Rising inflation makes it harder for the government to explain why railway workers – and indeed almost everyone else – are expected to endure wage increases less than the value of inflation (that is, a reduction in real terms). This question was given additional force yesterday, when the government confirmed that next year the state pension was likely to rise significantly more than the price of inflation (because the increase will be linked to the inflation rate in September, which is likely to be 10 % or more, but will apply for 2023-24, when inflation will be lower). This morning, economist Jim O’Neill, a former finance minister, called it “ridiculous.” Asked today to explain why retirees were receiving 10%, but younger employees were lucky enough to receive a 3% pay rise, he said he had “no idea”. He continued: It seems to me that retirees, given the pressure on fiscal policies and these issues of inequality now over the last decade or so, the continued protection of retirees seems in itself ridiculous and, in these circumstances, particularly insane. O’Neill is technically a former Tory finance minister. Former Goldman Sachs chief economist, he took the Conservative whip in the House of Lords while serving as finance minister in David Cameron’s government from 2015 to 2016. But now he is a spokesman and recently began advising the Labor Party on startup policy. O’Neill did not cite two well-documented factors to explain the government’s apparent generosity to retirees. First, they are more likely to vote than younger people, which means that as voters they tend to be disproportionately influential. And, secondly, they are much more likely to vote Conservatives than Labor. Dominic Raab, the Minister of Justice and Deputy Prime Minister, was interviewed on the Today program shortly after O’Neill and was also asked why retirees deserved an increase that was not given to employees. Raab said the government wanted to protect the vulnerable and retirees were at particular risk from rising energy costs. Said in the program: The reason they are in a different position – and our overall goal is to protect the most vulnerable – is because they are particularly vulnerable and disproportionately affected by the rising energy costs that we all know we all face. I will be posting more of the morning interviews soon. Here’s the agenda for the day. 10 a.m.: Matthew Rycroft, Permanent Secretary to the Home Office, reports to the Committees on Home Affairs. 10 a.m.: Simon Hart, Welsh Secretary, submits to the Commonwealth Affairs Committee. 12pm: Boris Johnson faces Kir Starmer in PMQ. Afternoon: The rights bill is expected to be published. I try to follow the comments below the line (BTL) but it is impossible to read them all. If you have a direct question, include “Andrew” somewhere and I will be more likely to find it. I’m trying to answer questions and if it is of general interest, I will post the question and answer over the line (ATL), although I can not promise to do it for everyone. If you want to get my attention quickly, it’s probably best to use Twitter. I’m at @AndrewSparrow. Alternatively, you can email me at [email protected] Updated at 09.34 BST This is from FT’s Peter Foster in an interview with Jim O’Neill on Today. (See 9.33 a.m.) There is intense frustration from Jim O’Neill on @ BBCr4today about @BorisJohnson’s inability to stick to politics and offer # levelingup..this from the headline chase. What some in Whitehall call “spasm government.” – Peter Foster (@pmdfoster) June 22, 2022
Rights bill to apply “common sense” to human rights law, says Raab
Dominique Raab, the justice minister and first deputy prime minister, told LBC that the rights bill (see 9.39 a.m.) was about applying “common sense” to human rights law. He explained: Nobody talks about human rights in this country. We are staying in the European Convention, we are going to strengthen these essentially British rights such as freedom of speech. But I believe that when it comes to public protection, people want to see a dose of common sense and balance delivered, that is what our reforms will achieve. Dominic Raab, the Minister of Justice and Deputy Prime Minister, was in interviews this morning to talk about the rights bill that is being published today. Here is a preview of our story by my colleague Haroon Siddique. Following is an update on what my colleague Archie Bland suggests in the First Edition newsletter. And here is a link to an update on this by legal commentator Joshua Rozenberg, who also posted a copy of the front page of the bill. In an interview with Today, Jim O’Neill was also asked if he agreed with Mervyn King, the former Governor of the Bank of England, who recently said that the government should give a “clear account” of its financial problems. the country. O’Neill agreed that this was a problem. He said: I expect them to have a clear framework for their economic policy. All the leveling and the Northern Powerhouse ….. will be lost again in all this. The government needs, instead of jumping from a policy and seemingly trying to alleviate everyone’s whims, to develop a clear and unambiguous policy framework from which we do not have.
The big increase planned in the value of state pensions is “ridiculous”, says the former Minister of Finance of Toris
Good morning. The latest data on inflation have come out and show that the overall inflation rate reached 9.1% in May, the highest rate in 40 years. My colleague Julia Kollewe has more details on the business live blog. Rising inflation makes it harder for the government to explain why railway workers – and indeed almost everyone else – are expected to endure wage increases less than the value of inflation (that is, a reduction in real terms). This question was given additional force yesterday, when the government confirmed that next year the state pension was likely to rise significantly more than the price of inflation (because the increase will be linked to the inflation rate in September, which is likely to be 10 % or more, but will apply for 2023-24, when inflation will be lower). This morning, economist Jim O’Neill, a former finance minister, called it “ridiculous.” Asked today to explain why retirees were receiving 10%, but younger employees were lucky enough to receive a 3% pay rise, he said he had “no idea”. He continued: It seems to me that retirees, given the pressure on fiscal policies and these issues of inequality now over the last decade or so, the continued protection of retirees seems in itself ridiculous and, in these circumstances, particularly insane. O’Neill is technically a former Tory finance minister. Former Goldman Sachs chief economist, he took the Conservative whip in the House of Lords while serving as finance minister in David Cameron’s government from 2015 to 2016. But now he is a spokesman and recently began advising the Labor Party on startup policy. O’Neill did not cite two well-documented factors to explain the government’s apparent generosity to retirees. First, they are more likely to vote than younger people, which means that as voters they tend to be disproportionately influential. And, secondly, they are much more likely to vote Conservatives than Labor. Dominic Raab, the Minister of Justice and Deputy Prime Minister, was interviewed on the Today program shortly after O’Neill and was also asked why retirees deserved an increase that was not given to employees. Raab said the government wanted to protect the vulnerable and retirees were at particular risk from rising energy costs. Said in the program: The reason they are in a different position – and our overall goal is to protect the most vulnerable – is because they are particularly vulnerable and disproportionately affected by the rising energy costs we all know we are facing. I will be posting more of the morning interviews soon. Here’s the agenda for the day. 10 a.m.: Matthew Rycroft, Permanent Secretary to the Home Office, reports to the Committees on Home Affairs. 10 a.m.: Simon Hart, Welsh Secretary, submits to the Commonwealth Affairs Committee. 12pm: Boris Johnson faces Kir Starmer in PMQ. Afternoon: The rights bill is expected to be published. I try to watch the comments below the line (BTL) but it is impossible to read them all. If you have a direct question, include “Andrew” somewhere and I will be more likely to find it. I try to answer questions and if it is of general interest, I will post the question and answer over the line (ATL), although I can not promise to do it for everyone. If you want to get my attention quickly, it’s probably best to use Twitter. I’m at @AndrewSparrow. Alternatively, you can email me at [email protected] Updated at 09.34 BST
title: “The Big Increase Planned In The Value Of State Pensions Is Ridiculous Says The Former Minister Of Finance Of Tories Uk Policy Live Policy " ShowToc: true date: “2022-11-18” author: “Gary Dowe”
Rising inflation makes it harder for the government to explain why railway workers – and indeed almost everyone else – are expected to endure wage increases less than the value of inflation (that is, a reduction in real terms). This question was given additional force yesterday, when the government confirmed that next year the state pension was likely to rise significantly more than the price of inflation (because the increase will be linked to the inflation rate in September, which is likely to be 10 % or more, but will apply for 2023-24, when inflation will be lower). This morning, economist Jim O’Neill, a former finance minister, called it “ridiculous.” Asked today to explain why retirees were receiving 10%, but younger employees were lucky enough to receive a 3% pay rise, he said he had “no idea”. He continued: It seems to me that retirees, given the pressure on fiscal policies and these issues of inequality now over the last decade or so, the continued protection of retirees seems in itself ridiculous and, in these circumstances, particularly insane. O’Neill is technically a former Tory finance minister. Former Goldman Sachs chief economist, he took the Conservative whip in the House of Lords while serving as finance minister in David Cameron’s government from 2015 to 2016. But now he is a spokesman and recently began advising the Labor Party on startup policy. O’Neill did not cite two well-documented factors to explain the government’s apparent generosity to retirees. First, they are more likely to vote than younger people, which means that as voters they tend to be disproportionately influential. And, secondly, they are much more likely to vote Conservatives than Labor. Dominic Raab, the Minister of Justice and Deputy Prime Minister, was interviewed on the Today program shortly after O’Neill and was also asked why retirees deserved an increase that was not given to employees. Raab said the government wanted to protect the vulnerable and retirees were at particular risk from rising energy costs. Said in the program: The reason they are in a different position – and our overall goal is to protect the most vulnerable – is because they are particularly vulnerable and disproportionately affected by the rising energy costs we all know we are facing. I will be posting more of the morning interviews soon. Here’s the agenda for the day. 10 a.m.: Matthew Rycroft, Permanent Secretary to the Home Office, reports to the Committees on Home Affairs. 10 a.m.: Simon Hart, Welsh Secretary, submits to the Commonwealth Affairs Committee. 12pm: Boris Johnson faces Kir Starmer in PMQ. Afternoon: The rights bill is expected to be published. I try to watch the comments below the line (BTL) but it is impossible to read them all. If you have a direct question, include “Andrew” somewhere and I will be more likely to find it. I try to answer questions and if it is of general interest, I will post the question and answer over the line (ATL), although I can not promise to do it for everyone. If you want to get my attention quickly, it’s probably best to use Twitter. I’m at @AndrewSparrow. Alternatively, you can email me at [email protected] Updated at 09.34 BST This is from FT’s Peter Foster in an interview with Jim O’Neill on Today. (See 9.33 a.m.) There is intense frustration from Jim O’Neill on @ BBCr4today about @BorisJohnson’s inability to stick to politics and offer # levelingup..this from the headline chase. What some in Whitehall call “spasm government.” – Peter Foster (@pmdfoster) June 22, 2022
Rights bill to apply “common sense” to human rights law, says Raab
Dominique Raab, the justice minister and first deputy prime minister, told LBC that the rights bill (see 9.39 a.m.) was about applying “common sense” to human rights law. He explained: Nobody talks about human rights in this country. We are staying in the European Convention, we are going to strengthen these essentially British rights such as freedom of speech. But I believe that when it comes to public protection, people want to see a dose of common sense and balance delivered, that is what our reforms will achieve. Dominic Raab, the Minister of Justice and Deputy Prime Minister, was in interviews this morning to talk about the rights bill that is being published today. Here is a preview of our story by my colleague Haroon Siddique. Following is an update on what my colleague Archie Bland suggests in the First Edition newsletter. And here is a link to an update on this by legal commentator Joshua Rozenberg, who also posted a copy of the front page of the bill. In an interview with Today, Jim O’Neill was also asked if he agreed with Mervyn King, the former Governor of the Bank of England, who recently said that the government should give a “clear account” of its financial problems. the country. O’Neill agreed that this was a problem. He said: I expect them to have a clear framework for their economic policy. All the leveling and the Northern Powerhouse ….. will be lost again in all this. The government needs, instead of jumping from a policy and seemingly trying to alleviate everyone’s whims, to develop a clear and unambiguous policy framework from which we do not have.
The big increase planned in the value of state pensions is “ridiculous”, says the former Minister of Finance of Toris
Good morning. The latest data on inflation have come out and show that the overall inflation rate reached 9.1% in May, the highest rate in 40 years. My colleague Julia Kollewe has more details on the business live blog. Rising inflation makes it harder for the government to explain why railway workers – and indeed almost everyone else – are expected to endure wage increases less than the value of inflation (that is, a reduction in real terms). This question was given additional force yesterday, when the government confirmed that next year the state pension was likely to rise significantly more than the price of inflation (because the increase will be linked to the inflation rate in September, which is likely to be 10 % or more, but will apply for 2023-24, when inflation will be lower). This morning, economist Jim O’Neill, a former finance minister, called it “ridiculous.” Asked today to explain why retirees were receiving 10%, but younger employees were lucky enough to receive a 3% pay rise, he said he had “no idea”. He continued: It seems to me that retirees, given the pressure on fiscal policies and these issues of inequality now over the last decade or so, the continued protection of retirees seems in itself ridiculous and, in these circumstances, particularly insane. O’Neill is technically a former Tory finance minister. Former Goldman Sachs chief economist, he took the Conservative whip in the House of Lords while serving as finance minister in David Cameron’s government from 2015 to 2016. But now he is a spokesman and recently began advising the Labor Party on startup policy. O’Neill did not cite two well-documented factors to explain the government’s apparent generosity to retirees. First, they are more likely to vote than younger people, which means that as voters they tend to be disproportionately influential. And, secondly, they are much more likely to vote Conservatives than Labor. Dominic Raab, the Minister of Justice and Deputy Prime Minister, was interviewed on the Today program shortly after O’Neill and was also asked why retirees deserved an increase that was not given to employees. Raab said the government wanted to protect the vulnerable and retirees were at particular risk from rising energy costs. Said in the program: The reason they are in a different position – and our overall goal is to protect the most vulnerable – is because they are particularly vulnerable and disproportionately affected by the rising energy costs we all know we are facing. I will be posting more of the morning interviews soon. Here’s the agenda for the day. 10 a.m.: Matthew Rycroft, Permanent Secretary to the Home Office, reports to the Committees on Home Affairs. 10 a.m.: Simon Hart, Welsh Secretary, submits to the Commonwealth Affairs Committee. 12pm: Boris Johnson faces Kir Starmer in PMQ. Afternoon: The rights bill is expected to be published. I try to watch the comments below the line (BTL) but it is impossible to read them all. If you have a direct question, include “Andrew” somewhere and I will be more likely to find it. I try to answer questions and if it is of general interest, I will post the question and answer over the line (ATL), although I can not promise to do it for everyone. If you want to get my attention quickly, it’s probably best to use Twitter. I’m at @AndrewSparrow. Alternatively, you can email me at [email protected] Updated at 09.34 BST
