Salopblog

Britain could lose 3A S&P rating

Ratings agency S&P said national debt could rise to 100% of output by 2013, leading to the UK losing its coveted triple A status.

It is the first time the nation's top credit rating has come under threat since S&P began assessing the UK's sovereign debt in 1978.

Lib Dem Treasury spokesman Vince Cable added: "Until the Government comes clean about how it intends to pay back its debt, it is perfectly possible that we will see a further deterioration in Britain's rating."

S&P is holding its rating for now, but lowered its outlook to "negative" due to worries over how long it could take to repair the deteriorating public finances.

The warning came as official figures showed net borrowing surging to a worse-than-expected £8.5 bn in April - more than 4X higher than 2008 - as tax receipts dive and spending rises.

Chancellor Alistair Darling expects to borrow a record £175 bn this year, with debt as a share of GDP peaking at 79% in 2013/14.

Ireland and Spain have already lost their 3A status this year.

So much for a costly drainage system at Leeds – Twenty20 match abandoned

Why did Guido get this before us members?

First, I'd like to thank all members for everything that you are doing to help our candidates in the European and local elections (if you have local elections in your area). I am sure that they appreciate your support at a difficult time in politics. If you are standing yourself, then obviously I wish you the best of luck!

My reason for writing is that I have decided to make the current election campaigns my last as Chief Executive. I discussed this with Nick some time ago and I have given notice to the Party President that I will stand down as Chief Executive at the end of the Summer. I want to be able to work more flexibly in future whilst of course continuing to help our party advance. I believe that I will be better able to do so without the administrative burdens of being Chief Executive and running the party's day to day organisation. For family and health reasons, I have needed to change the way in which I work. My wife Ann has supported me enormously in all my work. But since she retired a few years ago after more than 35 years teaching, we wanted to have something of a more normal life outside the Westminster bubble. This has become more important to me as I have struggled to maintain good diabetic control with the rigours of a very demanding lifestyle. This has proved to be increasingly difficult whilst carrying out the role of Chief Executive at HQ and around the country.

I decided that this Summer would be the best time for me and for the party to make a change. I am letting the party know this now, so that it can take the necessary steps to appoint a new Chief Executive in the Autumn.

Ghurkhas win right to settle in UK

Lumley campaign succeeds as Home Office rewrites rules to give veterans with four years' service permanent residency

This was all so unnecessary – why didn’t the Government give in to this years ago?

Duckworth Lewis Method by Neil Hannon

Neil Hannon, late of Devine Comedy has recorded an album devoted to cricket with Thomas Walsh - they call themselves ‘The Duckworth Lewis Method’. As a prelude to this summer’s Ashes series I am sure all cricket and music fans will enjoy this unusual project.  Listen to the uploaded tracks and take a look at the artwork on the DLM MySpace - a celebration of cricket in all its forms.  Thanks Neil but also please get back with the Devine Comedy – one of the greatest bands ever.

MPs back £3 rise in TV licence fee

I only watch BBC 1 - 4 and Channel 4 News so I am pleased with the result of this vote in Parliament yesterday.  The price of a colour TV licence rose from £139.50 to £142.50 in April as part of a 6 year settlement agreed in 2007.  Grand standing, the Tories argued the BBC needed to provide more for less but were defeated 2 to 1.

Graph says it all

 

 

 

 

 

ONS - the rate of annual inflation was driven by lower electricity and gas bills, as well as cheaper food costs.

RPI was driven down by the same factors, as well as lower mortgage interest payments and home insurance.

While the CPI is important as the rate that is targeted by the B of E in setting interest rates, the RPI is used by many companies as the starting point for wage bargaining.

The key difference is that the RPI measure includes mortgage costs, which have dropped significantly as the Bank has cut interest rates over the past year.

The official CPI figure is still above the government's target of 2%, but the Bank expects it to fall further during this year.

MPs face cap on mortgage claims

Mortgage interest and rent claims will be capped at £1,250 pm under interim reforms to MPs' expenses.

All parties had agreed on an immediate ban on second homes claims for furniture, cleaning and stamp duty.  MPs will not be allowed to "flip" the designation of their second home during 2009/10.

All parties were now committed to accepting the recommendations from Sir Christopher Kelly's Committee on Standards in Public Life, provided they met certain tests.

Other measures announced included:

• MPs who are couples will be obliged to nominate the same main home and will only be able to claim one person's accommodation allowance between them
• All claims will be published quarterly online
• Members will have to be "completely open" with the tax authorities about whether properties are second homes and liable to capital gains tax
• Mortgage claims must be accurate, for interest only and on continuing loans
• A clear test of "reasonableness" will be applied to all claims by the Department of Resources in an effort to "tighten up" allowances
• Claims which are the subject of any doubts will be refused with no opportunity of appeal.

She’s not started yet

54% of Minnesota voters want Norm Coleman to concede so Al Franken can take Coleman’s former seat in the Senate. That’s according to a new Rasmussen poll that also finds that 63% Franken to be seated eventually, whatever Coleman does.

This is one heck of a day

We’re in the midst of a full-blown constitutional crisis. The Speaker has suddenly resigned at 2.30pm. Gord has summoned an emergency press conference at 5.30.

Speaker Michael Martin has told the House of Commons he will step down on Sunday 21 June 2009, amidst the row over his handling of revelations about MPs' expenses.

Mr Martin, who was one of 12 candidates for the post in 2000, did not indicate whether his resignation will trigger a by-election in his Glasgow North East constituency as he was, by convention, uncontested in the seat at the last election.

"Since I came to this House 30 years ago, I have always felt that the House is at its best when it is united," he said. "In order that unity can be maintained I have decided that I will relinquish the office of Speaker on Sunday 21 June. This will allow the House to proceed to elect a new Speaker on Monday 22 June. That is all I have to say on this matter."