Tom Burgis

Tom Burgis became the FT's West Africa correspondent, based in Lagos, in June 2009, having previously covered southern Africa from Johannesburg. He has reported for the paper from London, Brussels, South America and Africa.

Tom Burgis

George Osborne fights to retain confidence in his stewardship of the economy with a crunch mid-term Budget.

By Ben Fenton, Lina Saigol and Tom Burgis on the newsdesk in London with contributions from FT correspondents in Westminster and beyond. All times are GMT.

 

Tom Burgis

George Osborne

Welcome to our rolling coverage of the Autumn Statement.

George Osborne has missed his fiscal targets and cut corporation tax.

We’ll bring you all the day’s developments live. By Tom Burgis and Ben Fenton.

15.45: We’re winding up the blog now, but you can follow events as they unfold through constantly updating stories on the front page of FT.com

15.31: A representation of the “flamethrower of uncertainty” can be found in the documentation of the OBR. It is also known as a “fan chart”. I doubt George Osborne is a fan of it, though.

15.24: Chote speaks of the “flamethrower of uncertainty”- a favourite phrase, unsettlingly enough, of the OBR, which is a chart showing forecasts in a wide range that makes the chart lines look like a firebreathing dragon.

15.18: Chote says that the variation in the possible range in the forecast of net debt figures for the UK is a large number, but is “dwarfed by the scale of uncertainties” on the issuance of debt. I think that’s the second time he has said that in his address.

15.12: The Spectator is running a rather scary chart showing the lost output of the current “seven-year slump” in the UK.

15.07: Robert Chote, director of the Office for Budget Responsibility, is live now, going through his department’s figures that underpinned the bad news Mr Osborne has just had to deliver.

15.05: Gavyn Davies has blogged for the FT with his view on the autumn statement while the FT’s Lucy Warwick-Ching has collated some very interesting instant reaction from personal finance experts.

14.49: Hannah Kuchler on the FT’s UK desk has been keeping an eye on business reaction to the autumn statement.

She says:

The CBI, the employer’s organisation, urged the government to stick to its guns on deficit reduction to retain international credibility, saying it was no surprise that austerity would last longer than expected.

John Cridland, director-general, welcomed investment in infrastructure and support for exports, but said the proof was in the delivery. He said:

“Businesses need to see the Chancellor’s words translated into building sites on the ground.”

But the British Chambers of Commerce was less positive, declaring the statement not good enough for a country meant to be in a state of “economic war”.
The government is just “tinkering around the edges”, John Longworth, the BCC’s director general said, adding: “The Budget next March must make truly radical and large-scale choices that support long-term growth and wealth creation. That means reconsidering the ‘sacred cows’ of the political class, including overseas aid and the gargantuan scale of the welfare state. Only a wholesale re-prioritisation of resources, to unlock private sector finance, investment and jobs, will be enough to win the ‘economic war’ we are facing. The danger is that our political class is sleepwalking with its eyes open.”

14.40: Lionel Barber, the FT’s editor, just passed by the live news desk so we asked him what he thought of the autumn statement.

The Chancellor is in a hole, but the good news is that he’s stopped digging. The FT supports the government’s fiscal stance, but is there more to be done on monetary policy to boost growth? That’s the question.

14.26 Who says the British don’t like doing things the French way? Might we surmise from this tweet from the BBC’s Robert Peston’s interview with Danny Alexander, Osborne’s Lib Dem No2, that the UK’s crediworthiness might be going to way of its Gallic cousins’?

[blackbirdpie url="https://twitter.com/Peston/statuses/276330461142327296"]

Others are more chipper:

[blackbirdpie url="https://twitter.com/MJJHunter/statuses/276330252601524225"]

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Tom Burgis

Welcome to our live coverage of Marcus Agius’ testimony to MPs. The outgoing Barclays chairman faces questions on rate-rigging by the bank’s traders and his defence of Bob Diamond. By Tom Burgis and Ben Fenton in London. All times are London time.

12.53 That’s that for our live coverage of Agius’ evidence. That was brutal — even if the outgoing Barclays chairman somehow contrived to compare himself to Donald Rumsfeld and his bank to Roger Federer.

Three key nuggets from what we heard today:

  1. After points in Agius’ testimony contradicted Bob Diamond’s comments to MPs, some members of the Treasury select committee are convinced that Bob Diamond misled them
  2. Diamond will walk away with £2m in salary and cash in lieu of pension, inlcuding being paid double his contractual entitlement of six months’ notice. He has waived bonuses worth up to £20m
  3. FSA chairman Lord Turner wrote to Agius in April and told him that the regulator’s “cumulative impression” is that “Barclays has a tendency continually to seek advantage from complex structures or favourable regulatory interpretations”

12.41 Here’s a last thought from Chris Giles, the FT’s economics editor:

[blackbirdpie url="https://twitter.com/ChrisGiles_/status/222656026019762178"]

12.37 And with that, after two and a half hours in the hot seat, Agius is ejected into the Thames allowed to depart. Read more

Tom Burgis

Welcome to our live coverage of Paul Tucker’s testimony to MPs probing the Libor scandal. The deputy governor of the Bank of England faces questions about his actions at the height of the financial crisis. By Tom Burgis and Ben Fenton in London with contributions from FT correspondents. All times are London time.

19.00 That’s that for our live blog. There are three main points from Tucker’s testimony.

  1. Did Labour ministers lean on him to get banks to lower Libor in the middle of the financial Crisis, as alleged by George Osborne? “Absolutely not.”
  2. Was Libor considered an ideal measure of interbank lending, even before the rigging revelations? Nope.
  3. Is the FSA board engaged in contingency plans should Libor collapse? Yes.

Thanks for reading. See FT.com through the evening for anaylsis of Tucker’s words. Tomorrow its the turn before the committee of Marcus Agius, Barclays’ outgoing chairman. Read more

Tom Burgis

Rebekah Brooks

This was our live coverage of the Leveson inquiry into press standards on the day Rebekah Brooks, former chief executive of News International and ex-editor of The Sun and the News of the World, took the stand to face questions from Robert Jay, QC.

16.30 That’s it for our live coverage of Leveson today. See FT.com for news and reaction. Ben Fenton’s news story on the BSkyB bid elements to Brooks’ evidence is here. And we’ll leave you with Ben’s take on the day:

So, that was five hours in the witness box for Rebekah Brooks and at the end of it I don’t feel a whole lot wiser. We know that the government was lobbied by NI and News Corp over the Sky bid and now we know that this included taking a line on phone hacking – assuming that the email from NC’s lobbyist Fred Michel wasn’t a complete fantasy. We know that George Osborne discussed the Sky bid at a dinner with Mrs Brooks not long before his boss the prime minister did the same with James Murdoch and Mrs B at her Oxfordshire home.

Beyond that, we have been told how important the holy virtues of journalism are to Mrs Brooks, especially the importance of not allowing one’s personal relationships with politicians or anyone else to compromise one’s independence and journalistic objectivity. No journalist would agree that the story was ever more important than the truth, she said.

It is tempting to say that if that last remark of Mrs Brooks was entirely true, there would be no need for a Press Complaints Commission, let alone a Leveson inquiry.

Mrs Brooks retained her cool almost all the time, but there were moments when Robert Jay’s questioning of her integrity seemed to get her hot under the dainty white collar. Similarly, both he and Sir Brian Leveson seemed exasperated at times by her refusal to be distracted from her message.

My personal favourite moment of the day was Mrs Brooks complaining that these highly paid lawyers had been troubling her with questions that verged on trivial gossip – the loan of a retired police horse, what Rupert Murdoch gave her for her 40th birthday.

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