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UK News ALEX BRUMMER: Chancellor passes first IMF exam

02:15  30 october  2020
02:15  30 october  2020 Source:   dailymail.co.uk

ALEX BRUMMER: China's Covid comeback could benefit us all

  ALEX BRUMMER: China's Covid comeback could benefit us all China is deplored for its human rights atrocities against the Uighur minority, demolition of democracy in Hong Kong, the telecoms autocracy of Huawei and the visitation of the Covid-19 pandemic. It will not be surprising that there are citizens in the UK who are less than thrilled with the rapid recovery of the People's Republic from the disease-induced world slump. © Provided by This Is Money Past the worst? Containers stack up at Shanghai's deep water port. Output in China rose by 4.9 per cent in the third quarter.

By Alex Brummer for the Daily Mail. Christine Lagarde yesterday painted a doomsday picture of the consequences of Britain leaving the European Union. But an examination of her career at the International Monetary Fund suggests why her warning cannot be taken seriously.

ALEX BRUMMER : In a week of treachery, the Chancellor 's U-turn on EU rules for the City is the most shameful yet. The harsh reality is that the Chancellor Philip Hammond will need to act fast if he does not want to see our competitive advantage in financial services gobbled by competitors on the

a man wearing a suit and tie: MailOnline logo © Provided by This Is Money MailOnline logo

The inspectors have been in and Rishi Sunak has passed his first examination from the International Monetary Fund.

A dismal UK growth forecast for 2020 has been downgraded after just a fortnight with a projection of a jolting 10.4 per cent loss of output.

But with the virus rampaging through cities and towns, from Manchester to Slough, that is not surprising. There is sound advice from the IMF's managing director and chief examiner Kristalina Georgieva. The impulse of a fiscally robust Treasury is to keep a close eye on the bottom line.

a man wearing a suit and tie: Test: The inspectors have been in and Rishi Sunak has passed his first examination from the International Monetary Fund © Provided by This Is Money Test: The inspectors have been in and Rishi Sunak has passed his first examination from the International Monetary Fund

The repairs made to the public finances by George Osborne, after the financial crisis of a decade or so ago, have given the UK the space to throw huge sums at saving jobs and keeping vulnerable enterprises alive.

Simon Pegg takes a break from filming Mission Impossible 7

  Simon Pegg takes a break from filming Mission Impossible 7 The Hot Fuzz actor, 50, took a break from filming in Venice as he met a friend for coffee at the Caffe Florian in Piazza San Marco on Wednesday. The Hot Fuzz star, 50, opted for casual attire as he chatted with his friend, wearing a pair of green cargo pants and comfortable white trainers. © Provided by Daily Mail Time-out: Simon Pegg took a break from filming for Mission Impossible 7 in Venice as he met a friend for coffee at the Caffe Florian in Piazza San Marco on Wednesday He dressed-up his outfit with a smart black jacket and a blue scarf, making sure to bundle up in the cooler autumnal weather.

ALEX BRUMMER : Pass me the Nurofen It's a deeply gloomy IMF spring economic outlook. At one and the same time the Chancellor is blaming Brexit for lower growth and still claiming credit for the UK having the second highest growth among the G7 most wealthy nations.

Alex Brummer says much of Europe is hunkering down for the second wave of the pandemic, and the economic consequences could be catastrophic. Confidence was not helped by a Lancet article in which the UK’s vaccines czar Kate Bingham cautioned that many, if not all

Georgieva's advice is crystal clear. Borrowing may hit £400billion this year and debt is set to soar further above £2trillion, but it is not the time to withdraw support yet.

As the voice of a kinder and gentler IMF, Georgieva singled out praise for the enhanced Universal Credit – making it harder to remove the Governnment's £20-aweek bung anytime soon.

She also argued that when the time comes to pull up the drawbridge, there should be focus on taxes and public spending measures which prioritise equality.

Britain will not reclaim all the lost output or jobs in 2021. In the IMF's view, the UK's hard-earned fiscal and monetary credibility, a willingness to invest in infrastructure, a flexible labour market and healthy banking sector should help restore prosperity.

Rishi Sunak's new lockdown millions: Chancellor prepares rescue deal

  Rishi Sunak's new lockdown millions: Chancellor prepares rescue deal The Chancellor will update MPs this morning on a package of support set to cost hundreds of millions of pounds to help firms in sectors such as hospitality.The Chancellor will update MPs this morning on a package of support set to cost hundreds of millions of pounds to help firms in sectors such as hospitality, which have been badly hit by new restrictions this month.

City Editor ALEX BRUMMER says the Chancellor 's trip is foolish, very badly timed and potentially But the Chancellor ’s political antennae should have signalled to him that his current trip to China It is the first step towards giving the People’s Republic a stranglehold over the UK’s energy supply.

He had to cough up to save his empire: ALEX BRUMMER explains how the threat of legal action and losing his knighthood persuaded Sir Philip Green to pay up. Sir Philip Green arrived at the London headquarters of his retail group Arcadia.


Video: Goldman Warns Against Pricing in an Election Outcome (Bloomberg)

An important building block will be a UK-EU trade accord. That's something No10 may not have wanted to hear.

Divi reborn

After a run of dispiriting third-quarter earnings reports, finally a sprinkling of optimism. Antonio Horta-Osorio has deployed Lloyds' huge presence in the mortgage market to exploit the stamp duty holiday which is driving a mini housing boom.

Shell managed to deploy its big retail presence and restored its progressive dividend from a lower base. And advertising behemoth WPP is demonstrating that there is life after Martin Sorrell, capturing monster clients in HSBC and Uber.

As for serial under-performer BT, it is starting to look as if entrepreneurial chief executive Philip Jansen is making a difference.

Openreach is building out more fibre, but not nearly fast enough. Future earnings guidance has been upgraded, enough to hint at a dividend return. Jansen is still pushing a boulder uphill, however, when it comes to the fundamental restructuring required if Britain is to have the reliable broadband and 5G networks critical to its global ambition.

Sturgeon blasts Sunak’s latest Covid-19 measures as ‘unacceptable’ to Scotland

  Sturgeon blasts Sunak’s latest Covid-19 measures as ‘unacceptable’ to Scotland Nicola Sturgeon hit out after Chancellor Rishi Sunak unveiled his latest support measures.UK Chancellor Rishi Sunak announced billions of pounds of extra help for firms and workers affected by Covid-19 restrictions in England.

By Alex Brummer City Editor For The Daily Mail. Topping the list of misleading scenarios was the sham post-Brexit budget Chancellor George Osborne threatened, with three pence on income tax, a five pence hike for higher-rate tax payers, rises in inheritance taxes, and dramatic spending cuts.

ALEX BRUMMER believes the EU's robust approach to tackling tax avoidance is something to behold. Other authorities, including the government of the United States, have largely given Apple and other digital giants a free pass to trample over the tax codes of countries where they make

What has to be recognised is that the three months to September were a shard of light on both sides of the Atlantic after the Covid gloom. In the advanced economies infections and deaths were down, output climbed and consumer and business confidence slowly restored.

The message for investors is that the dividend famine which arrived with lockdown is easing. Banks are at the start of a dialogue with the Financial Conduct Authority and Bank of England about dividend restoration. The ban on payouts (loudly protested by HSBC) has had the perverse effect of flattening share prices and weakening equity to capital ratios. Indications from the latest results suggest that at Barclays, Lloyds and HSBC bad debt provisioning was overdone in the first half. The liability for dodgy bounce-back loans will fall back on the Treasury. Finance is holding up well. But banks could be knocked back again if, as the IMF advises, the Bank of England eventually opts for negative rates.

Home security

Forget all the guff in the 60-page G4S defence document about its 2025 goal to be the world's leading security company and to act with integrity and respect.

Everything we know about G4S's past, and how difficult it is to control a sprawling and undisciplined workforce, militates against that. What is certain is that private equity ownership by Garda World, or a second private suitor, Allied Universal, will do nothing for the culture. Garda's bid is insultingly low, especially as G4S has raised its game with an improved revenue forecast of 4 to 6 per cent and stronger margins of 7 per cent.

The battle here is against overseas bottom feeders, loss of the governance, which comes with a public quote, and the broader public interest. That's why big battalion investors should pull down the shutters.

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Wedding photographer's son begs Rishi Sunak for help .
Wedding photographer Jon Mank, from Lincoln, has been excluded from government support schemes, and appeared on This Morning to tell how his son, 13, posted a video online asking for help.Yesterday, the Chancellor confirmed the furlough scheme will be extended across the UK until the end of March, but as the director of a small limited company, Jon Mank, from Lincoln, has been excluded from government support schemes.

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