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What the papers sayBack

The Financial Times

osbourne

Whitehall braced for 100,000 job cuts as Osborne tightens grip

Whitehall is braced for up to a further 100,000 job losses over the next five years as George Osborne takes the reins in a drive to squeeze billions of savings out of the civil service. The appointment of Matthew Hancock, a key ally of Osborne, as cabinet office minister reflects a determination to strengthen relations between the department and the Treasury, which have come under strain in recent years.

Cameron faces pressure to bring forward Brexit vote

David Cameron is under pressure to bring forward the date of his EU referendum to 2016 to limit any business uncertainty from a prolonged lead-up to the vote.

NHS at heart of Cameron’s ‘one-nation’ speech

David Cameron will put the National Health Service at the centre of his first major speech since the election today, signalling his “one nation” government will not cede to Labour an area traditionally seen as the opposition party’s strongest suit. The prime minister will confirm the Conservatives’ commitment to improve access for patients and invest an additional £8bn a year in the NHS by 2020.

Companies and Markets

Saudi oil sales to US at post-crisis low

Saudi Arabia’s oil exports to the US have fallen to their lowest level since the financial crisis, showing the impact of the shale boom and fast-growing imports from Canada. The US has bought an average of less than 1m barrels a day of Saudi crude over the past year, weekly and monthly US government data show.

The Times

Union holds Labour to ransom over leadership

The battle lines over Labour’s future were drawn last night after the head of Britain’s biggest union turned his fire on Blairites and demanded a new leader willing to champion “organised labour”. Len McCluskey, the general secretary of Unite, said that its multimillion pound backing for the party could come to an end unless it selected the “correct leader” prepared to speak up for the unions.

NHS chiefs tell Cameron £8bn election pledge ‘is not enough’

NHS bosses have launched an unprecedented appeal to David Cameron to “put his money where his mouth is”, warning that a promise of £8 billion extra will not be enough to stop rationing and rising waiting lists. Leaders of hospitals, mental health and community care trusts want a guaranteed spending escalator each year of this parliament, more money for social care, £2 billion for one-off changes and political cover for unpopular closures or changes in local services.

The Independent

Business

David Blanchflower – Economic View

The Bank of England is living in cloud-cuckoo land on wages

In his reply to a letter from the Monetary Policy Committee this week outlining why CPI inflation was 2 per cent below the target he had set for them, the Chancellor made clear there was more austerity heading everyone’s way.

 

 

The Daily Telegraph

Cameron: New GPs to transform the NHS

Thousands more GPs are to be recruited to the National Health Service to ensure that patients can be treated seven days a week, David Cameron will announce today. In his first major speech since winning the general election, the Prime Minister will set out his plans to transform how hospitals and doctors’ surgeries are run.

Burnham leads bonfire of policies from Miliband’s election manifesto

Candidates for the Labour leadership yesterday queued up to denounce Ed Miliband’s manifesto. Opposition to the in-out referendum on EU membership, the mansion tax and a defence of Gordon Brown’s deficits were cast aside in what the Tories described as a “bonfire of the policies”.

Business

Tech firm plans to race ahead in the driverless car market

The car of the future will be the most powerful computer you’ll ever own, packing the processing power of a supercomputer into a box the size of a car stereo, according to American chip maker Nvidia. Nvidia is best known for supplying powerful graphics processors for video game consoles and laptop computers, but 10 years ago the company started adapting its chips for use in cars.

The Guardian

EU exit may be in UK interest, says top firm

The top executives of JCB, one of the UK’s biggest manufacturing companies, say that Britain should vote to leave the EU if David Cameron fails to negotiate reductions to bureaucracy that they claim weighs down UK businesses.

Posted by Lois Hardy on 18/05/2015