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World Boris Johnson’s Gamble: Change the Tories to Save U.K. Economy

01:17  01 july  2020
01:17  01 july  2020 Source:   bloomberg.com

Most Black British people think the Conservative Party is institutionally racist

  Most Black British people think the Conservative Party is institutionally racist Most Black people in Britain believe the governing Conservative Party is racist, an exclusive CNN/Savanta ComRes poll has revealed, complicating Prime Minister Boris Johnson's efforts to respond to the demands of anti-racism campaigners. © Peter Summers/Getty Images Europe/Getty Images Boris Johnson has himself faced allegations of racism throughout his career. As demonstrations and debates about Britain's colonial legacy sweep the country, 58% of Black Britons said they think Johnson's party is "institutionally racist." A substantial minority of White people, 39%, said they believed the same.

Boris Johnson Plunges His Tories Into an Identity Crisis. On Tuesday, Johnson was clear: the Conservative Party isn’t in crisis, it is changing for This is the way to fuel the economy , he said. Right-wing, free-market libertarians in his party would disagree. Some Tories fear the government is

Boris Johnson has launched the biggest gamble of his premiership, announcing that July will see a dramatic lifting of the lockdown measures imposed in England in March. The goal is to save the economy . The risk is that it causes a second spike in coronavirus infections.

(Bloomberg) -- Boris Johnson had his work cut out. In the course of one much-hyped speech on Tuesday, he needed to relaunch his mission and regain the initiative after months of criticism over his handling of the coronavirus; he had to spell out his plan to revive the stuttering British economy; and he had to reassure his own party that he is still a true Conservative.

Boris Johnson wearing a suit and tie: Britain's Prime Minister Boris Johnson delivers a speech during his visit to Dudley College of Technology in Dudley, central England on June 30, 2020. © Photographer: Paul Ellis - WPA Pool/Getty Images Britain's Prime Minister Boris Johnson delivers a speech during his visit to Dudley College of Technology in Dudley, central England on June 30, 2020.

Over the course of his 3,800-word address, at a college in Dudley, central England, he didn’t announce a radical new spending pledge, or promise new policies that are likely to make the country forget its battle with Covid-19 for long.

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Boris Johnson ’ s Gamble : Change the Tories to Save U . K . Econo Adidas HR Chief Resigns; Billion Cut From NYPD: Protest W Iran has seen a surge in coronavirus cases since it eased restrictions on businesses and public life in April in an effort to keep its sanctions-hit economy afloat.

Boris Johnson ’ s Gamble : Change the Tories to Save U . K . Econo Citigroup Inc. economist Helmi Arman estimates Bank Indonesia had an operating surplus of 33 trillion rupiah at the end of 2019. With U . S . interest rates falling and interest income on foreign reserves declining, Bank Indonesia

Yet there was one clear message running through the speech: Johnson will not be a typical Tory prime minister. But, his argument went, the country doesn’t want him to be -- and these are not typical times.

Just three months after the Conservatives won a large majority in last December’s election, the pandemic derailed their plans for overhauling the U.K. economy to “level up” forgotten regions of the country.

It forced Johnson instead to commit hundreds of billions of pounds to rescue private companies and pay workers’ wages. These big state, big spending interventions alarmed free marketeers in the party and threw Johnson’s tribe into a full-scale identity crisis.

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Boris Johnson ' s £5bn would be less than a quarter of one percent of GDP if it were spent in a single year (which is unlikely). To get an idea of the scale of increased government spending in the 1930 s , US federal government debt grew from 16% of GDP in 1929 to 44% of GDP in 1939.

Boris Johnson Gambles on Lifting Lockdown to Save U . K .’ s Eco Johnson Edges Snap Poll After Final Leaders Debate: U . K . Votes. That looks likely to result in a Tory majority of The final televised debate of the campaign did little to change things, with Johnson sticking to his line of focusing on

Boris Johnson Plunges His Tories Into an Identity Crisis

On Tuesday, Johnson was clear: the Conservative Party isn’t in crisis, it is changing for good.

The traditional Tory instinct to balance the nation’s books is now not the priority and state spending will continue to flow. “We will not be responding to this crisis with what people called austerity,” Johnson said. “We are not going to try to cheese-pare our way out of trouble.”

Johnson re-committed to “leveling up” deprived regions outside the affluent capital city of London and the south of England. He confirmed promises for 12 billion pounds ($15 billion) to build new homes, and vowed to speed up investment of 5 billion pounds on construction programs, including for schools and roads.

There will be cash to plant tens of thousands of trees, an opportunity guarantee of training or work placements for all young people, and a review of the transport networks linking all parts of the U.K. Taxes may also have to rise.

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Boris Johnson set out his vision for dragging the British economy out of what may be its deepest recession in 300 years, with a program to Johnson ’ s office said the planning reforms he announced are the most “radical” since World War II. They include greater freedom for developers to change the

Just the prime minister Boris Johnson has just stepped out for a speech in Dudley as a furlough programs comes to an end in third quarter. Jes Staley, chief executive officer at Barclays, discusses the “extraordinary economic contraction” in the U . K . from the Coronavirus pandemic and what it

‘New Deal”

“I am conscious as I say all this that it sounds like a prodigious amount of government intervention,” Johnson said. “It sounds like a New Deal and all I can say is that, if so, then that is how it is meant to sound and to be -- because that is what the times demand: A government that is powerful and determined and that puts its arms around people at a time of crisis.”

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Johnson made the case for taking on more debt in order to “invest now, when the cost of borrowing allows it and when the returns are greatest.” This is the way to fuel the economy, he said.

Right-wing, free-market libertarians in his party would disagree. Some Tories fear the government is adopting dangerous “socialism” and would rather see the totemic defense budget slashed than future generations loaded with debt. But Johnson had a message for these doubters on his own side, too.

‘I Am Not a Communist’

“My friends, I am not a communist,” he said. “I believe it is also the job of government to create the conditions for free market enterprise.” The country has clapped for carers working in the National Health Service, but the government also applauds “our innovators, our wealth creators, our capitalists and financiers -- because, in the end, it is their willingness to take risks with their own money that will be crucial for our future success.”

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Ahead of his widely-anticipated speech to map out plans for kick-starting the economy , UK Prime Minister Boris Johnson said on Monday his government will "not go back to the austerity of 10 years ago", vowing that the country would "bounce back" from the coronavirus pandemic.

LONDON — Boris Johnson gambled everything on an election and won. Mr. Johnson now has the means to do as he pleases. At the end of his term in five years, Britain will be a very different place. Nor is it certain that the Tories ’ spending plans, hardly extensive, will survive any economic impacts

Yet the U.K.’s business leaders are calling for more than applause from the government. They want concrete policies to help drive commerce. Johnson said his instinct was to keep taxes low and create a competitive environment for companies, but he couldn’t rule out raising taxation in future to help pay down the debts. Chancellor of the Exchequer Rishi Sunak will be outlining further economic measures in a statement on July 8.

What Our Economists Say:

“...for the economy there were two key takeaways. First, his pledge to accelerate 5 billion pounds worth of capital projects is money already allocated in the March Budget. He left plans for any further stimulus to Chancellor of the Exchequer Rishi Sunak’s update on the economy next week. Second, Johnson distanced himself from a quick return to austerity. That’s good news for the outlook...”

--Dan Hanson. For the full insight, click here

One area where Johnson is aiming to rip up the rule book to allow businesses to flourish is construction. He confirmed plans for a sweeping overhaul of planning rules, due to come into force in September, which would benefit developers and is designed to speed up building programs.

The risk, though, is that despite being a business-friendly policy, planning reforms could cause tensions with Tory MPs. Allowing more builders and home owners to go ahead with their developments without needing planning permission risks opposition from some Conservative-voting districts.

‘Build Faster’

Johnson said that speeding through these projects was vital. “We will build better and build greener but we will also build faster,” he said.

A decade ago, Johnson’s predecessor and one-time rival David Cameron tried to rewrite planning rules but had to back down in the face of a fierce campaign from Conservatives who worried the reforms would destroy England’s picturesque countryside.

Leading the campaign was the Tory-supporting Daily Telegraph newspaper. Its star columnist at the time was Johnson. At least he knows the risks.

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

The Brexit Gang Is Back in Charge in Britain .
The best way to get a decision out of Boris Johnson, according to those who work with him, is to persuade him to start talking. The British prime minister likes to think out loud, improvising his way to his conclusions as he goes. His predecessor Theresa May would often make her mind up, according to one aide, alone in her study, sometimes at 3 a.m. with a glass of whiskey in her hand. Where May demanded detailed evidence, consuming a “red box” briefcase full of official documents each night, one official says Johnson might make it through just two boxes a week, although another insists he gets through more. © Bloomberg U.K.

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