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U.K. Election Campaigners Brace for Fiscal Reality Check

U.K. Election Campaigners Brace for Fiscal Reality Check(Bloomberg) — U.K. budget officials are set to deliver a warning shot to politicians on Thursday amid fears that the campaign for the Dec. 12 general election could turn into an arms race of tax and spending promises.The Office for Budget Responsibility may add as much as 20 billion pounds ($26 billion) to its budget-deficit forecast for next year when its unveils projections updated to reflect the impact of recently introduced methodological changes.With borrowing in 2020-21 expected to be restated at close to 40 billion pounds, the fiscal watchdog will in effect set a baseline for any fiscal pledges made by the main political parties during the election campaign.The actual outturn for government borrowing is almost certain to be much worse. The OBR forecast will not include the extra 13.4 billion pounds of day-to-day spending pledged by Chancellor Sajid Javid in September or the effect of weaker growth and stronger spending than predicted back in March.And further giveaways can be expected, whoever wins the election, as leaders make good on vows to end a decade of austerity. Jeremy Corbyn’s opposition Labour Party has said it will borrow to fund its 250 billion-pound investment program, while Boris Johnson’s Conservatives have held out the prospect of significant income-tax cuts and a major boost for infrastructure.There is now little chance that Britain will meet fiscal rules requiring the structural budget deficit to be below 2% of GDP in 2020-21, the equivalent of around 45 billion pounds. According to Capital Economics, a post-election stimulus could see borrowing soar to around 70 billion pounds even if Britain avoids a no-deal Brexit.New Rules“It’s unsurprising that both parties have signaled that they would change the fiscal rules,” said Ruth Gregory, senior U.K. economist at the London-based research firm. “And given that both parties seem aligned in their desire to increase investment spending, we suspect that they will couch their new fiscal rules in terms of the cyclically adjusted current budget deficit, which excludes investment spending, accompanied by some form of debt guidance.”The OBR is issuing the new forecasts to comply with reporting requirements after Javid canceled plans to hold a full Budget on Nov. 6. The changes largely relate to the treatment of student loans, as debt that will never be repaid is now added to government spending.To contact the reporter on this story: Andrew Atkinson in London at [email protected] contact the editors responsible for this story: Fergal O’Brien at [email protected], Brian Swint, David GoodmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

November 6, 2019Comments Off on U.K. Election Campaigners Brace for Fiscal Reality CheckRead More

The Woman Who Flipped Off Trump Has Won an Election in Virginia

Juli Briskman gave the middle finger to President Trump’s motorcade and lost her job. Now she has won local office in a district that includes one of his golf courses.

November 6, 2019Comments Off on The Woman Who Flipped Off Trump Has Won an Election in VirginiaRead More

The Punch Lines Amy Klobuchar Uses to Keep Voters Laughing

She does well before late-night TV audiences. And her joke about ex-boyfriends is a crowd-pleaser in Los Angeles and the Midwest too.

November 6, 2019Comments Off on The Punch Lines Amy Klobuchar Uses to Keep Voters LaughingRead More

After No-Show By U.K. Conservative Leader, TV Host Eviscerates Empty Chair

Kay Burley conducted a heated “interview” of Conservative Party Chairman James Cleverly, even without him present, on the first day of the U.K.’s five-week-long general election campaign.

November 6, 2019Comments Off on After No-Show By U.K. Conservative Leader, TV Host Eviscerates Empty ChairRead More

Leading intellectual in Benin, Albert Tevoedjre, dies at 89

Albert Tevoedjre, a Benin political scientist and one of former U.N. Secretary-General Kofi Annan’s most trusted experts on social and economic development strategies for Africa, has died in Porto-Novo, Benin, at the age of 89. Tevoedjre served for tw…

November 6, 2019Comments Off on Leading intellectual in Benin, Albert Tevoedjre, dies at 89Read More

Exclusive: U.S.-China trade deal signing could be delayed until December: U.S. source

A meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December as discussions continue over terms and venue, a senior official of the Trump administration told Re…

November 6, 2019Comments Off on Exclusive: U.S.-China trade deal signing could be delayed until December: U.S. sourceRead More

Scrubbing Your House Of Bacteria Could Clear The Way for Fungus

A new study in Brazil finds that urban apartments have more diverse fungi — some healthy, some potentially not — than villages in the Amazon rainforest.

November 6, 2019Comments Off on Scrubbing Your House Of Bacteria Could Clear The Way for FungusRead More

Heavy rains, flooding displace hundred of thousands in East Africa

PIBOR, South Sudan/Nairobi, Nov 4 (Reuters) – Heavy rains and floods have killed more than 50 people and forced hundreds of thousands of people from their homes across East Africa as researchers warn warming oceans are causing unpredictable weather pat…

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AP Analysis: Activity at Iran’s nuclear site raises risks

Ten years ago while flanked by the leaders of Britain and France, then-President Barack Obama revealed to the world that Iran had built a “covert uranium enrichment facility” amid tensions with the Islamic Republic over its nuclear program. A decade l…

November 6, 2019Comments Off on AP Analysis: Activity at Iran’s nuclear site raises risksRead More

Israeli robotics delegation to Dubai marks warming Gulf ties

Israeli Prime Minister Benjamin Netanyahu greeted the country’s triumphant teen delegation to the unofficial “Robotics Olympics” on Wednesday after its groundbreaking visit to Dubai, giving public expression to the growing, and increasingly open, relat…

November 6, 2019Comments Off on Israeli robotics delegation to Dubai marks warming Gulf tiesRead More

Early Problems as Trump’s Signature Veterans’ Health Plan Rolls Out

Officials administering the plan said they were unable to guarantee a network large enough to accommodate all the veterans who may seek care.

November 6, 2019Comments Off on Early Problems as Trump’s Signature Veterans’ Health Plan Rolls OutRead More

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