Interest rates are an inherently blunt tool — they come with unfortunate and imprecise time lags. But they remain our best device for bringing inflation down, contributing to economic stability and ultimately prosperity.
Inflation has proved more problematic than first hoped, with yesterday’s surprise rise to 10.4 per cent nearly a point higher than expectations. Interest rates are thus likely to rise in the future, and with them people’s mortgage repayments. The pain is exacerbated by the ever-rising tax burden.
London’s income tax bill has soared above £50 billion — a rise of nearly £18 billion over the decade. And this cannot be wholly attributed to the Prime Minister’s personal contribution. Indeed, 11 boroughs pay more to the Treasury than any region outside of the South-East.
This does not necessarily represent an injustice. A progressive tax system, where those with the broadest shoulders carry the heaviest burden, is right. But while salaries are higher in the capital, so too are prices, with many Londoners facing real financial struggles in the teeth of the continuing cost-of-living crisis.
The Government must hope that the economic headwinds change in time for the next general election, leaving room for feel-good measures and a sense among voters that it is better to stick than twist.
A more open police
Public confidence in the police has been shaken by a series of scandals. The path to rebuilding trust lies not only in reform but greater openness and transparency. Yet the opposite is being proposed.
Police forces in England and Wales may soon be allowed not to release the name of suspects charged with offences, under fresh guidelines drafted by the College of Policing. At present, police are advised that those charged “should” be named. It is set to be altered to “can”.
The idea that forces should be given greater power to pick and choose which suspects they name is counter to the concept of open justice. The move will make it far less likely that further victims or witnesses come forward in a given case. It will also hamper the media from playing its crucial role in reporting to the public. The police should seek to be more open, not less.
Capital fully charged
It is a race worth running — and winning. Hackney Council today reveals plans to offer more electric vehicle (EV) charging points than any other in the UK. It hopes to increase the number of public charges tenfold, to roughly 3,000 by 2026. But it faces stiff competition from Westminster, which currently leads with over 1,800.
The roll-out of charging points is vital for the future of our city, and a pillar of the Standard’s Plug It In campaign. From combating climate change to ridding our streets of toxic air, EVs have a pivotal role to play.
