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The Financial Times
Volkswagen’s supervisory board will meet in Wolfsburg on Monday morning to discuss the widening emissions scandal, as union representatives gear up for a fight to protect workers from looming cost cuts.
The German carmaker faces a hefty financial burden after admitting to manipulating tests for both nitrogen oxide and carbon dioxide pollution from its cars.
Continuing low interest rates have handed George Osborne a windfall ahead of this month’s spending review, leading to expectations that the UK chancellor will use some of the cash to scale back £20bn of planned cuts.
Tory MPs and Whitehall mandarins have told the Financial Times they expect Mr Osborne to announce this month that lower-than-expected costs of servicing government debt mean he no longer has to cut so deep to achieve his planned budget surplus by the end of the decade.
The CBI has downgraded its forecasts for UK growth for this year and next, although it said the national economy remained resilient in the face of wider fears for global expansion.
The employers’ group now expects growth in 2015 to be 2.4 per cent, rather than 2.6 per cent, and in 2016 2.6 per cent, rather than 2.8 per cent.
Britain is no longer “the sick man of Europe” it was in 1970s and could continue to thrive outside of the EU, David Cameron will say this week, as he prepares to set out his demands for reform ahead of the In-Out referendum. In some of his most strident language yet, Mr Cameron will tell voters that the vote will be “the final decision” for the country.
George Osborne’s ‘national living wage’ is a “con job” that will leave people at least £8,700 worse off by 2020 than they would have been under the ‘real’ living wage, Liberal Democrat leader Tim Farron has claimed.
Mr Farron said that research carried out by his party meant the living wage, as defined by the Government, was “utter fantasy”. The Government’s new national minimum wage of £7.20 an hour from April 2016 is a key plank of their “high wage, low welfare” economic policy. It has been used to justify controversial cuts to tax credits that could slash £1,300 from three million household budgets.