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IFS: 'Almost complete consensus' on Brexit impact

The Director of an economic think tank has told ITV News that there is "almost complete consensus" that Britain leaving the European Union would have a "negative" impact on growth in the country.

A report by the Institute of Fiscal Studies found the UK could be forced to endure two more years of austerity if voters choose to leave the European Union.

It has predicted that a vote to leave the EU could see public finances hit by between £20 billion and £40 billion in 2019/20.

Speaking to ITV News' Political Editor Robert Peston, Paul Johnson said it would only take a reduction in the size of the economy of "less than one per cent" to "more than overwhelm" the £8 billion gain from not paying for EU membership.

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  1. Wales

Welsh secretary 'determined' to find solution to Tata's complex pension issue

The Welsh Secretary says the Government is determined to find a solution to Tata's complex pension issue.

It came after Stephen Kinnock asked what measures had been taken to ensure a viable and sustainable pension scheme will be developed as a result of the sale of the business.

Alun Cairns said he's met with Business Secretary following his meetings with Tata in Mumbai to discuss the main issues surrounding the sale including the pensions, power and plant.

Steelworkers march through Westminster in protest

Credit: Matthew Thom

Steelworkers are marching through Westminster to highlight the crisis in their industry.

They are calling on the government to "ensure the responsible sale of Tata Steel's UK assets" and to deliver "a proper industrial strategy that supports the entire steel sector".

Credit: Matthew Thom
Credit: Matthew Thom

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Excalibur Steel 'working alone' on Tata bid

Credit: PA

Excalibur Steel is "working alone and is not currently contemplating acting in conjunction with any third party" in its bid to buy Tata Steel's UK assets, ITV News has learned.

On Sunday it was reported that Liberty House and Excalibur Steel UK could be considering working together to buy the Tata Steel UK operation, before Excalibur's Chairman said this was "completely untrue".

The company has now said it will not be working with any other firm.

Excalibur Steel UK Ltd was created as an entity to manage the financing of an employee and management led buy-out of Tata Steel UK Ltd.

Recent media speculation has suggested that Excalibur is not pursuing this objective independently. This is incorrect.

Excalibur is working alone and is not currently contemplating acting in conjunction with any third party.

– EXCALIBUR STEEL STATEMENT

Steelworkers gather in Westminster for protest

Credit: Matthew Thom

Steelworkers have gathered in Westminster ahead of a march to highlight the crisis in their industry.

They are calling on the government to "ensure the responsible sale of Tata Steel's UK assets" and to deliver "a proper industrial strategy that supports the entire steel sector".

The march comes as a shortlist of bidders is drawn up for the UK assets of Tata Steel, including the Port Talbot plant in south Wales.

Tata's board meets in Mumbai on Wednesday to discuss the prospect of sale, which would save thousands of jobs.

Business Secretary Sajid Javid and Welsh First Minister Carwyn Jones have traveled to the India city for talks.

Credit: Matthew Thom
Credit: Matthew Thom

Leave: IFS report 'based on ludicrous assumptions'

A report by the Institute for Fiscal Studies which said Britain could be forced to endure two more years of austerity if voters choose to leave the European Union is "based on ludicrous assumptions", a government minister and Leave campaigner has claimed.

Andrea Leadsom, the Minister for Energy and Climate Change, said economic forecasts "are only going to spit out on the assumptions that you put in", and criticised the report for being "a rehash of previous work."

I think people are getting a bit sick and tired of this overwhelming stuff about how the economy is all going to end in tears if we leave the European Union.

The truth is of course that economic forecasts are only going to spit out on the assumptions that you put in. This IFS work isn't new, it's just a rehash of previous work, including that dreadful Treasury report that assumes that the UK won't do any trade, that our productivity will take a hit, just ludicrous assumptions.

And depending on the assumptions you put it, you can get absolute doomsday out the other end.

– Andrea Leadsom, the MP for South Northamptonshire
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