Kate Andrews

Labour avidly disagrees with the Tories’ plan to fill budget gaps by hiking National Insurance. So what would they do differently? This was one of the many tasks Rachel Reeves had today as the shadow chancellor delivered her speech at Labour party conference. Reeves not only had to set out an alternative tax-and-spend policy but also take aim at the financial decisions made by Boris Johnson’s government. Did Reeves succeed? No doubt her job was made much easier over the weekend as an energy crisis, which the government should have seen coming, continued to splash across the front pages, exacerbated by fuel shortages at the pumps brought on by a lack of truck drivers.

On BBC One’s Andrew Marr show Sajid Javid confirmed that plans for domestic vaccine passports in England were on the way out, even before they were formally brought in: ‘We should keep it in reserve,’ he said of the government’s plans to link vaccine status to entry into nightclubs, but ‘I’m pleased to say we will not be going ahead with plans for vaccine passports.’ Vaccine passports have been a roller-coaster policy for months now, with claims made by members of the Cabinet at the start of the year that they weren’t being considered: that nothing so ‘discriminatory’, in the words of vaccine minister Nadhim Zahawi, would be implemented.

The arrival of ‘freedom day’ on 19 July enabled people to return to concerts, festivals, and ditch social distancing, but these rediscovered freedoms did not revive the economy. The ONS said this morning that growth was just 0.1 per cent in July, far lower than the consensus forecast. It was particularly disappointing given the growth seen in the locked-down months of June (one per cent) and May (0.6 per cent). The Pingdemic – and concerns about the Delta variant – cancelled out any animal spirits around reopening. August’s GDP boost is going to need to be much stronger for the more bullish forecasts to pan out Nightclubs reopened and the entertainment sector was up nine per cent, but the end of stamp duty hit real estate.

Another day, another tax hike. This is presumably not how Boris Johnson saw his first term in office going; he’s reneged on manifesto promises left and right, including one that defines modern Conservatism: a healthy scepticism of tax rises. The new health and social care levy of 1.25 per cent for employers and employees (so, really, a 2.5 per cent levy) is now part of an emerging trend. This is not a one-off tax, but the follow-on from a March Budget that included £25 billion worth of tax hikes. In fact, it’s record-breaking. The levy is estimated to raise an additional £12 billion a year extra for the Treasury's coffers.

Boris Johnson pledged to 'fix the crisis in social care' over two years ago. Next week, the Prime Minister is set to announce his plan to do just that. In doing so, he is also expected to opt for a major break from his manifesto pledge not to raise key taxes. So what is Boris's solution, and will it work? The Prime Minister remains wedded to the 2011 Dilnot reforms to answer today’s problems. This includes bringing in a cap on the cost one would be required to pay for their social care. At least a 1p tax hike on National Insurance is also expected, to raise around £6bn. This pot of money will be used firstly to tackle the NHS’s ever-growing waiting list (over five million now, and counting) and then be diverted to cover social care costs.

Andy Haldane’s departure from the Bank of England opened up one of the most influential roles in guiding UK monetary policy — and that role has now been filled. Huw Pill has been announced as the BoE’s new chief economist, taking up the post from next Monday. Some of the snap reaction is focusing on Pill’s similarities to those who came before him. Despite resources being poured into diversity teams to recruit a mix of applicants, it was Pill who was selected, a former Goldman Sachs economist and most recently a senior lecturer at Harvard Business School. Pill won't take kindly to ideas about reneging the Bank of England's independence But his ideology may prove very different from the other eight members of the Bank’s Monetary Policy Committee.