conservatives

Bank of England expects UK to fall into longest ever recession

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image of banknotes and a prepayment key by Lydia.

https://www.bbc.com/news/business-63471725

The Bank of England has warned the UK is facing its longest recession since records began, as it raised interest rates by the most in 33 years.

It warned the UK would face a “very challenging” two-year slump with unemployment nearly doubling by 2025.

Bank boss Andrew Bailey warned of a “tough road ahead” for UK households, but said it had to act forcefully now or things “will be worse later on”.

It lifted interest rates to 3% from 2.25%, the biggest jump since 1989.

By raising rates, the Bank is trying to bring down soaring prices as the cost of living rises at its fastest rate in 40 years.

https://www.bbc.com/news/business-63471725

BBC: Bank of England: Five things we now know about the UK economy

Here are five things we learned from the central bank about the future of the economy.

BBC: Bank of England: Five things we now know about the UK economy

Continue ReadingBank of England expects UK to fall into longest ever recession

Two Afghans tell of how they were taken from Manston centre and left without accommodation or money

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https://www.theguardian.com/uk-news/2022/nov/03/we-were-left-by-the-road-asylum-seekers-stranded-in-london-describe-experience

People taken from Manston immigration holding centre have described their dismay at being deposited late at night in central London, without accommodation, appropriate clothing or money.

Amid growing controversy over the circumstances in which large numbers of people were bussed out of the acutely overcrowded camp, the Home Office has insisted that it only released asylum seekers who told staff that they had family or friends they could stay with.

But two people from Afghanistan told the Guardian that they were brought to London without having a clear idea of where they could stay. They describe scenes of rushed confusion as staff ushered them on to buses at the holding centre, before they were abandoned at Victoria railway station.

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A young asylum seeker from Afghanistan was among the group of 11 people left on the street outside Victoria station on Tuesday evening. He said he had told Home Office staff during an interview before leaving the camp that he had no relatives or acquaintances in the UK.

“They asked me if I had any friends or family and I replied I had no one in England,” he said. Later he was asked by officials what city he would like to go to, and he said he would like to go to London, assuming that accommodation would be provided for him.

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The young man, who asked not to be named, said he asked the bus driver where he should go as they arrived at Victoria station. “I thought there was going to be a hotel for us. He said: ‘Go anywhere you want to go, it’s not my responsibility.’ I told the driver I don’t have any address or any relatives. He said: ‘I can’t do anything for you.’”

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https://www.theguardian.com/uk-news/2022/nov/03/we-were-left-by-the-road-asylum-seekers-stranded-in-london-describe-experience
Continue ReadingTwo Afghans tell of how they were taken from Manston centre and left without accommodation or money

Labour leader Keir Starmer under pressure to commit to higher taxes for super-rich as Tory government prepares spending cuts

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https://www.theguardian.com/politics/2022/nov/03/labour-mps-press-keir-starmer-to-set-out-wealth-tax-plans

The Labour leader, Keir Starmer, is under pressure from campaigners, unions and his own MPs to set out plans for “wealth taxes” on the richest in society in order to support public services and help the poorest through the cost of living crisis.

As the government prepares to cut spending to fill an estimated £35bn black hole in the nation’s finances, calls are growing for higher taxes on the super-rich, many of whom have seen their fortunes soar during the pandemic.

Richard Burgon, the Labour MP for Leeds East, said: “While living standards are plummeting for most people, it’s been boom time for the super-rich, whose wealth has soared to record highs in recent years.”

Starmer, who is trying to position his party in the centre ground, has avoided committing to higher taxes on private incomes as Labour seeks to woo the City and businesspeople angry at the damage caused by the Conservatives’ mini-budget. But that approach is causing concern on his backbenches and more widely, with the Greens calling Labour “timid” on wealth.

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Molly Scott Cato, the Green party’s spokesperson on finance, said: “The Tories have created a big hole the public finances but there is an obvious place to look to fill it: taxing the super-rich. Not only do they have the broadest shoulders but they also increased their wealth during the pandemic because of enforced savings.

“What is more surprising is to find Labour being so timid on wealth taxes. Their proposal to abolish non-dom status will only bring in a few billion while a proper wealth tax could yield tens of billions. We’ve now got two weeks for Labour to remember their egalitarian roots and support loud and growing calls for a wealth tax. Otherwise they will be colluding in the devastating cuts to public services that are being cooked up by the millionaires in Nos 10 and 11 Downing Street.”

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https://www.theguardian.com/politics/2022/nov/03/labour-mps-press-keir-starmer-to-set-out-wealth-tax-plans

Continue ReadingLabour leader Keir Starmer under pressure to commit to higher taxes for super-rich as Tory government prepares spending cuts

Congratulations to Rishi Sunak

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Congratulations to Rishi Sunak on becoming UK's prime minister today. 

His short-lived predecessor Liz Truss was not only in denial of the climate crisis but was actually actively hostile to renewable energy. Even though she only served 45 days, she imposed a windfall tax on renewables and nuclear energy only and promoted exploitation of oil and gas in the North Sea by issuing new exploration licences. [I am not supportive of nuclear energy.] 

The climate is in crisis. It's deteriorating and we're regularly breaking temperature records in UK despite so-far having it very easy compared to the rest of the World. It can't be simply denied as the Tories have been doing.  Denial of the climate crisis is insane. It's going to get worse and extreme protests like closing the M25 are going to increase, the idea being that the protestors are stopping normal conduct of life that is killing the planet. 

Hopefully Rishi will tax the rich to pay for public services. He should know - through being filthy rich - that they're not even going to notice it.
Continue ReadingCongratulations to Rishi Sunak

Guardian Exclusive: 90% of schools in England will run out of money next year, heads warn

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https://www.theguardian.com/education/2022/oct/22/exclusive-90-of-uk-schools-will-go-bust-next-year-heads-warn

Nine out of 10 schools in England will have run out of money by the next school year as the enormous burden of increased energy and salary bills takes its toll, the Observer can reveal.

Early data from the National Association of Head Teachers – results of a survey of its members are due later this month – shows that 50% of heads say their school will be in deficit this year, with almost all expecting to be in the red by next September,when their reserve run out. This comes as Jeremy Hunt has made clear that all departments, including education, will be expected to make cuts as part of the government’s debt reduction plan, to be announced on 31 October.

Headteachers and academy leaders are warning that further spending cuts will push many schools and academy trusts over the cliff, and result in most schools having to lose essential teaching and support staff. “There are no easy fixes left,” said Paul Whiteman, general secretary of the NAHT. “Schools are cut to the bone. This will mean cutting teaching hours, teaching assistants and teachers.”

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https://www.theguardian.com/education/2022/oct/22/exclusive-90-of-uk-schools-will-go-bust-next-year-heads-warn

Apologies for bad news Sunday, this blog doesn’t do denial of reality.

Continue ReadingGuardian Exclusive: 90% of schools in England will run out of money next year, heads warn