his hand. I was just trying to make him pull through."

Officers were called to the scene, on Woodhouse Hill, in the Fartown area, at about 14:55 BST.

The teenager was taken to Leeds General Infirmary where he died a short time later.

Ms James described Khayri as "a lovely boy" who made her daughter happy.

She added: "She thought he was the perfect boy. He was her first proper boyfriend."

Ch Supt James Griffiths, district commander of Kirklees Police, said his officers understood the "concern" of communities.

"I want to reassure residents everything possible is being done to investigate what took place," he said in a statement on Thursday evening.

Flowers and messages have been left at the scene

Police scene after boy, 15, stabbed to death in Huddersfield

In a statement to parents, Andrew Fell, head teacher at North Huddersfield Trust School, said: "Our deepest sympathies go out to the pupil's family and friends who must feel, as we do, completely devastated.

"They have lost a loved one and we have lost a wonderful student from our school community."

Afiya Mahmood, who lives nearby, witnessed the aftermath of the stabbing, which she described as "really distressing".

She said: "Everybody's really shocked. He's just a child, isn't he?

"I'm so shocked that the perpetrators did this in daylight at three o'clock with loads of people about. They had no care for people or children around. It's disgusting."

Ms Mahmood said her children, who attend another school, had to walk past the scene.

"They're under eight and we had to actually lie to them and say it was a car accident," she added.

Kirklees councillor Amanda Pinnock, who represents the Ashbrow ward, met with representatives from the school, police and council colleagues on Thursday.

She said: "As a councillor, community member and a mother, I am heartbroken by what has taken place. It is so sad to hear that a schoolboy has lost his life in such tragic circumstances."

Ms Pinnock said the community needed "to put our heads together" to find a solution to knife crime.

She said: "It's time for action. The community is saying more needs to be done. There seems to be a culture of people carrying knives, and it's not just young people."

Speaking on Wednesday night, Det Supt Marc Bowes said: "We will be carrying out extensive inquiries to establish the full circumstances surrounding this incident that has resulted in the absolutely senseless loss of a young life.

"We have already identified a number of witnesses to the incident itself but would still like to hear from anyone who has any information that could assist the investigation."

Follow BBC Yorkshire on Facebook, Twitter and Instagram. Send your story ideas to yorkslincs.news@bbc.co.uk.

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2022-09-22 17:54:10Z
1576603828

Bank of England raises rates to 2.25%, despite likely recession - Reuters

LONDON, Sept 22 (Reuters) - The Bank of England raised its key interest rate to 2.25% from 1.75% on Thursday and said it would continue to "respond forcefully, as necessary" to inflation, despite the economy entering recession.

The BoE estimates Britain's economy will shrink 0.1% in the third quarter - partly due to the extra public holiday for Queen Elizabeth's funeral - which, combined with a fall in output in the second quarter, meets the definition of a technical recession.

Economists polled by Reuters last week had forecast a repeat of August's half-point increase in rates, but financial markets had bet on a three-quarter-point rise, the biggest since 1989, barring a brief, failed attempt in 1992 to support sterling.

The BoE move follows the U.S. Federal Reserve's decision on Wednesday to raise its key rate by three quarters of a percentage point, as central banks worldwide grapple with post-COVID labour shortages and the impact of Russia's invasion of Ukraine on energy prices.

"Should the outlook suggest more persistent inflationary pressures, including from stronger demand, the Committee will respond forcefully, as necessary," the BoE said, using a similar form of words to previous months for its policy intentions.

The BoE's Monetary Policy Committee voted 5-4 to raise rates to 2.25%, with Deputy Governor Dave Ramsden and external MPC members Jonathan Haskel and Catherine Mann voting for an increase to 2.5%, while new MPC member Swati Dhingra wanted a smaller rise to 2%.

The MPC also voted unanimously to reduce the BoE's 838 billion pounds of government bond holdings by 80 billion pounds over the coming year, by allowing bonds to mature and through active sales, which will start next month. This is in line with the goal it stated in August.

The BoE now expects inflation to peak at just under 11% in October, below the 13.3% peak it forecast last month, before Liz Truss won the Conservative Party leadership and became Britain's prime minister with a promise to cap energy tariffs and cut taxes.

Inflation would remain above 10% for a few months after October, before falling, the BoE said.

Consumer price inflation fell to 9.9% in July from a 40-year high of 10.1% in August, its first drop in almost a year.

On Friday, new finance minister Kwasi Kwarteng will give more detail about the government's fiscal plans, which may amount to more than 150 billion pounds of stimulus.

The BoE said it would assess the implications of this for monetary policy at its November meeting.

However, it noted that the energy price cap, while reducing inflation in the short term, would boost pressures further out.

Before the rate decision, financial markets expected the BoE to raise rates to 3.75% by the end of the year, with a peak of 5% reached in mid-2023. Less than a year ago, BoE rates were at a record-low 0.1%.

Sterling fell to its lowest since 1985 against the U.S. dollar after Wednesday's Fed decision, though it has held up better against the euro.

(This story corrects planned gilt reduction in paragraph 7 to 80 billion pounds from 100 billion pounds)

Reporting by David Milliken; editing by Farouq Suleiman

Our Standards: The Thomson Reuters Trust Principles.

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2022-09-22 15:42:00Z
1569961821

Huddersfield stabbing: Murder arrest after boy, 15, killed outside school - BBC

Scene on Woodhouse Hill after boy stabbed

A 16-year-old boy has been arrested on suspicion of murder after a 15-year-old boy was stabbed to death outside a Huddersfield school, police have said.

The teenager was attacked on Wednesday afternoon, close to the entrance to North Huddersfield Trust School.

The 16-year-old was arrested at an address in the town shortly before 05:00 BST on Thursday, West Yorkshire Police said.

He remains in custody and inquiries are ongoing.

Officers were called to the scene, on Woodhouse Hill, in the Fartown area, at about 14:55 BST on Wednesday.

The teenager was taken to Leeds General Infirmary where he died a short time later.

Andrew Fell, head teacher at North Huddersfield Trust School, confirmed the 15-year-old was a pupil there.

He said the school would remain closed until 10:30 and then open to offer support to pupils until 14:00.

In a statement to parents, he said: "Our deepest sympathies go out to the pupil's family and friends who must feel, as we do, completely devastated.

"They have lost a loved one and we have lost a wonderful student from our school community."

Afiya Mahmood, who lives nearby, witnessed the aftermath of the stabbing, which she described as "really distressing".

She said: "Everybody's really shocked. He's just a child, isn't he?

"I'm so shocked that the perpetrators did this in daylight at three o'clock with loads of people about. They had no care for people or children around. It's disgusting."

Ms Mahmood said her children, who attend another school, had to walk past the scene.

"They're under eight and we had to actually lie to them and say it was a car accident," she added.

Billy Shankland, who has a child at the school, said: "I can't imagine what the family is going through.

"It's just awful. It's shocking at such a young age."

Kirklees councillor Amanda Pinnock, who represents the Ashbrow ward, was due to meet with representatives from the school, police and council colleagues.

She said: "As a councillor, community member and a mother, I am heartbroken by what has taken place. It is so sad to hear that a schoolboy has lost his life in such tragic circumstances."

Ms Pinnock said the community needed "to put our heads together" to find a solution to knife crime.

She said: "It's time for action. The community is saying more needs to be done. There seems to be a culture of people carrying knives, and it's not just young people."

Speaking on Wednesday night, Det Supt Marc Bowes said: "We will be carrying out extensive enquiries to establish the full circumstances surrounding this incident that has resulted in the absolutely senseless loss of a young life.

"We have already identified a number of witnesses to the incident itself but would still like to hear from anyone who has any information that could assist the investigation."

Follow BBC Yorkshire on Facebook, Twitter and Instagram. Send your story ideas to yorkslincs.news@bbc.co.uk.

Rabu, 21 September 2022

Murder inquiry launched after boy, 15, dies after attack outside school in Huddersfield - Sky News

A 15-year-old boy has died following an attack outside a school in Huddersfield.

Emergency services were called to the scene at Woodhouse Hill in Fartown at 2.54pm on Wednesday, following the attack close to the entrance of North Huddersfield Trust School.

In a statement, West Yorkshire Police confirmed a murder investigation was under way.

Officers said the victim had received treatment at the scene and was taken to Leeds General Infirmary for emergency surgery, but was pronounced dead a short time later.

Detectives from West Yorkshire Police Homicide and Major Enquiry Team are leading the investigation into the boy's murder.

Forensic examination and specialist searches are under way at the school.

Senior investigating officer, detective superintendent Marc Bowes said: "Our investigation is still at a very early stage, and we will be carrying out extensive enquiries to establish the full circumstances surrounding this incident that has resulted in the absolutely senseless loss of a young life.

'Shock'

"We recognise that an incident of this nature will cause understandable shock and concern in the community, and we are working closely alongside our colleagues at Kirklees District who are increasing their presence in the area to reassure people and keep them updated as our investigation progresses.

"We have already identified a number of witnesses to the incident itself, but would still like to hear from anyone who has any information that could assist the investigation."

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2022-09-21 21:56:15Z
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Ukraine: More than 1,300 arrested after Putin's mobilisation announcement sparks protests across Russia - Sky News

Protesters have clashed with police in Moscow as anger erupted over Vladimir Putin's declaration of a partial mobilisation in Russia.

Crowds took to the streets of the Russian capital after the Kremlin announced 300,000 reserves would be called up to continue its invasion of Ukraine.

Demonstrators shouted "No to war" in a show of defiance as some were pinned to the ground or dragged away after being detained by armed police.

Ukraine war live: President Biden condemns 'reckless' nuclear war threat

At least 300 people in Moscow were among more than 1,371 detained across 38 cities nationwide on Wednesday night.

Reporting from the capital, Sky News correspondent Diana Magnay said demonstrators were being dealt with "brutally", describing the crowds as "extraordinarily brave" for openly expressing their views in what is a police state.

"We haven't seen protests in cities for the last five or six months, people have been so scared of the fact that they will be detained, and that is clearly what is happening," Magnay said.

Russians have faced the prospect of being detained for attending an anti-government rally for years - but they have also been silenced by military censorship since the invasion began on 24 February.

Thousands joined ant-war protests at the start of the conflict - in spite of potential consequences, including losing their jobs and even being jailed - but now many are too fearful to speak out.

"Many are worried about the escalation and don't want to fight", Magnay added.

Footage of the scuffles showed multiple uniformed officers surrounding individual protesters.

One woman was seen being escorted away as she tried to stop police detaining another male demonstrator.

However, some among the older generations have been convinced mobilisation is necessary, Magnay said.

Mr Putin addressed the nation this morning for the first time since sending troops into battle in February, in what Russia has described as a "special military operation".

In a pre-recorded clip, he stressed the order was only for a partial mobilisation: "Only those who are in reserve will be conscripted".

But he vowed Russia would use every tool in its arsenal to protect its territory as he issued a nuclear threat to Western leaders, warning them: "I am not bluffing".

The Kremlin had earlier said it was not considering a partial or full mobilisation.

This morning's announcement came two weeks after Ukraine's rapid offensive saw it reclaim control of towns in the Kharkiv region - as Moscow was forced to withdraw from two front line positions.

Many scrambled to leave Russia with flights scheduled to depart Moscow sold out, as the price of any remaining soars to thousands of pounds.

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2022-09-21 20:14:50Z
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Business energy prices to be cut by half expected levels - BBC

Energy bills for UK businesses will be cut by around half their predicted level this winter under a huge government support package.

The scheme will fix gas and electricity prices for companies for six months from 1 October, in a bid to stop firms facing soaring costs from going bust.

Hospitals, schools and charities will also get help, the government said.

It comes after ministers announced a £150bn plan to help households with their soaring bills for two years.

Industry groups welcomed the package but warned further support may be needed after the winter.

It is understood the scheme will be reviewed after three months with an option to extend support for "vulnerable businesses" - but it is not known what sectors come under the category.

Wholesale prices are expected to be fixed for all non-domestic energy customers at £211 per MWh for electricity and £75 per MWh for gas.

Independent analysts Cornwall Insight said this marked a "substantial" 45% discount on wholesale energy prices at the end of last week.

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The government said the scheme would apply to companies which had agreed fixed deals at higher prices on or after 1 April, when energy bills started to surge. Those on variable and flexible tariffs will also be eligible.

Companies do not need to contact suppliers as the discount will automatically be applied to their bills, with savings seen from October but received from November.

Prime Minister Liz Truss said the government understood the "huge pressure businesses, charities and public sector organisations are facing with their energy bills".

"As we are doing for consumers, our new scheme will keep their energy bills down from October, providing certainty and peace of mind," she said.

"At the same time, we are boosting Britain's homegrown energy supply so we fix the root cause of the issues we are facing and ensure greater energy security for us all."

The support will apply to all non-domestic energy customers in England, Scotland and Wales. A scheme offering comparable support will be established in Northern Ireland.

Officials have not said how much the package will cost the taxpayer, as it will depend on what happens to wholesale market prices between October and April, when the support expires. But Cornwall Insight estimates the cost at around £25bn.

Energy-intensive industries, such as steel manufacturing, have warned that businesses could go bust due to their energy costs, which have surged after Russia's invasion of Ukraine.

Unlike households, businesses are not covered by an energy price cap, which is the maximum amount a supplier can charge per unit of energy. It means non-domestic bills have soared even higher.

The government announced earlier this month that household bills would be limited to £2,500 annually until 2024 under a separate scheme.

On Wednesday, it also said:

New laws would be introduced to ensure landlords passed the discount on to tenants who pay all-inclusive bills.
An additional £100 payment will be given to households not able to receive support for their heating costs, such as those not served by the gas grid.

Analysis box by Simon Jack, business editor

The big problem with this support for business is its shelf life. Few businesses plan with only a six-month time horizon and there will be some whose plans to cut production, close premises and let staff go will not change as a result of this intervention.

But many others - particularly those in retail and hospitality - may see this giving them a fighting chance over the commercially crucial Christmas trading period.

The government has thrown an emergency blanket over the economy this winter, but longer term, more fundamental reform to the energy supply market, its pricing and mechanics will be needed.

Developing more cheap renewables, securing foreign supplies of liquid gas, drilling for more domestic fossil fuels, breaking the link between gas prices and electricity and pushing ahead with hydrogen, carbon capture and storage, and small and large scale nuclear have been part of the government's plan for nearly two years.

What's new is the pressure applied by Vladimir Putin to do it as fast as possible.

'Welcome but more to be done'

Stephen Phipson of Make UK, which represents manufacturers, said businesses would "warmly welcome" the government's latest support package.

"Government has delivered a scheme which is simple to understand, giving reassurance to the business sector and making immediately available the much-needed help companies have been calling for across the board."

However, Mr Phipson warned that energy prices were likely to remain high for more than the duration of the scheme and firms may need "support for a longer period if we are to protect jobs and remain competitive".

Director general of UK Steel, Gareth Stace, said the price cap would give steelmakers "the chance to get through the winter". But he called on the government to "rapidly reform the energy market to ensure longer-term competitive prices beyond the current price".

Smaller businesses have also been struggling with rising bills, with brewery bosses warning that pubs and restaurants across the UK could be forced to close due to energy costs that have soared by as much as 300%.

A landlord of one pub in Essex told the BBC his energy bill had risen from about £13,000 a year to £35,000.

Kate Nicholls, chief executive of UKHospitality, said the industry was "relieved" by the support ahead of the busy Christmas trading period.

"The inclusiveness of the support announced today - covering businesses small and large - will be extremely beneficial to the sector... A sector that provides a huge number of jobs, many of which are now more secure."

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2022-09-21 08:55:03Z
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Jumat, 23 September 2022

Kamis, 22 September 2022

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Rabu, 21 September 2022

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'Welcome but more to be done'