Govt ‘will run £10bn surplus by 2019/20’

The Chancellor says the Government will run a £10bn surplus by 2019/20.

Osborne forecasted a surplus of 0.4 per cent of GDP in 2019/20, followed by a surplus of £11.6bn, equivalent to 0.5 per cent of GDP, in 2020/21. The deficit is forecast to be 3.7 per cent in 2015/16, before falling to 2.2 per cent in 2016/17 and 1.2 per cent in 2017/18. In 2018/19 the deficit is expected to fall to 0.3 per cent.

The OBR has revised down its forecast for GDP growth for this year, from 2.5 per cent to 2.4 per cent. It forecasts growth of 2.3 per cent in 2016 and revised up forecasts for both 2017 and 2018 to 2.4 per cent.


Govt reveals where £70m of bank fines will be spent over five years

The Government has revealed where it will spend £70m-worth of bank fines over the next five years. Historically, excesses in FCA fine revenue were directed back to firms to reduce regulatory costs. But since April 2012 the fines have been passed directly to the Treasury. In 2014/15, FCA fines totalled £1.42bn, of which £1.36bn was […]

MS Spotlight 150715

Media Spotlight: The Welfare of Nations by James Bartholomew

George Osborne’s seventh Budget last week set out a revolutionary path for cutting back the welfare state. The centrepiece of the Conservative election campaign had been £12bn-worth of cuts from the welfare budget. That amounts to £1,000 less of Government spending on 12 million individuals, which is politically significant.  The situation has become even more […]


Hinckley & Rugby BS brings in Colin Franklin as a non-exec

Hinckley & Rugby Building Society has brought in Colin Franklin as a non-executive director. Franklin, who has worked in building societies for the past 42 years, was most recently interim chief executive of Coventry Building Society before leaving the mutual in December. He was on gardening leave until mid-June. Hinckley chief executive Chris White says: […]


Warning on growing risk from guarantor loans

Friends and relatives are being saddled with mountains of debt after signing up to guarantee expensive loan repayments, Citizens Advice has warned. A new report from the national charity warns about guarantor loans – which it says have the potential to be “just as damaging” as payday loans. Under these loans a borrower give the […]

The investment clock

While Trump blazes blond in the political foreground, it’s easy to overlook the economic background to the new political dimension of 2017. Political risk will be a feature of the year: the unpredictable and untested Trump administration has already created uncertainty, which is unlikely to diminish, especially if protectionist rhetoric starts to outweigh promises of […]


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