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The Latest Breaking News from David Miles

Over a barrel: what does the energy crisis caused by the Iran war mean for UK households?

With the flow of oil from the Middle East drying up and energy prices skyrocketing, the economic outlook is grim. Jonathan Prynn looks at the options facing Rachel Reeves and Keir Starmer

Evening Standard

UK inflation warning as soaring oil prices threaten 3% high

IN FULL

The Independent UK

Iran war could drive inflation to 3%, OBR warns in major blow for Reeves

Professor David Miles said the impact of conflict on UK prices could be ‘significant’ and ‘completely unwelcome’

The Independent UK

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Middle East crisis could push UK inflation back up to 3%, says OBR

Government’s economic watchdog believes pressure on energy prices could push rate close to 3% by end of 2026

The Guardian - UK

Energy spike from Iran war could add 1% to UK inflation this year, OBR says

Professor David Miles said the impact of conflict on UK prices could be ‘significant’ and ‘completely unwelcome’.

Evening Standard

Britain’s economic growth to be weakest in a century outside of pandemic and WWII, think tank warns

The UK’s top two economic think tanks – the Resolution Foundation and the Institute for Fiscal Studies – have issued dire warnings over economic growth and borrowing a day after Rachel Reeves delivered her spring statement

The Independent UK

Tax burden heading to ‘uncharted territory’ with risk to growth, OBR warns

Budget responsibility committee member Professor David Miles said there was ‘clearly a risk’ in the historically high tax burden.

Evening Standard

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Unemployment set to hit 5.3% this year amid ‘worrying’ rise in young jobless

OBR raises forecast from 4.9% and downgrades UK’s growth prospects for 2026 – while also warning of war uncertainty

The Guardian - UK

Keir Starmer to face PMQs amid continued Budget questions

The OECD has warned tax hikes and reduced spending will act as a ‘headwind’ to the UK economy over the next two years.

Evening Standard

OBR chief’s exit may ease pressure on Rachel Reeves but the battle isn’t over

With the row deepening over budget leaks, who is most likely to replace Richard Hughes in the increasingly thankless role of chair?

The Guardian - UK

OBR complained to Treasury before budget about leaks spreading ‘misconceptions’

Official tells MPs there was lots of information appearing in the press that ‘wasn’t particularly helpful’

The Guardian - UK

OBR confronted Treasury about ‘unhelpful’ policy leaks before Reeves’ Budget

The economy watchdog forced to deny being ‘at war’ with Treasury after row over state of Britain’s public finances

The Independent UK

2 new NASA satellites will track space weather to help keep us safe from solar storms

The new TRACERS mission will track magnetic reconnection that drives particles down into Earth's atmosphere when space weather turns bad.

Space

How might Trump tariffs affect UK business on ‘Liberation Day’?

Analysis: Sweeping changes set to affect the UK and ultimately large parts of the world

The Independent UK

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Evening Standard

‘Very limited’ tariff war could be ‘mildly positive’ for UK, suggests OBR member

MPs were told there could be a scenario where some things become cheaper in the UK, but most possible outcomes are still ‘negative’.

Evening Standard

Workers’ rights plans could have ‘negative’ impact, watchdog suggests

The Office for Budget Responsibility said regulations which ‘affect the flexibility of businesses and labour markets’ can have undesirable effects.

The Guardian - UK

Treasury may have broken law by failing to reveal £9.5bn spend in Tory budget, MPs told

Head of OBR says spending commitment would have ‘materially changed’ its forecast on Jeremy Hunt’s pre-election budget

The Independent UK

Firms ‘set to pass on most of higher tax costs to employees through lower wages’

The Office for Budget Responsibility said it assumes that firms will ‘pass on most but not all of their higher tax costs to employees’.

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news in one place.

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The Independent UK

Inflation and mortgage rates elevated by Chancellor’s spending plans, says OBR

Chancellor Rachel Reeves announced almost £70 billion of extra spending each year in her maiden budget.

The Guardian - UK

UK mortgage rates rollercoaster is the price to pay for cheap, short-term deals

Borrowers who made a short-term choice after the 2008 banking crisis were lucky – current borrowers have been equally unlucky

The Guardian - UK

Era of ‘massive’ UK house price rises nearing end, says OBR economist

David Miles says working from home, stalling population growth and higher interest rates will shape market

The Independent UK

2023 will be a very difficult year, OBR member warns MPs

David Miles said the impact of rising interest rates and inflation will cause pressure next year but they are predicted to turn a corner in 2024.

The Guardian - UK

Who’s against Truss and Kwarteng’s growth mania? Anyone with sense

How can the government build, build, build and hit net zero? Or, come to that, keep both the Bank and the OBR on its side?

Daily Record

Savvy dad knocks £625 off energy bill by updating one expensive appliance

Running a large fridge-freezer made up a fifth of his total bill and would have cost over £800 a year from October

Chronicle Live

Dad discovers single electrical appliance was costing him hundreds to run and cost as much as a hot tub

Just one aging appliance was costing the family hundreds in electrical bills

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