View more on these topics

MPs say UK unlikely to meet budget surplus goal

Parliament-London-UK-Night-700x450.jpgMPs on the Treasury committee have branded chancellor Philip Hammond’s aim to move from a budget deficit into a surplus by the mid-2020s as not credible anymore since austerity was relaxed slightly last year.

Hammond is due to give his spring statement on March 13, but the MPs have said that the surplus target “should be replaced before the next budget with something that accurately reflects government policy and priorities, which clearly do not include running a budget surplus”.

Reuters reports that while the government has been successful in cutting the deficit from a tenth of GDP nine years ago to around 1 per cent now, voter pressure had led Hammond to already spend some improved revenues that came in the budget last October.

Reuters quotes a Treasury source as saying that the goal to turn the fiscal deficit into surplus will be stood behind by the government.

The MPs also asked for further information to clarify statements made by Hammond that austerity was nearly over after think tank the Institute for Fiscal Studies reported yesterday that a number of years of real-terms cuts were still slated for many public services.

Recommended

Bestinvest spot the dog 07/14
1

Who has topped the latest Spot the Dog list?

Aberdeen Standard Investments has been named the top offender in Bestinvest’s latest Spot the Dog report of underperforming equity funds. In the first bi-annual report by Bestinvest for this year the asset management giant, which was formed after the merger between Aberdeen Asset Management and Standard Life last year, has four funds listed in the report […]

Aviva’s platform chief leaves company

Aviva platform boss Tim Orton has exited the business after leading a troubled replatforming project in 2018. Tim Orton was Aviva managing director of savings since 2017 and chief executive of the platform from 2014 until he left the company last week. Aviva’s platform was migrated from Bravura technology to FNZ technology in January 2018. […]

Appeal-Court-High-Court-Building--700x450.jpg
2

State pension court showdown set for summer

A judicial review about changes to the state pension age for millions of women born in the 1950s will take place from 5 to 6 June. The Department for Work and Pensions has confirmed that last November’s decision by the High Court to grant permission for a judicial review will go ahead in the summer. […]

3

What is the average salary for a UK financial adviser?

Research shows average total earnings for employed financial advisers reached £93,100 in 2017, up from £81,500 in 2016. For self-employed financial advisers, the figure was up nearly 4 per cent year on year to £89,100.  Around 500 advisers and 150 paraplanners took part in research led by recruitment consultants BWD alongside Money Marketing, taking the […]

Customer trust is key for water companies

Ofwat, the regulator for the water sector in England and Wales has sent a clear message to water companies that they need to put the customer at the heart of their business, setting out a new list of requirements around customer outcomes, executive pay and profit distribution. Ashley Hamilton Claxton, Head of Responsible Investment at […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com