The former chancellor’s reputation lies in tatters after six years of punishing the poor and rewarding the rich prompted the referendum revolt
By March 2015, George Osborne was pulling together his final budget before the general election. The austerity chancellor had already hacked billions from health, education and social security; now he planned to slash billions more. But he had prepared one massive give-away: the complete abolition of taxes on savings, worth well over £1bn in lost revenue.
Related: The Brexit vote will kill austerity | David Blanchflower
Osborne used evidence the way a drunk uses lampposts – not for illumination, merely to support him in his excesses
Related: Austerity is far more than just cuts. It’s about privatising everything we own |
Housing rally and stimulus spending drive construction activity
BBC Click’s Lara Lewington looks at some of the best of the week’s technology news.
Technology that makes audiences feel like they are in the movie, rather than just watching it, is helping cinemas sell more tickets at higher prices.
New Chancellor of the Exchequer Philip Hammond has said the government will restore confidence in the British economy.
Larry Fink says he expects Britain’s GDP would fall to as low as minus-1% amid economic uncertainty that in part caused his own firm’s revenues to drop 3%
The head of the world’s largest asset manager has warned that the UK’s decision to leave the European Union will trigger a recession.
Larry Fink, chairman and chief executive of BlackRock, said UK gross domestic product (GDP) will face a “short-term” recession despite the Bank of England’s decision to keep interest rates unchanged at 0.5%.
Greg Clark takes charge of plight of 11,000 employees after dealings with much criticised predecessor Sajd Javid
The fate of 11,000 workers at Tata Steel is now in the hands of Greg Clark after he was named as the new business, energy and industrial strategy secretary.
Tata Steel announced in March that it was considering pulling out of the UK, but is now working on a deal to keep the business that is reliant on government support.