CPI is not good enough to gauge inflation, says RSS

first_img OFFICIAL statistics place too much weight on the consumer price index (CPI) as an inflation measure, according to the Royal Statistical Society (RSS). The group said downplaying the Retail Price Index in favour of CPI, which is used widely across Europe, fails to take national needs into account.The coalition government said in June it would start pricing benefits on the CPI from next April, in a move likely to save billions of pounds due to its traditionally lower rate. “Giving prominence to CPI ahead of other indices means that users are implicitly being encouraged to use it for purposes, such as wage negotiations, for which it is not ideal,” the society wrote in a letter to the parent body of the Office of National Statistics. “We do not feel that CPI should have sole star billing in this way.” Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof KCS-content Tags: NULL Tuesday 31 August 2010 8:49 pm Share whatsapp CPI is not good enough to gauge inflation, says RSS whatsapplast_img read more

Government cuts herald tough times for services firms

first_img Tags: NULL KCS-content Share Sunday 12 September 2010 10:22 pm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof CONNAUGHT’S high-profile collapse has ushered in a period of intense difficulty for other services companies, according to the latest monthly City A.M./Begbies Traynor health monitor for the Square Mile.The social housing maintenance specialist, which fell into administration last week, is not alone in having felt the pressure of impending government spending cutbacks and poor-quality contracts. Our numbers show 310 business and property services outfits based in the City exhibited signs of distress in August. London-wide, the figure came to nearly 2,140.Their woes came despite an overall improvement in corporate health during the traditionally quiet summer month. The number of companies operating on the edge declined marginally to 1,806, while in the City the number fell to 1,363.Nick Hood, partner at Begbies Traynor, said the insolvency practitioner’s separate Red Flag alert system identified around 17,000 business at risk across the UK in August in services sectors such as construction, IT and recruitment.Hood added: “As the full impact of the October spending review begins to be felt in the latter part of this year and on into 2011, failures of these types of companies will inevitably rise, causing significant problems for the London economy.” center_img whatsapp Government cuts herald tough times for services firms whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia Show Comments ▼last_img read more

Greek stress tests delayed

first_img Tags: NULL Sunday 19 September 2010 10:58 pm BANK stress tests on Greece have been delayed while the international community gauges the success of the country’s capital raising programme.The International Monetary Fund (IMF), European Commission and European Central Bank (ECB) – known as the “troika” – has agreed with Greece’s central bank to postpone testing banks’ solvency by one month to the end of October.The move will allow the country’s banks’ nine-month results to be assessed. It will also give the National Bank of Greece time to continue its bid to raise €1.7bn (£1.4bn) capital – due for completion next month.A further test of investor confidence will be tomorrow’s short-term auction of three-month bills.Greece borrowed more than €1bn in the capital markets last Tuesday in its first debt issue in two months – paying a high yield of 4.82 per cent, compared to 4.65 per cent in July. whatsapp whatsapp Share Greek stress tests delayed Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof KCS-content last_img read more

Euro ties to hit UK growth

first_imgWednesday 29 September 2010 11:16 pm Euro ties to hit UK growth Tags: NULL Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap KCS-content Sharecenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com whatsapp whatsapp STRONG ties with the Eurozone mean that British growth will be hit by the forecast slowdown in the 16-country currency union, according to Ernst & Young’s latest quarterly Eurozone Forecast (EEF) published today.“Our latest forecast shows the UK growing by 1.6 per cent this year and 2.1 per cent next year. However the heightened uncertainty surrounding the global recovery has led to more downside risks for the UK since the summer,” said Marie Diron, senior economic advisor to the EEF. The EEF predicts growth to fall back sharply in the second half of 2010 and remain weak for the foreseeable future – growth of just 1.4 per cent is forecast for 2011. The EEF thinks it unlikely that even a robust German economy will shield the Eurozone from its difficulties. Show Comments ▼last_img read more

Property prices up 1.8 per cent in October

first_img whatsapp Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterUndoBeach RaiderSee The Woman Bradley Walsh Is Dating At 61Beach RaiderUndo House prices in the UK rose by 1.8 per cent in October compared with the previous month, the Halifax said.The average home cost £164,919, according to the survey.“An increase in the number of properties available for sale in recent months, together with a decline in demand, has put some downward pressure on prices in recent months,” said Halifax housing economist Martin Ellis.“We do not believe that prices are set to fall sharply over a sustained period.” Thursday 4 November 2010 5:06 am Property prices up 1.8 per cent in October Tags: NULLcenter_img Show Comments ▼ whatsapp John Dunne More From Our Partners Why people are finding dryer sheets in their mailboxesnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com Sharelast_img read more

Time to rethink environmental policy

first_img whatsapp whatsapp Show Comments ▼ IN an age of austerity, it is vital we think outside of the box. This ought to be especially true of environmental issues, an area in which Britain remains wedded to old thinking. We desperately need a pro-growth, pro-jobs strategy to help the private sector get us out of our present mess – yet the unthinking, uncosted green consensus that all three major UK political parties have accepted wholesale is fast becoming one of the major barriers to a proper recovery.Britain’s manufacturing sector has bounced back over the past year but it remains smaller that at the previous peak. It will be hard for it to grow much more unless the government’s policies towards carbon emissions are loosened. The rules – and the pledge to slash emissions – are supported by many well-meaning people but unfortunately make no sense: an imported good that used up a lot of carbon during its production is not deemed a problem – but a good that is produced in the UK is penalised if it is carbon-intensive. What this means is that we don’t want to pollute directly, even if that means shutting down what is left of our industry – but we don’t care whether others pollute even more to produce the goods we eventually consume. That way we can buy them (at least those of us not out of work can do so) while retaining a clear conscience. It’s the usual hypocrisy – but one we can no longer afford.There are cheaper, more adaptive ways of combating any climate change. Here is a simple one which Boris Johnson should investigate. In New York, Mayor Michael Bloomberg has launched the NYC CoolRoofs initiative. The idea seems stupid but is in fact brilliant: painting roofs with light, reflective surfaces helps reduce cooling costs, cuts energy usage and lowers greenhouse gas emissions. President Barack Obama’s administration has endorsed the policy, with a cool roofs policy announced for the Department of Energy and other federal institutions. Light coloured surfaces reflect more sunlight than dark ones do, turning less of the sun’s energy into heat. Increasing the reflectiveness of buildings and paved surfaces—whether through white surfaces or reflective coloured surfaces—can reduce the temperature of buildings, cities, and even the entire planet.Hashem Akbari, a Montreal-based academic, has teamed up with other scientists to found the White Roofs Alliance. It already has the backing of New York, Taipei and even Athens. Akbari has calculated that temperatures could be cut by 2.8 degrees in localities that judiciously paint their roofs white, turn roads a concrete colour and plant trees. In a paper in the Climatic Change journal, he estimates that one ton of carbon dioxide can be offset for every 9.3 square meters of black rooftop that is painted white. Bjorn Lomborg, head of the Copenhagen Consensus Center and a professor at Copenhagen Business School, calculates that for an initial expenditure of $1bn, a sufficient number of streets and rooftops in Los Angeles could be painted to reduce temperatures in the region by more than global warming would increase them over the next 90 years. A similar strategy could be applied to parts of Britain, allowing us to preserve more of our manufacturing base. Crazy? Americans clearly don’t think so – and what is really crazy is to cripple UK Plc with unaffordable costs that will drive business to China while doing nothing to help the planet. [email protected] Wednesday 24 November 2010 9:06 pm Tags: NULLcenter_img KCS-content Share Time to rethink environmental policy More From Our Partners Inside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter Centerthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comlast_img read more

BEST OF THE BROKERS

first_imgWednesday 1 December 2010 7:22 pm whatsapp Tags: NULL SAB MILLERNomura rates the brewer “reduce” with a target price of £19.75. The broker has continued concerns about the US beer market, and that planned investment in marketing and IT would hold back any increase in margins. Nomura notes SAB’s recent claim that revenue growth would be around two per cent, slightly below earlier guidance.TESCOJeffries International rates the supermarket “hold” with a target price of 450p. The broker expects the firm’s Q3 results next week to confirm pedestrian UK trading momentum that could add to a short-term drag on shares. It predicts quarterly sales growth of six per cent, making it the slowest growing of the big four grocers.SHAFTESBURYLiberum Capital has upgraded the property company to “hold”?from “sell”?with an upgraded target price of 430p. The broker sees founder and chief executive Jonathan Lane’s retirement as a potential drag on the share price, but is more optimistic about rental value growth. It has raised its 2011 net asset value forecast by one per cent. BEST OF THE BROKERS Sharecenter_img whatsapp Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeCuteness56 Animal Puns For a Quick LaughCutenesscutenova.comTake a Peek at 10 of the Most Expensive Houses in the Worldcutenova.comDinnerZUTop 5 Foods That Help Lose Weight FastDinnerZUBewadaHusband Divorced His Wife After Looking Closer At This PhotoBewadaStyleVamp11 Celebs And Their Historical DoubleStyleVampPlumbing ServicesPlumber Prices In Scottsdale might surprise YouPlumbing ServicesAmoMediaRich Guy Mocks Disabled Waiter, Regrets It ImmediatelyAmoMediaCrawl Space RepairFoundation Repair Cost In Scottsdale May Surprise YouCrawl Space RepairMike HistoryBruce Willis Is Nearing 70 & This Is The Car He Has TodayMike History Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof KCS-content last_img read more

AstraZeneca cancer drug fails its trials

first_img ASTRAZENECA has dropped its experimental prostate cancer drug zibotentan from the late stages of trials, it said yesterday.The pill failed efficacy tests following a review by the Independent Data Monitoring Committee (IDMC).The withdrawal of the product is a blow to the UK’s second largest drugmaker, which has also seen trial failures for separate cancer drugs recentin and vandetanib.The company is now pinning hopes on the drug passing an alternative trial, in which it is combined with chemotherapy.Prostate cancer is the second most common cancer in men.“While R&D is becoming more scientifically challenging, governments are adding ever greater layers of regulation to clinical trials, driving up costs and development times,” commented Philip Stevens of research consultancy the Covent Garden Writers Group. AstraZeneca cancer drug fails its trials KCS-content Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Share whatsappcenter_img whatsapp Monday 7 February 2011 8:51 pm Show Comments ▼ Tags: NULLlast_img read more

Private sector pay rises slow

first_img Show Comments ▼ whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”Wanderoamautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut Take-home pay in the private sector slowed to 0.6 per cent growth in the three months to January, close to an all-time low, according to research by VocaLink released today. The manufacturing industry recorded a surprise slouch in pay growth to 0.4 per cent, despite the sector’s resilience in 2010. In the public sector, annual growth rose to 1.3 per cent in January, the research showed. Wednesday 9 February 2011 7:34 pm center_img Share KCS-content Tags: NULL Private sector pay rises slow whatsapplast_img read more

Labour can’t solve cost of living crisis

first_img Tags: NULL Monday 28 February 2011 12:03 am by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com ONCE again, Labour is outmanoeuvring Britain’s increasingly hapless coalition. Ed Miliband’s chutzpah will be on full display this week: he will point out that the public is facing a cost of living crisis, while wrongly pinning all the blame for it on the coalition. Miliband is right to flag up the issue. An explosion of costs, taxes and inflation, combined with sluggish pay rises, has cut average take-home pay by 3.3 per cent over the past year. The government has failed to take this seriously, has contributed to the problem and will be paying a severe price. But responsibility for Britain’s cost of living crisis lies primarily with 13 years of misguided Labour policies – the bill for which the coalition has picked up – as well as with global forces that nobody controls. For Miliband to pin everything on the coalition, which has been in power for less than 10 months, and to pretend life would be greatly different under a Labour government, is wrong. Because we are all so trained to focus on the differences between the parties, we often fail to see the similarities. Is Miliband calling for hikes in interest rates to tackle inflation? No, both Labour and the government are delighted that rates remain low; both support the half-hearted targeting of a flawed measure of inflation proved to conceal rises to the cost of living. Would Labour reverse the Vat hike? No. Would Labour slash fuel duty? No. Would Labour reverse commodity price increases? No, obviously. Why are wages not rising faster? The answer is that productivity growth is weak, as a result of years of flawed policies; and because unit labour costs need to fall back into line with post-bubble reality. The only real policy is Ed Balls’ call to cut Vat on fuel back to 17.5 per cent, which would help (but would complicate Vat further and comes after years of petrol tax hikes under Labour). George Osborne will hopefully scrap the 1p hike in fuel duty originally planned by Alistair Darling. But Balls wants to hit the City harder to pay for his plan, further trashing competitiveness.What about spending cuts to fix Gordon Brown’s massive over-spending? For all Labour’s hysterical claims that all cuts are Tory cuts, it too would have done almost as much. Remember Darling’s crucial 2010 pre-election Budget: laughably, he was predicting GDP growth of 3-3.5 per cent in 2011 (and similar in 2012). Darling’s forecasts for inflation were equally optimistic. Because growth (and hence revenues) would have failed to hit his plans, Darling’s deficit reduction measures would have been insufficient to prevent a crisis. That was the reason why the markets were so worried at the time, threatening a spike in borrowing costs. Yet even though Darling’s budget was faulty, and it would have had to be tightened (probably by hiking Vat) had he been reelected, the Institute for Fiscal Studies estimated at the time that he wanted departmental spending to be cut 3.1 per cent a year in real terms between 2011-12 to 2014-15, with non-protected departments down 24 per cent – enough for war with the unions. Darling even conceded his cuts would be greater than Margaret Thatcher’s, a point long forgotten. When it comes to the cost of living crisis, the difference between the two parties is trivial. The price of petrol is up 50 per cent – one party might cut this rise to 48 per cent, the other to 49 per cent. Not exactly clear blue waters. We need real ideas, and [email protected] me on twitter: @allisterheath Show Comments ▼ whatsappcenter_img Labour can’t solve cost of living crisis whatsapp Share KCS-content last_img read more