bleak – USMAIL24.COM https://usmail24.com News Portal from USA Mon, 26 Feb 2024 16:29:19 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 https://usmail24.com/wp-content/uploads/2024/01/Untitled-design-1-100x100.png bleak – USMAIL24.COM https://usmail24.com 32 32 195427244 Seven Man Utd managers could turn to Potter, while Ten Hag’s future is bleak https://usmail24.com/seven-managers-man-utd-ten-hag-potter-southgate/ https://usmail24.com/seven-managers-man-utd-ten-hag-potter-southgate/#respond Mon, 26 Feb 2024 16:29:19 +0000 https://usmail24.com/seven-managers-man-utd-ten-hag-potter-southgate/

ERIK TEN HAG is again under pressure at Manchester United. The Red Devils’ latest defeat to Fulham meant they have already suffered ten defeats in the Premier League this season. 9 Erik ten Hag is under increasing pressure at Man UtdCredit: Reuters 9 Sir Jim Ratcliffe could be looking at a new boss in the […]

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ERIK TEN HAG is again under pressure at Manchester United.

The Red Devils’ latest defeat to Fulham meant they have already suffered ten defeats in the Premier League this season.

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Erik ten Hag is under increasing pressure at Man UtdCredit: Reuters
Sir Jim Ratcliffe could be looking at a new boss in the future

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Sir Jim Ratcliffe could be looking at a new boss in the futureCredit: AFP

It has also put them eight points clear of the top four race.

And it has led to calls from fans to replace the Dutchman at the helm.

But who could replace the former Ajax manager?

SunSport has looked at seven managers who could emerge to take over at Old Trafford under the new direction Ineos and Sir Jim Ratcliffe want to take the club.

Graham Potter

Graham Potter has already been in talks with Man Utd's new unit owners

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Graham Potter has already been in talks with Man Utd’s new unit ownersCredit: PA

Graham Potter is already in discussions with Ineos about the takeover of Ten Hag.

The former Brighton manager failed at his last top-flight club at Chelsea but could be given a second chance at another English giant as his reputation remains largely intact.

Thomas Tuchel

Thomas Tuchel wants the Man Utd job and will leave Bayern Munich at the end of the season

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Thomas Tuchel wants the Man Utd job and will leave Bayern Munich at the end of the seasonCredit: Getty

Thomas Tuchel achieved Champions League success with Chelsea, challenging in both the league and cups with the Blues before being prematurely sacked.

Things have not gone well for the German at Bayern Munich as his departure at the end of the season has already been confirmed, although reports suggest he wants the Old Trafford gig if it becomes available.

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Michael Carrick

Michael Carrick has won praise for his playing style at Middlesbrough

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Michael Carrick has won praise for his playing style at MiddlesbroughCredit: Getty

The ex-Man Utd midfielder performed well as manager of Championship club Middlesbrough, guiding the team to the play-offs last season.

After losing a large number of key players in the summer Middlesbrough have not reached the same heights in the transfer window, although they remain in the hunt.

A look at Sir Jim Ratcliffe’s plans to replace Old Trafford with a ‘Wembley of the North’

Kieran McKenna

Kieran McKenna has turned Ipswich into serious promotion candidates

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Kieran McKenna has turned Ipswich into serious promotion candidatesCredit: Rex

Kieran Mckenna coached in various roles at Man Utd between 2016 and 2021, leaving the club the month after Ole Gunnar Solskjaer was sacked for Ipswich.

Since then, the Tractor Boys have become real play-off chasers, with the team sitting third in the Championship, generating a lot of interest from the top flight players.

Zinedine Zidane

Zinedine Zidane won an unprecedented three-peat in the Champions League

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Zinedine Zidane won an unprecedented three-peat in the Champions LeagueCredit: Getty

A Real Madrid legend as a player and manager, Zinedine Zidane guided the Spanish giants to an unprecedented Champions League three-string.

The Frenchman has been without a coaching job since 2021, but has since been linked with a host of top clubs, including Liverpool, Bayern Munich and Man Utd.

A look into Ratcliffe’s Man Utd plans

Everything you need to know as Sir Jim Ratcliffe takes charge of Manchester United…

Gareth Southgate

Gareth Southgate could reunite with Dan Ashworth

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Gareth Southgate could reunite with Dan AshworthCredit: Getty Images – Getty

Gareth Southgate might be a surprise inclusion on this list if Dan Ashworth wasn’t heading to Man Utd to become the club’s sporting director.

Ashworth and Southgate worked together to create ‘England’ DNA” and laid the foundations for the modern England team, widely recognized as one of the most talented international teams.

Roberto De Zerbi

Roberto De Zerbi has received a lot of praise for his playing style at Brighton

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Roberto De Zerbi has received a lot of praise for his playing style at BrightonCredit: Getty

Brighton have reportedly opened the door for Roberto De Zerbi to leave the Amex in the summer.

After impressing on the south coast by taking the Seagulls in their first ever European campaign, De Zerbi has attracted a number of suitors from big clubs including Liverpool and Man Utd.

MAN UTD NEWS LIVE: All the latest news from Old Trafford

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The world’s most overrated vacation destinations revealed: Travelers reveal bleak TRUTHS about popular tourist hotspots – from ‘rotting’ Niagara Falls to ‘overpriced’ Disney World https://usmail24.com/travelers-reveal-overrated-vacation-destinations-htmlns_mchannelrssns_campaign1490ito1490/ https://usmail24.com/travelers-reveal-overrated-vacation-destinations-htmlns_mchannelrssns_campaign1490ito1490/#respond Wed, 03 Jan 2024 19:33:15 +0000 https://usmail24.com/travelers-reveal-overrated-vacation-destinations-htmlns_mchannelrssns_campaign1490ito1490/

Have you ever traveled somewhere that didn’t meet your expectations? Well, a stream of travelers have shared their thoughts most overrated travel destinations in a Reddit thread in an attempt to assuage some of their disappointment. So far, Dubai ranks highest in the chat, with some users finding it ‘deplorable’ and ‘materialistic’. One user, who […]

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Have you ever traveled somewhere that didn’t meet your expectations?

Well, a stream of travelers have shared their thoughts most overrated travel destinations in a Reddit thread in an attempt to assuage some of their disappointment.

So far, Dubai ranks highest in the chat, with some users finding it ‘deplorable’ and ‘materialistic’.

One user, who received over a hundred votes for his response, wrote: ‘I just don’t understand the appeal. Unless spending all your time in an overpriced mall sounds appealing, I just don’t get it.”

Travelers share their most overrated travel destinations on Reddit. So far, Dubai ranks highest in the chat, with some users finding it ‘deplorable’

Another destination that has sparked debate among Redditors is Niagara Falls, New York

Another destination that has sparked debate among Redditors is Niagara Falls, New York

Travellers’ most overrated holiday destinations

Dubai: ‘Materialistic’

Niagara Falls, New York: ‘Sad, rotting city’

Walt Disney World: ‘Too expensive;

Jamaica: ‘Sketchy’

Los Angeles: ‘Touristy’

Egypt: ‘Aggressive street vendors’

Santorini: ‘Overcrowded’

Miami: ‘All about appearance and money’

Another Reddit user mused, “I lived there in the 1970s, during the Civil War.

‘It was a beautiful place with nomadic tribes and culture. Now it’s shopping hell.’

However, some commentators spoke out in defense of the city.

One fan of the metropolis said: ‘Dubai is going to have a harder time than any other travel destination on Reddit (perhaps with the exception of Cairo).

‘It’s always at or near the top of these types of discussions. But honestly? I thought it was totally fine.

‘It’s one of those places where you have to have the right expectations. Dubai is NOT the place to go if you are interested in culture and history.

“But it can be a fun destination if you want to go dune bashing, sit on a beach or if you like futuristic-looking architecture.”

Another destination that has sparked debate among Redditors is Niagara Falls, New York.

Walt Disney World in Florida was another place where Redditors were up in arms, with many complaining that it was overcrowded and expensive

Walt Disney World in Florida was another place where Redditors were up in arms, with many complaining that it was overcrowded and expensive

Another barrage of complaints focused on the city of Los Angeles, California

Another barrage of complaints focused on the city of Los Angeles in California

One unenthusiastic traveler merely thought it was ‘NOT a nice place’, while another described the American side as ‘kind of a sad, rotting city’.

Despite agreeing that “the town itself is a dump,” another Redditor said that “the falls themselves are nothing short of spectacular” and that it’s “worth spending half a day there if you are in that part of the country.’

Walt Disney World in Florida was another place where Redditors were up in arms, with many complaining that the park was overcrowded and expensive.

One commenter with a lot of money said that despite this, they still thought the experience was worth it.

They wrote: ‘I’m there this week and it’s busy [as f***] (busiest week of the year).

“But as with everything at Disney, if you have the coin, the mouse has the goods.

“We spent about $200 extra a day (the whole family) to skip the lines and it has been worth every penny.”

Another destination highlighted in the thread was Jamaica because it was “sketchy” and many Redditors noted that it’s better to stay safe at a resort.

One commenter advised, “In Jamaica, it’s best to stay at a resort. It’s not an island where you want to rent an Airbnb and a rental car and ‘live like a local’, like many islands in the Caribbean.

Other destinations highlighted in the thread included Jamaica for being

Other destinations highlighted in the thread included Jamaica for being “sketchy.”

‘There are a lot of parts that are super dangerous. I have a Jamaican friend who grew up in Kingston and she had her wedding at the Half Moon Bay resort and honeymoon at another resort in Negril.

“In other words, even people FROM THERE go to the resorts if they want to be assured of a good time.”

Another barrage of complaints focused on Los Angeles.

One Redditor said it wasn’t because the city is “bad,” but because “you have to live here to really get what the city has to offer.”

They added: ‘If you come as a tourist you put a lot of random touristy stuff in there and you can’t really experience the city for what it is.’

In response, one Redditor advised “don’t try everything and don’t fall for being a tourist.”

Providing a sample itinerary, they revealed, “I went to Santa Monica and went to a local deli for hotel snacks.

‘Rided to Venice on hotel bikes. Walked to restaurants in Santa Monica. Went for a walk into the hills. Took a trip to Malibu to hike and go to the beach there. Was great.’

Other places to appear on Reddit included Egypt for its “aggressive” street vendors, Santorini for being “overcrowded” and “touristy,” and Miami for being “all about appearances and money.”

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Affordable housing problems paint a ‘bleak picture’ https://usmail24.com/affordable-housing-developers-html/ https://usmail24.com/affordable-housing-developers-html/#respond Wed, 14 Jun 2023 07:16:38 +0000 https://usmail24.com/affordable-housing-developers-html/

Erika Velez considers herself lucky. A 31-year-old single mom in San Antonio, who had been struggling to find a place to live since last June, when she fell behind on rent and fluctuated for months between sleeping on friends’ couches and in her car. Then in November, she got a teary-eyed phone call: A two-bedroom […]

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Erika Velez considers herself lucky. A 31-year-old single mom in San Antonio, who had been struggling to find a place to live since last June, when she fell behind on rent and fluctuated for months between sleeping on friends’ couches and in her car.

Then in November, she got a teary-eyed phone call: A two-bedroom home at Mirasol Townhomes, a public housing project of townhouses and single-family homes, had opened for just $675 a month. Her previous monthly rent of $950 put a strain on her salary as a cleaning service coordinator. But now she could afford a house with money to spare for herself and her 8-year-old daughter, who plastered her new bedroom with pictures of favorite anime characters.

“There are a lot of people in San Antonio who are having a hard time finding housing,” Ms. Velez said. “It’s just out of their price range.”

Her experience reflects the broad challenges posed by a shortage of affordable housing in the United States. Since the pandemic, builders have been held back by higher costs for materials and labor, tighter lending practices, rising interest rates and supply chain hiccups.

The uncertainty threatens to further slow down the process of building affordable housing. So many developments have been sidelined or delayed that some experts expect a “manufacturing cliff” to hit in a year or so, meaning fewer new homes coming onto the market.

“When I started my career 30 years ago, the topic of affordable housing was mostly limited to really lower-income clients, industries and jobs,” said Albert Milo, president of the Affordable Housing division of the Related Group, an urban developer. “Now it is diametrically different. Most parts of the country are talking about teachers, police officers, nurses and professionals struggling to find housing that is affordable for their income.”

160,000 affordable homes and apartments will be produced nationwide by 2021, said Benson Roberts, president and CEO of the National Association of Affordable Housing Lenders.

But industry setbacks have reduced the country’s chances of filling its shortage of affordable housing. The gap was widened by more than 500,000 homes during the pandemicleaving a national shortfall of 7.3 million homes for renters on extremely low incomes, according to the National Low Income Housing Coalition.

“Just as pandemic eviction moratoria expired and resources were depleted, the lowest-income tenants entered a truly unforgiving housing market,” said Diane Yentel, the president and CEO of the housing coalition. “Rents are skyrocketing, costs have risen across the board with increased inflation, and they have little to no means to pay.”

Costs for materials and labor remain stubbornly high. Developers are responding by cutting back, including by cutting amenities, using cheaper materials, setting higher income limits and reducing the number of affordable apartments in projects that combine affordable and competitive housing.

Builders and financiers are pooling different sources of public and private financing for affordable housing. But assembling the “capital stack” – the full financing package, which can include loans, tax credits and grants – has become more challenging.

Lenders have become hesitant to invest after several medium-sized banks went bankrupt this year. Interest rates are rising rapidly, which increases costs. Every quarter-point increase in the cost of a loan can add a million dollars to the cost of their developments, said Jonathan Gertman, senior vice president at the NRP Group, a developer of affordable housing.

A key federal tool to fund these builders, the Low-Income Housing Tax Credit program, has lost some of its value due to increased interest rates and the volume of loans made by the Department of Housing and Urban Development for apartment buildings has halved this year. Even operating costs for existing buildings have risen, causing companies that manage them to make less money, hindering their ability to invest in new projects.

“It’s the hardest time I’ve been through in my 30 years in business, a pretty bleak picture,” said Rafael E. Cestero, CEO of the Community Preservation Corporation, a nonprofit financier of affordable housing in New York.

The vast majority of affordable housing being built comes from private developers working with public agencies and using government grants.

Late last year, the NRP Group attempted to salvage a deal to build Los Arcos in Vida, an affordable project in San Antonio. Construction cost was originally $110,000 per unit in April 2021, but by December interest rates had soared and cost per unit had risen to $151,000. NRP was $7.75 million short and in trouble, as much of the government’s funding depended on closing the deal that year.

“Our motto here is: time kills deals,” said Debra Guerrero, NRP’s senior vice president of strategic partnerships and government affairs. Fortunately, NRP was able to close the gap through city bonds and federal funding and break new ground.

Developers must navigate the same planning regulations and permitting procedures that regulate all construction projects. The industry needs zoning code reforms and more federal funding, said Jenny Schuetz, a Brookings Institution researcher and housing expert. The policies are simple, she added, but the politics of making them a reality is challenging.

Local governments, including in Montana and Massachusetts, have increasingly changed zoning and permitting practices to speed up construction. Others have invested pots of “soft money” – long-term loans with exceptionally low interest rates.

San Antonio, the poorest big city in the country, according to census data, enacted policies to help low-income renters, including a $150 million bond issuance to support affordable housing and a strategic housing plan. Before the pandemic, the public housing waiting list in San Antonio was about 35,000 families, earning an average of $11,000 a year, said Ed Hinojosa Jr., president and CEO of Opportunity Home, the city’s housing authority. Today there are 95,000.

“The need has never been greater than it is now,” said Mr Hinojosa. “And with the trends we’re seeing, it’s only going to keep growing.”

In California, the state housing agency created an accelerator program in the pandemic to help close some funding gaps, when the legislature has passed more than 100 laws since 2016 restrictive zoning. Los Angeles Mayor Karen Bass pledged to cut red tape for affordable housing projects.

Florida, which has seen a huge influx of residents, passed the $710 million Live Local Act in March, a hybrid package of funding and zoning initiatives to catalyze affordable housing and usurp some local power to block development.

The need for such homes is critical, especially in markets with a large hourly workforce of hospitality workers, said Ryan von Weller of Wendover Housing Partners, who advised lawmakers on shaping Live Local.

“You’re never going to be able to cope with this issue, but you have to do something,” he said. “Watching it slide further downhill is not an option.”

Developers expect markets to eventually normalize, making it easier to get financing, and some have suggested that the cooling of other real estate sectors, such as offices, will free up construction workers. But few see any hope that production will increase in a way that will close the supply gap significantly any time soon.

Perhaps the best case for optimism comes from realizing the depth of the problem: The scale of need has brought Republican and Democratic politicians together in a shared sense of crisis, said Ms. Yentel, the president of the National Low Income Housing Coalition. Two bipartisan bills have been introduced in the House of Representatives to create or maintain 1.5 million affordable homes over the next decade.

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Jeremy Hunt prepares to deliver brutal budget with bleak £54 billion package of tax rises https://usmail24.com/jeremy-hunt-prepares-deliver-brutal-budget-bleak-54-billion-package-tax-rises-htmlns_mchannelrssns_campaign1490ito1490/ https://usmail24.com/jeremy-hunt-prepares-deliver-brutal-budget-bleak-54-billion-package-tax-rises-htmlns_mchannelrssns_campaign1490ito1490/#respond Mon, 05 Jun 2023 20:13:24 +0000 https://usmail24.com/jeremy-hunt-prepares-deliver-brutal-budget-bleak-54-billion-package-tax-rises-htmlns_mchannelrssns_campaign1490ito1490/

Britain must ‘face into the storm’ of a global downturn, Jeremy Hunt will warn today as he prepares to deliver one of the most brutal Budgets in modern history. The Chancellor will call for ‘sacrifices’ in order to bring down inflation, which jumped to a 41-year high of 11.1 per cent. WHAT TO EXPECT TODAY  […]

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Britain must ‘face into the storm’ of a global downturn, Jeremy Hunt will warn today as he prepares to deliver one of the most brutal Budgets in modern history.

The Chancellor will call for ‘sacrifices’ in order to bring down inflation, which jumped to a 41-year high of 11.1 per cent.

WHAT TO EXPECT TODAY 

Tax thresholds freeze

The ultimate stealth tax could rake in billions as a four-year freeze on income tax thresholds is extended to six years. The basic rate threshold will stay at £12,571 until 2027, while the starting point for 40p tax will be held at £50,271.

Council tax hike

The decade-long cap on council tax increases is expected to be lifted to 5 per cent, putting £100 on an average Band D bill.

Pensions and benefits

The Chancellor is expected to raise pensions and benefits in line with the September inflation figure of 10.1 per cent, which will see the new state pension rise by £18.70 to £203.85 a week.

Energy bills

Liz Truss’s energy price ‘guarantee’ to cap average bills at £2,500 for two years will now be raised to around £3,000 from next April. A universal one-off payment of £400 this winter will not be repeated, meaning millions will be an average of £900 worse off.

45p tax

The PM vetoed plans to restore Labour’s 50p top tax rate. But he has accepted proposals to lower the starting threshold from £150,000 to £125,000, which could drag around 250,000 high earners into the top rate for the first time.

Social care

The Chancellor is expected to delay the flagship cap on social care costs by two years, with officials predicting it will save £1 billion next year.

Spending

Mr Hunt is expected to announce public spending cuts totalling around £33 billion. Some capital projects face curbs, such as prison building.

Saving and investment

The £12,300 tax-free allowance for capital gains tax is set to be halved to around £6,000. The annual £20,000 limit for ISA savings will be frozen.

Windfall tax

The 25 per cent levy introduced on oil and gas profits this year could be increased to 35 per cent and is likely to be extended until 2028.

Motoring

Electric vehicles are set to be charged vehicle excise duty for the first time.

Mr Hunt will unveil a bleak £54 billion package of tax rises and spending cuts designed to convince the financial markets that ministers are serious about bringing Britain’s towering debts under control.

The Chancellor, who raised taxes by £32 billion last month, will announce a further £24 billion in tax hikes, taking the overall tax burden to a new post-war record as part of a ‘plan for stability, growth and public services’.

While the tax raid will be skewed towards higher earners, Treasury sources said ‘all’ taxpayers will face higher bills.

The tax bomb – equivalent to £854 per household – will be accompanied by £30 billion of real terms spending cuts, with rises of just 1 per cent pencilled in for the three years after the next election.

A string of immediate projects also look set to get axed or delayed, including the Government’s flagship cap on social care costs.

Mr Hunt will tell MPs that ministers have to take ‘difficult decisions’ now in order to tame inflation, which he describes as ‘the enemy of stability’.

‘It erodes savings, causes industrial unrest, and cuts funding for public services,’ he will say. ‘It hurts the poorest the most and eats away at the trust upon which a strong society is built.’

ts funding for public services,’ he will say. ‘It hurts the poorest the most and eats away at the trust upon which a strong society is built.’

He will warn that the UK faces ‘a global energy crisis, a global inflation crisis and a global economic crisis’.

‘But the British people are tough, inventive and resourceful,’ he will say. ‘We have risen to bigger challenges before. 

‘We aren’t immune to these global headwinds, but with this plan for stability, growth and public services, we will face into the storm.’

The Chancellor will say that just as families ‘make sacrifices every day to live within their means, so too must governments because the UK will always pay its way’.

However, Mr Hunt will insist the package is ‘fair’ and ‘compassionate’ and pledge to ‘protect the vulnerable’.

Pensions and benefits will both rise in line with the September inflation figure of 10.1 per cent, raising the new state pension by £18.70 to £203.85 a week.

Despite the squeeze, the NHS will be handed billions more to get through this winter as part of plans to protect ‘core services’ like health, education and the police.

And Mr Hunt will pledge to continue energy bill support for all households next year, albeit at a much less generous rate.

The Chancellor’s warning came as: 

  • The Office for Budget Responsibility was expected to warn that the UK is entering recession.
  • Official figures showed food prices rising at 16.2 per cent – the fastest increase since the 1970s – with the cost of basics such as milk, eggs and pasta surging.
  • Former Cabinet ministers Esther McVey and Simon Clarke said they may not vote for the Budget if tax rises go too far, laying the groundwork for a potential Tory revolt
  • Bank of England Governor Andrew Bailey warned that further interest rates are coming down the track despite the cost of living squeeze.
  • Mr Hunt was preparing to unveil plans for a major scheme to help people insulate their homes.
  • Defence Secretary Ben Wallace urged the Chancellor not to slash military spending, saying that ‘national security stability’ was essential for the economy.
  • Rishi Sunak vowed to publish his tax return, but said he would not reveal details of the finances of his heiress wife.

The Prime Minister was flying back from the G20 Summit in Bali ahead of today’s Budget statement, which is expected to begin at 11.30am.

Speaking at a summit press conference, he said that the UK’s ‘insidious’ inflation had to be ‘gripped’ and was now his ‘absolute number one priority’.

‘It makes people poorer, that’s what inflation does,’ he said. ‘And it’s the enemy that we need to face down. I want to make sure that we do that and we do it as quickly as possible.

‘I want to limit the increase in mortgage rates because that’s also causing anxiety for millions of homeowners.

Britain must ‘face into the storm’ of a global downturn, Jeremy Hunt will warn this morning as he prepares to deliver one of the most brutal Budgets in modern history

The Prime Minister Rishi Sunak meets with the Chancellor of the Exchequer Jeremy Hunt to discuss the upcoming fiscal event in the Cabinet Room in 10 Downing Street

The Prime Minister Rishi Sunak meets with the Chancellor of the Exchequer Jeremy Hunt to discuss the upcoming fiscal event in the Cabinet Room in 10 Downing Street

Inflation in the UK hit 11.1% earlier this week - the highest level in more than 40 years

Inflation in the UK hit 11.1% earlier this week – the highest level in more than 40 years

Prime Minister Rishi Sunak arrives ahead of an emergency meeting of leaders following the overnight missile strike by a Russian-made rocket on Poland, at the G20 summit in Nusa Dua, Bali, Indonesia. Picture date: Wednesday November 16, 2022

Prime Minister Rishi Sunak arrives ahead of an emergency meeting of leaders following the overnight missile strike by a Russian-made rocket on Poland, at the G20 summit in Nusa Dua, Bali, Indonesia. Picture date: Wednesday November 16, 2022 

‘And given that we’re facing these global economic shocks, we are going to have to take some difficult decisions at home to protect ourselves against those and to start getting a grip on inflation.’

Bank chief shuns pay rise 

Bank of England governor Andrew Bailey yesterday declared he will not take a pay rise this year if offered one.

Mr Bailey, who has an annual pay package of about £575,000, told the Treasury Committee: ‘It’s not for me to decide but if I was offered one I would not accept it. I would politely decline as I have done before.’

He added that the Bank has not decided its latest pay changes for employees but indicated it would direct more support towards its lower-paid staff.

‘We have not done our pay round yet,’ he said.

‘But the mix of pay in settlements will be different.

‘We want to ensure that out lower-paid staff get a larger share of the pot that we are offering this year because I think that is the fair way to do it in the context of the situation we find ourselves in.’

Mr Bailey has not accepted a pay rise since taking over as governor in 2020. 

Mr Hunt’s massive package of ‘fiscal tightening’ is designed to ensure he can show that Britain’s debts will begin to fall as a proportion of GDP in five years’ time.

To achieve this he will hike taxes to a record post-war high, hitting workers on all incomes.

Income tax thresholds will be frozen for six years, dragging millions of workers into higher tax bands.

Thresholds for national insurance, inheritance tax and tax-free pension savings will also be frozen.

High earners will see the starting point for paying the 45p rate slashed from £150,000 to £125,000, dragging another 250,000 people into the top rate.

Savers, investors and second home owners will also be hit, with capital gains tax and dividend tax both rising.

Mr Hunt will also unveil plans for a major increase in the windfall tax on the energy companies to help pay for a pared-back package of energy bills support.

And he will give local authorities the flexibility to increase council tax by 5 per cent without the need for a local referendum, a move that could cause bills to rise by more than £100.

The scale of the package is causing concern among some Tory MPs and ministers who fear the Chancellor risks choking off any hopes of growth and deepening the recession.

Mr Clarke, who served as Mr Sunak’s deputy before joining Liz Truss’s Cabinet, urged Mr Hunt not to ‘throw the baby out with the bathwater’.

He accepted that ‘mistakes were made’ in the handling of the mini-Budget.

But he said the aim of cutting taxes to boost growth was ‘important and valid’.

Protester Steve Bray holds a placard near the Houses of Parliament in London, Britain, November 16, 2022, ahead of the Budget

Protester Steve Bray holds a placard near the Houses of Parliament in London, Britain, November 16, 2022, ahead of the Budget

A protester holds a placard near the Houses of Parliament in London, Britain, November 16, 2022

A protester holds a placard near the Houses of Parliament in London, Britain, November 16, 2022

Chancellor of the Exchequer Jeremy Hunt arrives in Downing Street, Westminster, London

Chancellor of the Exchequer Jeremy Hunt arrives in Downing Street, Westminster, London

Asked if he would vote for the Budget measures, he told BBC Radio 4’s PM programme: ‘We have to see what the package is but I always do my best to support the Government, and I very much hope I can.

The Chancellor, who raised taxes by £32 billion last month, will announce a further £24 billion in tax hikes, taking the overall tax burden to a new post-war record as part of a 'plan for stability, growth and public services'

The Chancellor, who raised taxes by £32 billion last month, will announce a further £24 billion in tax hikes, taking the overall tax burden to a new post-war record as part of a ‘plan for stability, growth and public services’

‘I hope they will strike a balance which leans much more to spending reductions than tax rises to balance the books.’

A Treasury source said Mr Hunt would preserve core measures to promote growth, but added: ‘You cannot have economic growth with inflation at 11 per cent.’

The Bank of England meanwhile warned of more interest rate hikes to come after inflation topped 11 per cent.

Governor Andrew Bailey told MPs that the UK labour market is still ‘tight’ and more increases in interest rates are ‘likely’ to try to get a grip on prices.

He also warned that Britain has not yet entirely shaken off the ‘risk premium’ on government borrowing that was built in by the markets following Liz Truss’s disastrous mini-Budget. 

Soaring food and energy costs were the main drivers of the latest surge, with the Office for National Statistics estimating that the average UK household is now paying 88.9 per cent more for heating and lighting than a year ago.

Deputy governor Ben Broadbent told MPs yesterday afternoon that CPI was likely to stay around this level for the next three months, while Mr Bailey stressed that food costs will dictate whether prices have peaked. 

Mr Broadbent also said there was no certainty about the length of the record-breaking recession the Bank predicted earlier this month.

STEPHEN GLOVER: Do the ex-head boys in Downing St have the daring and the imagination to get us out of this economic mess? 

Rishi Sunak and Jeremy Hunt, the Chancellor, have several things in common. Perhaps the most interesting is that they were both head boys of their respective public schools.

In fact, I believe this is only the second time in British history that the occupants of No 10 and No 11 Downing Street can both lay claim to being former head boys. They demonstrate the virtues and vices of this select group.

The first occasion was when Boris Johnson was PM and Rishi lived next door. Boris was Captain of School — effectively head boy — at Eton. Why one of life’s Lords of Misrule was appointed to such an unlikely role is an enduring mystery.

Being head boy at a major public school (Mr Sunak went to Winchester, Mr Hunt to Charterhouse) is a big deal. Such people used to enjoy special privileges, and in some schools wielded immense power. Only 50 or so years ago, many of them were allowed (or encouraged) to beat naughty junior boys.

The virtues of head boys (and, I daresay, girls) is that they are usually sensible and disciplined, which is why they are chosen. They are enforcers for the headmaster. They stand for order in what otherwise might be a sea of chaos.

On the downside — or at any rate a consideration less obviously in their favour — those who fulfil this role tend to be conventional, Boris being the exception to the rule. They are seldom radical. They may lack imagination. The worst of the breed can be ‘goody-goodies’.

Point for pedants: Mr Sunak was Senior Commoner Prefect at Winchester, since the head boy at the school is invariably a scholar, which Rishi was not. But he ‘partnered’ the head boy as a co-equal.

Few will dispute that the Prime Minister and the Chancellor have supplied welcome stability after the anarchy of Liz Truss’s weeks in office, when she and her sidekick, Kwasi Kwarteng, seemed hell-bent on breaking every rule in the book.

Liz Truss is not in the head girl mould. In her late adolescence she advocated the legalisation of cannabis and the abolition of the monarchy. I imagine her as a youthful rebel, with holes in her tights and a subversive curl to her lip. If head boys Sunak or Hunt had come across her then, they wouldn¿t have been pleased

Liz Truss is not in the head girl mould. In her late adolescence she advocated the legalisation of cannabis and the abolition of the monarchy. I imagine her as a youthful rebel, with holes in her tights and a subversive curl to her lip. If head boys Sunak or Hunt had come across her then, they wouldn’t have been pleased

Liz Truss is not in the head girl mould. In her late adolescence she advocated the legalisation of cannabis and the abolition of the monarchy. I imagine her as a youthful rebel, with holes in her tights and a subversive curl to her lip. If head boys Sunak or Hunt had come across her then, they wouldn’t have been pleased.

Margaret Thatcher, by contrast, was aptly made head girl of Grantham Girls’ School in 1942. As an adult, she was super-organised, reliable and bossy, though able to depart from the tram lines of orthodox thought.

Anyway, in many respects I was grateful when Rishi Sunak and Jeremy Hunt came to the rescue after we had been shoved on to an especially disorienting rollercoaster by Liz and Kwasi. Men of their type exude competence, which is what we yearned for.

And yet, examining their behaviour over recent weeks and waiting for today’s Autumn Statement (or Budget), I find myself wondering whether having two former head boys in Downing Street isn’t one too many.

Look, for example, at the way in which Rishi lectured Sergei Lavrov, the Russian Foreign Minister, at this week’s meeting in Indonesia of 20 leaders of the world’s largest economies.

The Prime Minister told Lavrov in no uncertain terms that Russia should ‘get out of Ukraine and end this barbaric war’, as he blamed the conflict for worsening global economic challenges.

He might as well have said: ‘Come off it, Lavrov! You’re letting the side down. We can’t have behaviour like this. Be a good fellow, and pop back to Moscow and tell Vladimir he must call the whole thing off. Then we can all get back to normal.’

Wasn’t this rather absurd? You could lecture a monster such as Lavrov for 100 years without inducing him to flicker an eyelid. Was Mr Sunak signalling his virtue? Or did he naively imagine he could shift the intransigent Russian? Either way, this performance jarred on me, and made me think.

Another example of apparent head boy-itis was his eagerness to sign an agreement with President Emmanuel Macron and the French government so that it will, in exchange for a few more million quid, suddenly cooperate by preventing migrants from crossing the Channel (though it’s in its interests to get rid of them).

Another example of apparent head boy-itis was his eagerness to sign an agreement with President Emmanuel Macron and the French government so that it will, in exchange for a few more million quid, suddenly cooperate by preventing migrants from crossing the Channel (though it¿s in its interests to get rid of them)

Another example of apparent head boy-itis was his eagerness to sign an agreement with President Emmanuel Macron and the French government so that it will, in exchange for a few more million quid, suddenly cooperate by preventing migrants from crossing the Channel (though it’s in its interests to get rid of them)

This really is the triumph of hope over experience. It won’t work. Is it naivety again? Or is he simply kicking the ball into the Channel? Imagine Macron had been the head boy of a rival school which cheated at games and failed to offer visiting teams adequate supplies of buns and lemonade — Sunak wouldn’t have been so easily taken in.

These are early days, I know. And I repeat that I’m glad our new Prime Minister is a reassuring presence who appears (unlike Truss and, let’s be honest, Boris for much of the time) to be master of the facts.

Yet I expect that in due course there will be a capitulation to the EU over the Northern Ireland Protocol. I also think we should be worried about Mr Sunak’s sudden cosying up to the Chinese, who have surely established that they can never be trusted friends.

Mr Sunak will seemingly do what the headmaster tells him — the headmaster being force majeure or the way of the world or the weight of orthodox opinion or the political consensus. Authentic head boys do not think too much for themselves.

Mr Sunak will seemingly do what the headmaster tells him ¿ the headmaster being force majeure or the way of the world or the weight of orthodox opinion or the political consensus. Authentic head boys do not think too much for themselves

Mr Sunak will seemingly do what the headmaster tells him — the headmaster being force majeure or the way of the world or the weight of orthodox opinion or the political consensus. Authentic head boys do not think too much for themselves

That brings me back to Jeremy Hunt. I confess I’m more annoyed than I probably should be by his know-all, superior looks, and his appearance of smugness. He reminds me of head boys I have known — and avoided.

His message — delivered, it must be said, without any obvious signs of regret — is that it’s going to be tough but he has our best interests at heart. Bend over! This is going to hurt but it will be good for you in the long run, and you may even thank me for it one day.

Today’s Budget — let’s call it that — will mark a partial return to austerity, and take taxation to its highest ever level in peacetime. We will be told there is no other way. I think the truth is that the Chancellor and Prime Minister are incapable of conceiving of any other way. That doesn’t mean there isn’t one.

Even if they are correct, Messrs Sunak and Hunt should have the good grace to explain why, uniquely among the world’s major economies, and on the cusp of a recession, Britain is being subjected to such drastic medicine.

If I am right, and Mr Hunt raises tax to heights unknown except in times of war, he should, as a Tory, hang his head in shame. I don’t expect he will.

Perhaps I am being unduly pessimistic and Jeremy Hunt, instead of being the harbinger of doom everyone expects, will today lay out an inspiring vision for recovery and growth. If only!

We should all have the occasional head boy to guide us through life. I’m grateful for the stability which these two characteristic representatives of their breed have brought. But we are going to need imagination and daring to get us out of the mess we’re in.

ALEX BRUMMER: Britain’s stature took a beating in Washington after the mini-Budget, but it is not in doubt

There is no doubt that Britain’s stature took a beating at last month’s International Monetary Fund (IMF) gatherings in Washington.

US Treasury Secretary Janet Yellen rose to her full 5ft 3in to berate her opposite number, 6ft 5in Kwasi Kwarteng, over the mayhem caused by his botched mini-Budget.

The managing director of the IMF, Kristalina Georgieva, condescendingly reminded everyone that the UK had robust institutions in the shape of the HM Treasury, the Office for Budget Responsibility and the Bank of England – as if to say they should not be ignored.

Last month, US Treasury Secretary Janet Yellen rose to her full 5ft 3in to berate her opposite number, 6ft 5in Kwasi Kwarteng, over the mayhem caused by his botched mini-Budget

Last month, US Treasury Secretary Janet Yellen rose to her full 5ft 3in to berate her opposite number, 6ft 5in Kwasi Kwarteng, over the mayhem caused by his botched mini-Budget

This focus on the UK may seem unusual but we shouldn’t forget that before Britain voted to leave the EU her predecessor, Christine Lagarde, warned doing so would be ‘pretty bad to very, very bad’, casting aspersions over the country’s reputation.

It was former chancellor Philip Hammond who later remarked that it was terrific having ex-Bank of England Governor Mark Carney next to him at international meetings as, when he spoke, his fellow G7 and other finance ministers always listened.

Sure, trust in the UK may have taken a knock over the market disruption caused by the mini-Budget, as Carney’s successor Andrew Bailey, testified in the House of Commons. Such market conniptions are a feature of free market capitalism.

The eurozone recovered after the Greek-generated bond crisis. No one looks at the Federal Reserve with disdain following the near implosion of the market in US treasuries in 2020. Britain helped to calm sentiment with dollar swap arrangements.

Indeed, the FT reports that the US bond market – like the gilts before it – is an accident ready to happen.

Bailey is on the wrong side of history when he refers to the damage to the UK’s reputation. The reality is: Our robust institutions have triumphed over adversity.

Don’t do evil

What the quixotic fund manager Chris Hohn makes of the rise and rise of his former associate Rishi Sunak is anyone’s guess.

As a believer in shareholder activism, one suspects he may be less than impressed with the Sunak government’s obsession with what is described as a ‘black hole’ in the UK’s public finances. The UK’s ratio of debt to national output is better than many of our G7 competitors.

The current obsession for Hohn and his TCI Fund Management group is a perceived black hole at Google owner Alphabet, with too much income being wasted.

The arrival of Elon Musk at Twitter brought with it a harsh focus on employment costs. An advertising slump at Facebook is doing the same.

Google is different, in that revenues from advertising are still strong. Moreover, Hohn’s chances of shaking Alphabet out of complacency are limited because founders Sergey Brin and Larry Page are still dominant shareholders.

Alphabet is a vacuum cleaner for engineers, and its staff numbers have jumped by a quarter to 186,779 in the last year. With median pay of $300,000 (£250,000) it offers some of the best rewards in Silicon Valley.

In spite of his own wealth, estimated at close to £6billion, Hohn thinks this extravagant. He also believes that Alphabet’s investments outside its core search function serve investors badly.

Last year the self-driving operation Waymo ran up a $5billion (£4.2billion) loss alone.

In the recent go-go years for tech stocks, investors have been fixated by revenues rather than earnings. For all his blather, Musk’s ownership of Twitter reminds investors that when costs get out of hand, turnover quickly is gobbled up.

Hohn is on to something. But, as he found at the London Stock Exchange, when he sought to keep former chief executive Xavier Rolet in place and eject chairman Donald Brydon, not all activist campaigns end in victory.

Check mate

Among reasons why the value of shares on the Paris Bourse exceeds on one measure that of the London Stock Exchange is the runaway value of France’s luxury brands. such as LVMH.

Today, while we are glued to the Budget, Burberry’s new boss, Jonathan Akeroyd, will seek to convince markets it has what it takes to compete with the Parisian stars.

With due respect to Akeroyd, the answer might be a chief executive with the pizzazz of predecessors Rose Marie Bravo and Angela Ahrendts.

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