George osborne

Jim O’Neill, who was somehow overlooked in Theresa May's purge of the Osbornites, has become the first person to resign from her Government. A few weeks ago, the former Goldman Sachs chairman said he wanted assurances that she remained committed to the Northern Powerhouse agenda. It seems that no such undertakings were received. In his somewhat terse letter this morning, he had this to say: ‘I primarily joined however for the specific purpose of helping deliver the Northern Powerhouse, and to help boost our economic ties with key growing economies around the world, especially China and India and other rapidly emerging economies.

The Brexit bounce continues. HM Treasury has today released forecasts of the economists it follows, as it does every month. Last time, there was a flurry of downgrades and forecasts of an immediate recession. Now, these forecasts are being torn up by everyone, including by the FT (although you can bet the FT won't report on the upgrades as eagerly as it did the downgrades). The average new forecast suggests GDP will grow by 1.8 per cent this year, far better than the 1.5 per cent forecast last month. This back to where the consensus was before the Brexit vote. The OECD, which had previously predicted "immediate" uncertainty after a Brexit vote, has today also upgraded to 1.8pc for this year, saying instead that the pain will be felt next year (it predicts 0.9pc growth).

After just eight weeks in the wilderness, George Osborne is back – and wants to put the pressure on Theresa May to use the phrase 'Northern Powerhouse' and the agenda that goes with it. Here’s an edited transcript of his BBC Today Programme interview this morning with Nick Robinson. NR: We want to talk about the Northern Powerhouse, but just to be clear then, you’re not tempted to follow your now ex-leader out of politics and spend some time writing your memoirs? No, I’m not. I don’t want to write my memoirs because I don’t know how the story ends and I want to hang around and find out. And there’s an enormous opportunity now to take part in the decisions that are going to affect Britain.

On the morning of the 24th June, Britain woke to find its stock market shattered and its pound pummelled. It appeared – for a brief moment – like all the prophecies of the Brexit doomsayers, not least the Great Seer Osborne, had come true. But then, from the wreckage of that mid-summer morning, green shoots began to appear, and now, more than two months down the line, it seems that Britain has bounced back. In his cover piece this week, Ross Clark argues that the Remain campaign fell victim to the perils of believing their opinion to be ‘objective fact’, and that economic recovery has humiliated the Treasury, Bank of England, and the other grand institutions who swore that Brexit would leave us poorer. So is he right?

In the referendum run-up, we were inundated with warnings and messages of doom and gloom about the untold damage Brexit would unleash - and unleash immediately. It took a pub boss - Tim Martin, the founder of JD Wetherspoon's - to add a bit of perspective. Why, he argued, would consumer sentiment plunge of a majority voted Brexit and got what they wanted? Why, if we wouldn't actually leave the EU for two years, would the economy fall of a cliff? At the time, he was mocked for knowing nothing more than how to pull pints. But now, with the prophecies of economic woe having failed to materialise, it seems he was more on the money - a point he has made.

On the morning of the 24th June, Britain woke to find its stock market shattered and its pound pummelled. It appeared – for a brief moment – like all the prophecies of the Brexit doomsayers, not least the Great Seer Osborne, had come true. But then, from the wreckage of that mid-summer morning, green shoots began to appear, and now, more than two months down the line, it seems that Britain has bounced back. In his cover piece this week, Ross Clark argues that the Remain campaign fell victim to the perils of believing their opinion to be ‘objective fact’, and that economic recovery has humiliated the Treasury, Bank of England, and the other grand institutions who swore that Brexit would leave us poorer. So is he right?

Did you see that odd photo of George Osborne looking shifty, queuing up in the Vietnamese jungle for the chance to fire an M60 machine gun? I found it interesting for a number of reasons. One, obviously, is that it’s probably the first time in five years Osborne hasn’t been pictured wearing a hard hat and goggles. Another is what it tells us about his earnings prospects on the US speaker tour circuit: those guns can fire up to 650 rounds a minute — so at the local tourist rate of £1 a bullet that’s quite an expensive cheap thrill. Mainly, though, what struck me about that snap was just how quickly fortune’s wheel can turn.

Theresa May was once seen as the continuity candidate to succeed David Cameron. However, since becoming Prime Minister she has gone on to sideline or backtrack many of Cameron and George Osborne's pet projects. As well as delaying Hinkley Point and leaving the Northern Powerhouse's future up in the air, she has provoked anger this week over the Government's childhood obesity strategy. While Cameron made clear that childhood obesity would be a flagship issue for his government -- with Jeremy Hunt even promising to take draconian measures -- May appears to take a different approach. In the report -- pushed out in recess -- May has scrapped plans to curb junk food advertising and created confusion over Osborne's sugar tax now that it will no longer be a tax on consumers.

Since Theresa May succeeded David Cameron as Prime Minister, she has wasted no time in putting distance between herself and many of Cameron's flagship policies. As well as putting the brakes on Hinkley Point, May has hinted that she will take a fresh approach to the Northern Powerhouse and grammar schools. Now Mr S understands that another aspect of the Cameron and Osborne premiership is facing the axe. During Cameron's time in government, both he and Osborne became known for their penchant for hard-hats and high-vis jackets. In fact, Osborne wore the items for so many industrial visits that he even became known as the 'hard-hat chancellor'.

There was a good response to the call for poems on a political theme entitled ‘May day’ but the mood was overwhelmingly bleak despite the efforts of a relentlessly optimistic few, Tim Raikes and Alanna Blake among them. There was much to admire though, including a neat riff from Frank McDonald on Shakespeare’s Sonnet 18 — ‘Shall Maggie be compared to Theresa May/ Who is more cautious and more temperate?’, a ‘Jabberwocky’-inspired submission from Andrew Bamji and Alex Lynford’s clever Blakean turn. Nicholas Hodgson, Martin John, George Simmers, G.M. Davis, John Whitworth and Michael Copeman were on top form too. The winners are printed below and earn their authors £30 apiece. The extra fiver is Alan Millard’s.

Whilst Labour tangle themselves up in civil war, the Prime Minister is making a move for the party's economic territory. On her first day in Downing Street, Theresa May said her Government would stick up for everyone, not only the 'privileged few'. Today, she'll start work making good on that promise when she chairs the first meeting of her Cabinet committee on the economy and industrial strategy. So what does that all mean? It's obvious the sentiment suggests an attempt to beat Labour at its own game. From the politician who coined the description of the Tories as the 'nasty party', May is doing her best to show the Conservatives are the party of both compassion and competency.

Plans to build a new nuclear power station at Hinkley Point in Somerset suffered a surprise setback on Friday after the Government said it wanted to 'review' the decision before it gave the go-ahead. But what are EDF - the French company which had approved funding for the project - and the French press making of the Hinkley hold-up? With the Brexit vote having tested Franco-British relations somewhat in recent weeks, Theresa May's decision to review the building of Britain's first new nuclear power plant in two decades isn't helping matters - with the French press reacting with consternation to the delay.

Yesterday was supposed to be the day the nuclear button was finally pressed – a vote by the board of French energy company EDF to go ahead with Hinkley C power station was assumed to be the moment at which the project would finally spring off the drawing board. Instead, business secretary Greg Clark announced that he needed until September to make a final decision on the government’s behalf. He is to be commended for not being pushed into the go-ahead. Hinkley – along with Heathrow and HS2 – is one of three ‘Hs’ bequeathed by the Cameron-Osborne years: hugely expensive infrastructure projects seemingly frustrated by chronic indecision.

For all Gordon Brown’s economic mistakes, he at least tried to build confidence in the British economy. In the build-up to the European Union referendum, David Cameron and George Osborne did the opposite. Osborne, as Chancellor, ignored the good news, accentuated the bad and tried to portray Britain as an economic weakling propped up by EU membership. He was joined by a great many investment banks who produced analyses saying that Britain’s life outside the EU would be catastrophic. Since the referendum, these anticipations of doom have continued. It is rather strange to watch. Encouraging economic news — the increase in high-street spending, the buoyant demand for jobs through recruitment agencies — is brushed aside.

It is still a little too early to say for sure that George Osborne’s gloom-laden economic forecasts for post-Brexit Britain were bunk. But never mind the future, it now emerges that he wasn’t much good at telling us what was happening in the present. Throughout the referendum campaign he could barely disguise his contempt for the whole exercise, telling us that the UK economy was suffering from the mere fact we were having a vote. A week before referendum day, for example, he told us that  'The economic uncertainty that the ‘Leave’ campaign carelessly insist won’t be caused is already being seen.' Whatever he was seeing, it didn’t reflect reality. The growth figures for the second quarter released today reveal that in fact the economy grew by 0.