British Prime Minister Andy Burnham said on Tuesday he would cut taxes on electricity bills, the first of several early moves to signal his intent to ease a cost-of-living crisis and quell anger over successive governments’ failure to bring change. On his second day in his new job, Burnham said his government would remove the value-added tax from domestic electricity bills from October 1, cutting around £45 from the average annual bill of around £1,862 that households pay. With bond investors...
Hong Kong’s decision to introduce its first five-year plan has prompted familiar questions. Does this signal greater government intervention at the expense of the free market? Will it make Hong Kong’s development model more similar to that of the mainland? Could it overlap with the annual policy address and budget? And without detailed key performance indicators, might it become little more than a symbolic document? These concerns deserve a serious response. For Hong Kong, the purpose of a...
Hong Kong has embarked on the path of drawing up its first five-year plan – a significant moment in its history. Hong Kong’s first five-year plan should be more than a local economic blueprint. Properly conceived, it should define how the city contributes to China’s national development while preserving the global connections that make Hong Kong uniquely valuable. Success will depend on three mutually reinforcing pillars – deeper integration with the mainland, seamless connectivity across the...
The wealth gap is wider than it’s been in three decades.
Germany’s ruling coalition has pledged to take a tougher line on defending trade at the continental level, signalling a potential shift by a country long seen as the European Union’s main brake on stronger action against China. The pledge formed part of a 34-point package to revive Germany’s ailing economy that German Chancellor Friedrich Merz’s coalition agreed to on Thursday. While the document did not mention China, German Finance Minister Lars Klingbeil said the government was adopting a...