UK borrowing to fall, opening way for end of austerity - Hammond

Political reporter(wp/reuters):
British Chancellor Philip Hammond announced a fall in the country’s expected borrowing needs between now and the mid-2020s as he began his final budget speech before Britain leaves the European Union.
After a steady improvement in Britain’s once giant budget deficit, Prime Minister Theresa May said earlier this month that the government’s austerity push was coming to an end, a message echoed by Hammond on Monday.

But he has warned he would have to reverse the plan for higher spending in the event of an economically damaging no-deal Brexit in March, putting pressure on rebel members of parliament from May’s Conservative Party to stop blocking her Brexit strategy.

Speaking in parliament on Monday, Hammond said the budget deficit was set to stand at 1.2 percent of gross domestic product in the current financial year, down from a forecast in March of 1.8 percent.

“When our EU negotiations deliver a deal, as I am confident they will, I expect that the ‘Deal Dividend’ will allow us to provide further funding,” he said. “The hard work of the British people is paying off. Austerity is coming to an end.”

In total, borrowing was forecast to be 18.5 billion pounds lower between now and the 2022/23 financial year than in the March forecasts by the independent Office for Budget Responsibility which underpin the budget..

Hammond and his predecessor George Osborne have made fixing the public finances their priority.

The budget deficit has fallen from almost 10 percent of GDP in 2010, thanks in large part to big cuts to spending for a range of government departments and a squeeze on welfare payments for working-age recipients.

But Hammond is likely to struggle to meet his target of wiping out the deficit altogether by the mid-2020s if he does not raise taxes, economists have said.

By the 2023/24 financial year, the deficit was expected to be 0.8 percent of GDP, Hammond said.

He has also set himself a target of bringing down public debt, which has doubled as a share of GDP from before the financial crisis as the government borrowed heavily.

Hammond said the OBR’s forecasts showed debt as a ratio of GDP was due to fall each year.

The OBR raised its forecasts for economic growth for next year to 1.6 percent, compared with its prediction of 1.3 percent made in March. The 2020 growth forecast was raised less sharply to 1.4 percent and maintained at 1.4 percent for 2021.

Nearly 18,000 call for Leicester City owner statue at King Power Stadium

sports reporter(wp/es):

Nearly 18,000 people have signed a petition calling for there to be a statue of Vichai Srivaddhanaprabha outside of Leicester’s King Power stadium.

Scores of Leicester City fans have signed the change-org petition for a tribute statue of the club’s owner outside the grounds.

Tributes have poured in from football players , celebrities and royalty for Mr Srivaddhanaprabha, following his death on Saturday. He was killed along with four others when his helicopter spiralled out of control and crashed to the ground just moments after taking off from the pitch.

The Duke of Cambridge led tributes for the Thai businessman, calling him a man who was “dedicated to his family and who supported a number of important charities.”

The petition, which was only set up a day ago, read: “Vichai chose Leicester when we were riddled with debt, he got us out of the debt and made us the club we are today.

“We owe Vichai and his family everything. Please if you’re a Leicester fan or a football fan sign this petition for a statue to be placed outside the King Power Stadium in memory of Vichai Srivaddhanaprabha.

“Let’s get as many votes as possible and us as fans fund this.”

Both football fans and well-wishers signed the petition. By 2pm on Monday, it has nearly 18,000 signatures.

Karen Hollings wrote: “He was an amazing man did so much for Leicester city and other charities in Leicester. Deepest condolences to his family rest in peace.”

While Steve Kitchen wrote: “This man was an inspiration, not only to LCFC, but the Leicestershire community. His place is reserved for the statue.”

The petition also attracted support from supporters who are not fans of the club.

Oliver Catchpole wrote: “I’m not a Leicester City fan, but [he] deserves so much recognition.”

Mr Srivaddhanaprabha was among five people killed when an aircraft came down outside the King Power Stadium on Saturday, shortly after the team's 1-1 draw with West Ham.

The others who died were his assistant Nursara Suknamai and Kaveporn Punpare, another member of Mr Srivaddhanaprabha's staff.

Pilot Eric Swaffer and passenger Izabela Roza Lechowicz also died in the crash. Mr Swaffer has been hailed a hero for directing the out-of-control helicopter away from crowds of fans.

The Prime Minister also paid her respects on Monday morning.

Theresa May tweeted: “My thoughts are with those family, friends and supporters connected to the tragic crash outside Leicester City’s stadium on Saturday night. The outpouring of grief is a testament to how many people’s lives were touched by those on board.”

Hate crime probe as group parades in Ku Klux Klan uniform near Muslim centre

Crime reporter(wp/es):

Eight people in Ku Klux Klan uniform have been pictured parading outside a Muslim community hall.

The Police Service of Northern Ireland said it was treating the incident as a hate crime.

The group was pictured in Newtownards, County Down, near the Bangladesh Islamic Centre.

Dr Raied Al Wazzan, a Muslim leader, said it was the second Islamophobic crime at the centre in a matter of months. Meanwhile, he said some people were scared to leave their homes.

He told the BBC: “This is the second time it has been targeted.

“This is a very small Muslim community living and working around Newtownards. A few months ago, a pig’s head was placed at the door.

“This time, more people came. They dressed in KKK costume and they could have gone anywhere in Newtownards, anywhere in Northern Ireland, dressing in any uniform.

“But to go in front of an Islamic prayer room, it’s totally making people afraid, afraid to come out or even go there.”

He added: “I understand it’s Halloween, people are dressed in costumes. But to go there specifically wearing that costume in front of the Islamic centre is not acceptable.

“It’s similar to somebody wearing a Nazi uniform and going in front of a Jewish synagogue – that would be unacceptable as well.”

Urging anyone with information to get in touch with police, Insp Richard Murray said: "We received a report around 5pm Sunday about a group of people dressed as Ku Klux Klan members in the vicinity of Greenwell Street in the town on Saturday night.

"We are also aware of images that are circulating that show people dressed as Ku Klux Klan members.

"Our enquiries are ongoing, and we are treating this as a hate incident at this time.

"Hate crime, in all its forms, is totally unacceptable. It is the responsibility of each and every one of us to ensure that we live in a society where diversity is respected.”

Singaporean investor praises London as it buys £385m City building

Business reporter,London(wp/es):

A Singaporean investor on Friday said London will remain a “global financial hub”, after paying £385 million for the former home of the London Stock Exchange.

Singapore-listed City Developments has bought 125 Old Broad Street from private equity giant Blackstone, in one of the biggest single-building deals in the Square Mile this year.

The 26-storey 329,000-square-foot office building, previously known as Stock Exchange Tower, overlooks the Bank of England and is let to businesses including law firm King & Spalding and China International Capital Corporation.

The property was home to the LSE for more than 30 years until it relocated in 2004.

Frank Khoo, chief investment officer at City Developments, which was advised by property agent Cushman & Wakefield, said: “We have confidence in the long-term fundamentals of London as a global financial hub with a robust office market.”

The weaker pound since the EU referendum has made the capital a bargain to international buyers compared with rival cities.

Man charged after Met Police officers stabbed with screwdriver

Crime reporter(wp/es):

A man has been charged with two counts of grievous bodily harm after allegedly attacking two Met Police officers with a screwdriver.

One officer was stabbed in the head and another in the arm during an incident in north London on Wednesday.

They had been called to reports of a burglary in Lawrence Gardens, Mill Hill, at 4.45pm, police said.

Roque Dos-Santos Sequerira, 29, of Lower Strand, Colindale, has also been charged with one count of burglary and two counts of possession of an offensive weapon.

He has been remanded in custody to appear at Willesden Magistrates' Court on Friday.

Both officers have since been discharged from hospital.

Boy, 6, killed in house blaze as mother screams 'help me, help me'

Staff reporter,Derbyshire(wp/es):

A six-year-old boy has died in a house fire in Derbyshire, police have said.

The child was killed after a blaze ripped through a house in Ilkeston on Friday night.

His mother was reportedly heard screaming for help and neighbours apparently tried to force their way into the house to rescue the child.

One neighbour told Derbyshire Live: "I heard this commotion on the street, it was the mum screaming 'help me, help me'."

"Me and another neighbour tried to get in but we just couldn't."

Another neighbour named Jack Hill described how he tried to get to the bedroom to rescue the boy.

"I ran to the Chinese takeaway and grabbed their fire extinguisher and went into the house.

“I tried to get into the upstairs room but the smoke was too thick.

“Then I saw the young boy that lives there being brought our by the fire brigade."

The emergency services were called to an address in Shaw Street West at 10.40pm.

Firefighters pulled the boy from the house and he was taken to hospital where he later died. 

Derbyshire Constabulary said in a statement on Saturday: "We were called by Derbyshire Fire and Rescue to reports of a fire at a house in Shaw Street West, Ilkeston, at 10:40pm last night (26 October)

"Firefighters entered the property and found a six-year-old boy with serious injuries.

"The boy was taken to Queen's Medical Centre by ambulance, however, he was pronounced dead a short time later.

"Enquiries as to the cause of the fire are ongoing and a joint police and fire investigation will take place today."

Anybody with any information about the incident is encouraged to contact Derbyshire Constabulary, with reference 18*516997.

Hammond to increase road investment by 44 percent in budget

Staff reporter(wp/reuters):

British finance minister Philip Hammond will announce a 44 percent jump in roads and highways investment in his budget on Monday, the finance ministry said, offering a glimpse of higher public spending promised by the government.

The 25.5 billion-pound fund for the 2020-2025 period will be invested in projects in England such as motorway improvements and major new roads, the ministry said on Saturday.

A further 3.5 billion pounds would be earmarked for local routes.

The ministry said the investment would reduce congestion and help to improve Britain’s weak productivity growth.

Revenues raised by Britain’s Vehicle Excise Duty would be entirely earmarked for spending on roads for the first time.

Hammond is under pressure to show he can honour Prime Minister Theresa May’s promise to end nearly a decade of austerity while sticking to his plan to clean up high levels of public debt.

Although he has some room for manoeuvre after a fall in the budget deficit, uncertainty about Britain’s exit from the European Union in March, and its impact on the economy, is likely to restrict Hammond’s options on Monday.

On Friday, the government said Hammond was likely to give a 900 million-pound tax cut to small retailers to help them compete against online competition.

The finance ministry said on Saturday that Hammond would also launch a feasibility study into a no-interest loan scheme to help low-income households seeking to break their reliance on high-interest payday lenders.