Crossrail, Tube investment worth £78bn to UK economy

first_img whatsapp INVESTMENT in Crossrail and Tube upgrades are worth £78bn to the UK economy, the London Assembly’s transport and economic development committees have argued in a letter to chancellor George Osborne. KCS-content Crossrail, Tube investment worth £78bn to UK economy The committees urged Osborne to protect Crossrail and Tube upgrade work from the austerity cuts, warning to do so would be a “false economy” for London and the rest of the UK.“These are major strategic transport projects which are crucial to delivering much needed improvements to London’s transport system and ensuring its long-term economic prosperity,” they wrote. “In turn, they have the potential to generate wider benefits for the whole UK economy.”Crossrail is expected to contribute at least £36bn to national GDP over the next 60 years, while the Assembly committees said one estimate put the potential government earnings from the project at £22bn over 10 years through extra tax take, increased property levies and fare profits.Passengers use the Tube for over a billion journeys per year, they said, meaning it is crucial to invest in the network to ensure London remains an attractive place to live and work.Mayor of London Boris Johnson has been vocal in his efforts to persuade Prime Minister David Cameron of the importance of maintaining investment in London’s transport. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Share Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search Ads Tags: NULL Tuesday 14 September 2010 8:39 pm whatsapplast_img read more

King insists a rise in rates is not imminent

first_imgIn two years inflation is likely to fall below the Bank’s target rate — if interests rates rise.l The forecast is based on interest rates increasing to 2.1 per cent by the end of 2011.“There is a high degree of uncertainty, and a wider than usual range of views among committee members around the overall look for inflation Share Wednesday 16 February 2011 8:43 pm MERVYN King yesterday tried to play down expectations that the Monetary Policy Committee (MPC) would imminently start raising interest rates to curb inflation, insisting that it would be a “futile gesture”. Unveiling the Bank of England’s quarterly Inflation Report, in which it lowered its forecast for economic growth this year from 2.6 per cent to around two per cent and confirmed that inflation could reach five per cent before June – more than double its two per cent target for the consumer prices index (CPI), the governor said that people were “running ahead of themselves in saying we are pre-announcing, or laying the ground, for a rate rise.”Despite King’s protestations, economists yesterday said the growth forecasts contained in the report indicated a hike in just three months’ time in May. Under the Bank’s “central projection”, which King stressed was not a “pre-announcement” of policy, rates will rise a quarter point to 0.75 per cent in the next four months and to one per cent by the end of the year. By the end of 2012, rates will be at two per cent and at three per cent by the end of 2013. “The Inflation Report projects that inflation is as likely to be above target as below target 2-3 years ahead and does imply that the MPC is likely to hike rates soon, in the next few months, unless there are major disinflationary surprise,” said Michael Saunders at Citi. Economists at both RBS and Barclays brought forward their rate rise expectations to May after the report. Nomura economist Philip Rush said that King’s personal scepticism about the urgency of action to tackle Britain’s above-target inflation may lie behind the divergence in tone between the Inflation Report and his own comments downplaying a rise. “The forecasts are the MPC’s collective judgment, whereas what King says often seems to verge off more to his dovish stance,” he added. The Inflation Report confirmed the divisions on the rate-setting Monetary Policy Committee, saying there was a “wider than usual range of views” on both growth and inflation. Economists interpreted the disclosure as evidence that Andrew Sentance and Martin Weale have been joined by at least one other MPC member in calling for a rate hike.BANK OF ENGLAND INFLATION REPORT – MAIN POINTS”True clothing prices were around 5.5 per cent higher than measured in the CPI, equivalent to adding around 0.3 per cent to aggregate annual CPI inflation” whatsapp Show Comments ▼center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm KCS-content King insists a rise in rates is not imminent whatsapp Tags: NULLlast_img read more