Saturday, January 28, 2023
No Result
View All Result
  • Home
  • Recent
  • Business
  • Economy
  • Investing
  • Markets
  • Personal Finance
  • Retirement
  • Tech
  • Startups
  • Insurance
  • Market Research
  • Crypto
  • Home
  • Recent
  • Business
  • Economy
  • Investing
  • Markets
  • Personal Finance
  • Retirement
  • Tech
  • Startups
  • Insurance
  • Market Research
  • Crypto
No Result
View All Result
Home Economy

UK chancellor sets out commitment to tackling inflation

Updates Finance by Updates Finance
July 18, 2022
in Economy
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

Is Economics a Dead Discipline?

Business complains Jeremy Hunt’s UK growth plan lacks new policies

ChatGPT on High Marginal Tax Rates in the Style of the King James Bible

Nadhim Zahawi, the new chancellor, will on Tuesday commit to bringing down inflation and rule out borrowing for tax cuts, in a sign that he will continue with the fiscal policies of his predecessor Rishi Sunak.

In his first speech since being appointed, Zahawi will also endorse Sunak’s plan for a radical overhaul of post-Brexit financial regulation to ensure Britain remains “one of the most dynamic financial centres in the world”.

Sunak quit earlier this month in protest at outgoing prime minister Boris Johnson’s leadership style and over differences on economic policy, particularly over Johnson’s insistence on tax cuts.

Zahawi was swiftly drafted in to replace Sunak, but the new chancellor will insist in his Mansion House speech in the City of London that tackling inflation remains a core priority for the government.

“The country should feel confident that we can, and we will, get inflation back under control,” he will say.

“That means delivering sound public finances to avoid pushing up demand still further, providing help for households as they deal with the worst price rises in over a generation.”

Zahawi’s tenure as chancellor could be shortlived; a new prime minister will be in place by September 5 and is likely to appoint their own choice as chancellor.

In the interim period, Zahawi’s Mansion House speech will indicate that Sunak’s policies will continue, not just in tackling inflation but also on overhauling regulation of the City.

Zahawi will say: “We want to make sure the UK remains the most open, inclusive, welcoming, competitive, safe and transparent place to do financial services business in the world.”

He will commit to repeal “hundreds of pieces of retained EU law and replacing them with a coherent and agile approach to financial regulation that is right for us”.

A Financial Services bill will be published on Wednesday setting out the government’s insistence that regulators must treat “growth and competitiveness” as secondary objectives alongside maintaining financial stability and sound institutions.

It will also contain controversial powers to allow ministers to “call in” regulatory decisions with which they disagree — a move which has provoked bitter disagreement with the Bank of England.

Andrew Bailey, BoE governor, has insisted on the importance of maintaining regulatory independence: he will also speak at the Mansion House banquet on Tuesday.

Sunak, as part of his bid for the Tory leadership, said he saw Brexit as a chance to shift accountability for regulation to parliament and away from “faceless regulators”.

Zahawi will say that reforming the EU’s Solvency II regime, which covers insurers, is an early example of the government’s new approach. Solvency II, which was introduced when the UK was part of the EU, stipulates how much capital companies should hold and where they can invest.

The chancellor will say that he wants UK insurers to have “more flexibility to invest in long-term assets like infrastructure”.



Source link

Tags: chancellorcommitmentInflationSetstackling
Share30Tweet19
Updates Finance

Updates Finance

Recommended For You

Is Economics a Dead Discipline?

by Updates Finance
January 27, 2023
0

Professor Per Bylund of Oklahoma State University, author of How to Think About the Economy joins Jeff and Bob to dissect how economics went so badly wrong. A...

Read more

Business complains Jeremy Hunt’s UK growth plan lacks new policies

by Updates Finance
January 27, 2023
0

Business lobby groups on Friday criticised a keynote speech by chancellor Jeremy Hunt about the government’s plan to boost economic growth, complaining it offered no new policies.Hunt used...

Read more

ChatGPT on High Marginal Tax Rates in the Style of the King James Bible

by Updates Finance
January 27, 2023
0

  I went to a brown bag talk at the Naval Postgraduate School yesterday and the topic was ChatGPT. The speaker, Rodrigo Nieto, gave a great energetic talk...

Read more

In the world of sovereign debt, bad ideas can never die

by Updates Finance
January 27, 2023
0

Jay Newman was a senior portfolio manager at Elliott Management and is author of the finance thriller Undermoney. Benjamin Heller is a portfolio manager at HBK Capital Management,...

Read more

Time for some soul searching

by Updates Finance
January 26, 2023
0

Matt Yglesias had a post discussing the fact that people are reluctant to admit when they’ve been wrong: My two least-favorite moments in the 2022 discourse were...

Read more
Next Post

Data points to a Bitcoin bottom, but one metric warns of a final drop to $14K

Related News

Market Outlook 08/31/2022 : stocks

August 30, 2022

Euro regains ground against dollar as global economic outlook improves

January 21, 2023

Stock Market Holidays November: List of stock market holidays in November

November 2, 2022

Browse by Category

  • Business
  • Cryptocurrency
  • Economy
  • Insurance
  • Investing
  • Latest updates
  • Market Research
  • Markets
  • Personal Finance
  • Retirement
  • Startups
  • Technology

Get the latest Financial news on updatesfinance.com. Business news, Economy news, Investing news, Personal Finance and more.

CATEGORIES

  • Business
  • Cryptocurrency
  • Economy
  • Insurance
  • Investing
  • Latest updates
  • Market Research
  • Markets
  • Personal Finance
  • Retirement
  • Startups
  • Technology

Recent News

  • Video shows Memphis police beating of Tyre Nichols
  • Nestle to invest $100 million in Colombia, says Colombia president By Reuters

Copyright © 2022 - Updates Finance..

No Result
View All Result
  • Home
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Updates Finance..

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?