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Silvana Tenreyro tempered her praise for Britain with a pointed warning | Credit: AFP via Getty Images / Lillian Suwanrumpha |
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Szu Ping Chan Economics Editor |
Good morning from Bangkok, where the International Monetary Fund (IMF) has issued a stark warning over state handouts.
Soaring energy costs and weak growth mean politicians’ ability to fund giveaways is “reaching its limits”. The IMF is particularly concerned about the rich world’s borrowing binge, with Britain in its sights.
In some ways, Silvana Tenreyro, the IMF’s chief economist, handed the UK a gold star. Britain “stands out” for its efforts to balance the books, she said at a press conference moments ago.
So, a pat on the back for Britain’s new Chancellor? Not quite.
Tenreyro, a former Bank of England rate-setter, tempered her praise with a pointed warning. “The UK has already started a path to fiscal consolidation … and the message for the UK is just simply staying the course and continue on that trajectory.”
That is easier said than done.
John Healey is under immense pressure to give households and businesses some “breathing space” from the fallout of the war in the Middle East. The danger is that temporary relief becomes permanent, leaving the Treasury with yet another bill it cannot afford.
Britain has form here. George Osborne froze fuel duty in 2010, and it has remained frozen ever since, costing the Exchequer an estimated £120bn in lost revenue. More unfunded spending would undermine the very fiscal discipline the IMF is urging Britain to maintain.
A widely expected tax raid on banks risks inflicting further damage on growth, making it harder to repair the public finances in the first place. The IMF’s message is clear: Britain has made a start, but the finish line is not yet within sight.
The “homework” for Healey and others is to find a way to move from “just coping to rebuilding” without turning temporary relief into a permanent drain on the public purse.
This report is available only to subscribers.
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Andy Burnham was forced to retreat over his claims of Russian interference in the Brexit vote | Credit: House of Commons |
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Nick Gutteridge Chief Political Correspondent |
Andy Burnham has been spoiling for a debate on Brexit and, in front of a packed House of Commons yesterday, he finally got his wish.
The Prime Minister hoped to use the occasion to present his case for closer ties with the EU, but instead found himself forced to fend off suggestions that he did not accept the result of the Brexit referendum.
Over the weekend he claimed that officials told him Russia had interfered in the 2016 campaign. The comments sparked immediate scorn from Eurosceptics, who saw them as an attempt to soften up the public for an impending campaign to rejoin the bloc.
This backlash continued inside the Commons.
Katie Lam, the shadow communities secretary, said it was “deeply irresponsible for the Prime Minister to peddle unproven allegations about Russian interference, just because he doesn’t like the outcome of a democratic vote”.
Kemi Badenoch accused Burnham of having “implied that the referendum result was illegitimate because of Russian interference”. Faced with their rage, the Prime Minister chose to retreat, telling the Commons that he had “always respected the result” and had “never questioned its legitimacy”.
It is not the first time that his shoot-from-the-hip style has landed him in hot water. Nor do many in Westminster think it will be the last.
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David Frost: Andy Burnham must think voters are stupid ➤ |
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Charles Moore Once known for its subtlety in the Middle East, Britain is now playing itself out of the game, preferring a more dangerous one at home Continue reading ➤
Ben Marlow Britain must pick a side in the electric car battle between East and West Continue reading ➤
Celia Walden Finally, positive discrimination done well Continue reading ➤ |
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Are women’s health problems all in the mind? A major study suggests too many doctors may think so, writes Laura Donnelly, our Health Editor. Research led by Cambridge and East Anglia universities, prompted by a question from The Telegraph, suggests women are paying the price for outdated medical prejudices. Women with autoimmune diseases were nearly 60 per cent more likely than men to report having physical symptoms wrongly dismissed as psychological.
Continue reading ➤
Village GPs face closure under Labour’s NHS reforms ➤ |
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Stepping out of a chauffeur-driven car outside Southwark Crown Court, Russell Brand brought his usual flair to the first day of his rape trial. Yet, silently clasping his hand, was an unexpected guest – his wife of nine years, Laura. The fiercely private mother of three has retreated from public life, yet with the cameras firmly trained on her, she remained resolutely anchored to her husband’s side. Continue reading ➤ |
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They might be popular with landlords, but as ever more asylum seekers move into multiple occupation homes, councils are facing a national revolt. Neighbours say they decimate the character of an area, stripping it of family housing and opening the door to anti-social behaviour and crime. Continue reading ➤ |
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It should have been just another day bathed in the golden glow of Marbella’s setting sun. Dr Alexander Aslani, a plastic surgeon known for pioneering the super-charged Brazilian butt lift and beloved by British reality stars, was in the foyer of his clinic after a busy day in theatre. The typical scene was soon shattered, though, when a masked gunman walked in and shot him in the head in front of staff, patients and his own wife. An 18-year-old Swede was soon arrested, but as rumours of a connection with organised crime swirl, Kimberley Bond asks: was a disgruntled client behind the murder? Continue reading ➤ |
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Dr McAtarsney-Kovacs warns that as soon as movements become familiar, the cognitive benefit disappears |
Your hands might be giving away more about your brain health than you realise. Forgetfulness and confusion are well-known signs of cognitive decline, but scientists say the speed and coordination of your fingers can be just as revealing. Here are two surprisingly simple tests that could offer some clues.
For subscribers only ➤
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Our series The Expert View brings you specialist health advice from professionals. In this article, we hear from Dr Seamus O’Mahony, a consultant gastroenterologist who worked in NHS hospitals for more than 30 years, about why our obsession with living longer has gone too far – and why the science behind the billion-dollar longevity industry doesn’t live up to the hype.
As a consultant gastroenterologist working in NHS hospitals for more than 30 years, I have spent most of my career contemplating death and have become increasingly troubled by the way modern medicine has over-medicalised dying, stripping humanity from the end of life.
I noticed that so many people seemed to be dying in hospital without any conversations taking place about end-of-life care, or when they did, they happened too late. As a result, they would not only be subjected to futile, undignified treatment, but also denied important conversations with their loved ones. Their deaths had been stolen from them.
In the pre-technological, pre-science era, the very few old people still alive were revered for their knowledge and wisdom, whereas now we hide the elderly in nursing homes and we fear death more than ever. Our relationship with ageing and death has become unhealthy. We don’t know what to do with old age or old people any more.
We no longer attach any moral or spiritual value to ageing and death in the way previous generations did. To us, old age is to be fended off. That’s what’s forcing us into this frenetic pursuit of longevity.
Continue reading ➤ |
Gen Z’s tie fixationEvery weekday, Orlando Bird, our loyal Reader Correspondent, shares an off-piste topic that has brought out the best of your opinions and stories. Orlando writes:
Having revived baggy trousers and (correctly) made it cool to listen to Phil Collins again, Gen Z is turning its attention to ties.
When I was growing up, the open-necked shirt was in the ascendant, championed by two prime ministers in particular: Tony Blair and David Cameron. It’s true that Andy Burnham favours the look too – though in light of the latest news, we can surely expect him to be flaunting an immaculate Windsor knot in his next TikTok film.
In any case, Mik Shaw welcomed the trend: “I can confirm that ties are making a comeback among the young,” he wrote. “Most school proms for leavers have a requirement that ties must be worn by males, which sets them thinking. My teenage friends always come to me for a selection to choose from (I have 98), and some of them continue to wear ties thereafter. One young friend took charge of some I was discarding, and persuaded his friends to wear them to college for the few weeks after the prom. They have now gone on to university: I have high hopes for their tie evangelism.”
Peter Baker was “delighted” by this story. “When I retired from teaching, I had more than one tie for every day of the year. I still enjoy wearing them in my second career as a wedding registrar.”
Others remain resistant, however. Philip Moger reported: “I am currently on a Saga ship off Morocco, with nearly 1,000 passengers. Every night in the main dining room, I proudly wear a tie, but I am virtually alone.”
Roger Warner added: “On the question of ties, let us imagine that they were a recent invention. What is a tie? A long strip of patterned cloth that one ties around one’s neck, and what is its use? None. It’s purely a fashion item. I wonder if it would ever catch on.” Do ties deserve to make a comeback? Send your responses here, and the best of the bunch will feature in a future edition of this newsletter.
Please confirm in your reply that you are happy to be featured and that we have your permission to use your name. |
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1884 | Greenwich is officially chosen as the universal time meridian (GMT/Greenwich Mean Time)
1925 | Margaret Thatcher is born in Grantham, Lincolnshire
1992 | The Conservative government announces the closure of 31 coal mines around the UK, sparking protests (see our front page story the next day below)
Birthdays: David Haye (46), Sacha Baron Cohen (55), Paul Simon (85)
What event has Craig Levein, the ex-Scotland manager, claimed Gordon Brown, the former prime minister, attended while helping Raith Rovers re-sign a player?
1. Funeral
2. Exorcism
3. Funfair
4. Disco
Click on one of the above options to reveal the answer |
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Find as many words as you can in today’s Panagram, including the nine-letter solution. Visit Telegraph Puzzles to play a range of head-scratching games, including PlusWord, Sorted, and Quick, Mini or Cryptic Crosswords.
Yesterday’s Panagram was RUMMAGING. Come back tomorrow for the solution to today’s puzzle. |
Thank you for reading. Have a fulfilling day and I hope to see you tomorrow. Chris Evans, Editor
P.S. I’d love to hear what you think of this newsletter. You can email me your feedback at fromtheeditor@telegraph.co.uk. |
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