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'Ending austerity' will cost £19bn, IFS warns chancellor

'Ending austerity' will cost £19bn, IFS warns chancellor

Business
The only way the chancellor can end austerity is to borrow substantial sums or raise Britain's tax burden to the highest level for nearly 70 years, the Institute for Fiscal Studies (IFS) has warned. In its closely-watched green budget, a survey of the UK economy and public finances, the IFS said that even the mildest version of "ending austerity" would cost a minimum of £19bn - the equivalent of a penny on income tax, National Insurance and on VAT.The IFS added that there was effectively no prospect of a "Brexit dividend" for the public finances and warned that UK economic growth would remain weak for another two years.Its report comes a fortnight ahead of the chancellor's winter budget, in which he will unveil his latest plans for borrowing and spending. But the I...
Merkel starts fourth term as German Chancellor

Merkel starts fourth term as German Chancellor

World
Angela Merkel has finally begun her fourth term as Chancellor after almost six months of political deadlock in Germany.Ms Merkel is due to be sworn on Wednesday.Parliament voted 364 to 315 in a secret ballot to re-elect Ms Merkel, who ran unopposed.Germany has been locked in political uncertainty for almost six months after millions of voters abandoned the two main parties.Ms Merkel's Christian Democratic Union of Germany party (CDU) and the Social Democratic Party (SPD) were dropped by the public in favour of parties on the left and right.Image:Angela Merkel (in white) receives congratulations from parliamentarians following her election for a fourth term as ChancellorA coalition has been formed between the CDU, the Christian Social Union (CSU) - which is the CDU's Bavaria-only sister par...
Seahawks' Chancellor intends to play next season

Seahawks' Chancellor intends to play next season

Sports
Seattle Seahawks safety Kam Chancellor intends to play in 2018, according to a published report. Chancellor, who suffered a season-ending neck injury in November, expects to be back with the Seahawks providing he receives medical clearance, Ian Rapoport of NFL.com reported. The 29-year-old Chancellor's $ 6.8 million salary for 2018 was guaranteed on Friday, the trigger day for the team to make any moves on contracts. He signed a three-year extension in August. There has been speculation about Chancellor's future after he posted an image on Instagram that appeared to reflect he was walking away from the team. Following the season, Seahawks coach Pete Carroll said that Chancellor and defensive end Cliff Avril would have a "hard time" in coming back from their neck injuries. Chancellor's ei...
Merkel vs. Schulz: An American duel for German chancellor

Merkel vs. Schulz: An American duel for German chancellor

Finance
If pollsters are to be believed, half of all Germans eligible to vote will be glued to their television sets on Sunday evening for the only debate between Chancellor Angela Merkel and her challenger, Martin Schulz. In a campaign that otherwise feels soporific to outsiders, and even to Germans, this "showdown" will pass as a climax. Can Schulz, trailing badly in the polls, land a punch? Will Merkel, comfortably ahead, seem robotic or defensive in parrying his blows?These questions are fun, and we will soon have answers. But they distract from a bigger point: Germany should not have such debates at all, for they are, like so many things in Germany, an American import that does not fit into Germany's culture of democracy, which is very different from America's.More from Handelsblatt Global: ...