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“I went back and read the manifesto and it says very clearly, we will not raise rates of national insurance.” Labour would be in a "straightforward breach" of their manifesto if the chancellor hikes employer national insurance contributions, says IFS director Paul Johnson.

‘The vice-president largely avoided a question on when she had observed Biden’s cognitive decline, replying: “Joe #Biden is not on the ballot, and Donald #Trump is.”’ - Kamala #Harris pledges break from Joe Biden in combative Fox News interview ft.com/content/cc0c87… via Financial Times

Loeb-winning journalist "Owen Walker" bids farewell at HQ and prepares for higher office in a new geography

A hike in employers’ NI contributions in Rachel #Reeves' #Budget will weigh on wages and employment or increase prices for consumers, while fuelling bogus self-employment, say economists. ft.com/content/4085c9… via Financial Times

We have had the general election. We have heard all the protestations since then. Surely it's time for Labour to talk about what it is going to do now? So far, there is not a hint. It really is time Labour started governing.

Reeves said she was going to crack down on fraud, saving £4.3bn. Pundits had expected measures to save closer to £2bn. Previous gvts have claimed they will crack down on such fraud and it rarely generates the savings they claim. ft.com/content/2095fa… via Financial Times Anna Gross

Looks like what is going on here is short term fiscal loosening is boosting growth immediately. But hindering growth later on. Those later year forecasts are disappointing. Let's hope we get better than that.

Interesting from #OBR that public sector can indeed crowd out private sector: 'Employer #NICs rise is estimated to reduce labour supply by 50k average-hours equivalents, while net fiscal loosening would crowd out some private investment in an economy with little spare capacity'

The increase in employers’ #NICs will not raise “anything like” the £25bn stated on the Treasury’s scorecard, the Institute for Fiscal Studies has warned, because it will result in lower #wages, reducing its net revenue to about £16bn.ft.com/content/72ddc7… via Financial Times

Interesting interaction with the minimum wage here. If employers can't reduce wages they are more likely to just lay people off/hire less. Also worth noting big increases in the minimum wage in recent years have already meant big increase to cost of employing low earners:

In terms of who ultimately bears the cost of the tax (remember, someone has to) the OBR assumes: - 61% through lower wages - 15% through higher prices - 24% through lower profits

AP lede for the history books:

??!! "I think that what you say as a backbencher and what you do wearing the real duty of public office are two different things" bbc.co.uk/news/articles/…

The #Guernsey #stockexchange trying to break into the booming private market secondaries sector. Read the Financial Times's take here. #privateequity #markets ft.com/content/12cb67… via Financial Times

The unlikeliest Trump trade ever? #Ukraine’s bonds jump as investors bet #Trump will end war ft.com/content/3848e7… via @ft w Joseph Cotterill

Last week we were named among the Financial Times Reinvention Champions 2024 & the FT’s Deputy Markets News Editor Laurence Fletcher wrote a profile. Read it here: on.ft.com/3YUsZsC Read our summary here: bit.ly/4fRoEwZ #reinventionchampions #privatemarkets #privateassets

John Lewis chief criticises UK #Budget as ‘two-handed grab’ from business ft.com/content/ed1f22… via Financial Times

What employers are complaining about. Higher Living Wage (minimum wage) and increased employer Nat Insurance imply over 10 percent rise in wage costs for lowest paid employees and over 6pc rise in average wage costs next spring, adding to inflation + squeezing investment & jobs.