Latest news with #PaulJohnson
Bloomberg
a day ago
- Business
- Bloomberg
Rachel Reeves' Lengthening Shopping List: Ailbhe Rea
The list of things that Rachel Reeves will have to scramble to fund in this autumn's budget has been getting longer in recent weeks: Now Reeves may have to make a rather expensive tweak to the above, as well as adding another possible line item to the list. NATO is pushing its members to agree this week to boost defense spending even higher — to 3.5% of GDP by 2032 — and failing to back the new target would damage Britain's efforts to present itself as the alliance's leading European power. Even without the higher NATO target, the IFS's Paul Johnson has said that only 'chunky tax increases' will cover government plans for more defense spending.
The Independent
2 days ago
- Business
- The Independent
Starmer warned of need for ‘chunky tax rises' to pay for new military spending
Sir Keir Starmer has been warned he will need to make 'really quite chunky tax increases' to pay for his plans to increase defence spending. The Prime Minister said he was '100% confident' cash would be available for all plans laid out in the new strategic defence review, which includes extra attack submarines, £15 billion on nuclear warheads and thousands of new long-range weapons. The Government has promised to increase defence spending to 2.5% of gross domestic product (GDP) by 2027, and has an ambition – but no firm commitment – to hike it to 3% in the next parliament. Paul Johnson, the director of the Institute for Fiscal Studies (IFS) think tank, warned the Government faces tough financial choices over the plans, as it also grapples with other key areas of public spending. He told Times Radio: 'It looks like the Government wants to reinstate the winter fuel payment. It's thinking about the two-child limit for benefits. We've got a spending review next week. 'And if we are really going to spend another £10-£15 billion a year on defence, whilst inevitably we're going to spend more and more on health and pensions and so on, you really do have to ask that question, what are the choices that you're going to make?' Mr Johnson added: 'I mean, bluntly, it really does seem to me that the only choice that is available, if we're going to go through all of those things, is some really quite chunky tax increases to pay for it. 'But of course, that's not something the Prime Minister or the Chancellor is willing actually to say.' Sir Keir earlier declined to rule out another raid on the aid budget to fund increased defence spending, and signalled he was hopeful that the extra investment could be supported by a growing national economy. The Prime Minister was asked to say that he would not go back to the budget in search of funds to meet his 3% goal, as he set out his plans during a visit to Glasgow. He replied: 'On the aid budget, it was a difficult decision that we had to take in order to get to 2.5% and I am absolutely clear that in the meantime we have to ensure that we do other work on aid, working with other countries, other institutions, to pull levers to trigger the money that we need for aid. 'But the best way to pay for increase in any public spending is to grow our economy. And that is the focus when it comes to defence or any other spending – wealth creation.' Mr Johnson however warned that 'very poor levels of economic growth' meant the Government had 'some really, really tough choices to make'. The Prime Minister also said the terms of the strategic defence review had been set 'on the premise that we will be spending 2.5% of GDP on our defence'. He added: 'Obviously, since then, what we've done is then put the date on that – 2027-2028 – the highest sustained increase in defence spending since the Cold War, a date I think that was earlier than some people thought it would be, but also set out that ambition to hit 3% in the next parliament. 'So I'm 100% confident that this can be delivered because that was baked in from the very start of the review as one of the first conversations we had with the reviewers.'
Western Telegraph
2 days ago
- Business
- Western Telegraph
Starmer warned of need for ‘chunky tax rises' to pay for new military spending
The Prime Minister said he was '100% confident' cash would be available for all plans laid out in the new strategic defence review, which includes extra attack submarines, £15 billion on nuclear warheads and thousands of new long-range weapons. The Government has promised to increase defence spending to 2.5% of gross domestic product (GDP) by 2027, and has an ambition – but no firm commitment – to hike it to 3% in the next parliament. Paul Johnson, the director of the Institute for Fiscal Studies (IFS) think tank, warned the Government faces tough financial choices over the plans, as it also grapples with other key areas of public spending. He told Times Radio: 'It looks like the Government wants to reinstate the winter fuel payment. It's thinking about the two-child limit for benefits. We've got a spending review next week. 'And if we are really going to spend another £10-£15 billion a year on defence, whilst inevitably we're going to spend more and more on health and pensions and so on, you really do have to ask that question, what are the choices that you're going to make?' Mr Johnson added: 'I mean, bluntly, it really does seem to me that the only choice that is available, if we're going to go through all of those things, is some really quite chunky tax increases to pay for it. 'But of course, that's not something the Prime Minister or the Chancellor is willing actually to say.' Sir Keir earlier declined to rule out another raid on the aid budget to fund increased defence spending, and signalled he was hopeful that the extra investment could be supported by a growing national economy. The Prime Minister was asked to say that he would not go back to the budget in search of funds to meet his 3% goal, as he set out his plans during a visit to Glasgow. He replied: 'On the aid budget, it was a difficult decision that we had to take in order to get to 2.5% and I am absolutely clear that in the meantime we have to ensure that we do other work on aid, working with other countries, other institutions, to pull levers to trigger the money that we need for aid. 'But the best way to pay for increase in any public spending is to grow our economy. And that is the focus when it comes to defence or any other spending – wealth creation.' Prime Minister Keir Starmer during a visit to BAE Systems in Govan, Glasgow, to launch the strategic defence review (Andy Buchanan/PA) Mr Johnson however warned that 'very poor levels of economic growth' meant the Government had 'some really, really tough choices to make'. The Prime Minister also said the terms of the strategic defence review had been set 'on the premise that we will be spending 2.5% of GDP on our defence'. He added: 'Obviously, since then, what we've done is then put the date on that – 2027-2028 – the highest sustained increase in defence spending since the Cold War, a date I think that was earlier than some people thought it would be, but also set out that ambition to hit 3% in the next parliament. 'So I'm 100% confident that this can be delivered because that was baked in from the very start of the review as one of the first conversations we had with the reviewers.'
Yahoo
25-05-2025
- Business
- Yahoo
Poll suggests Canadians are 'fed up' with current tipping etiquette
From the 20 percent suggested tip on your restaurant bill, to options to add a gratuity at the beer and wine store, the etiquette of tipping has changed. But as Paul Johnson reports, a new poll has found Canadians are feeling 'fed up' with the added expense and expectation.
Yahoo
07-05-2025
- Business
- Yahoo
Republican Red Winery Unveils New Look, Launches The Grand Ol' Wine Club, and Doubles Down on 100% American-Made Wine
An All-American Winery Supporting Local Farmers, Conservative Values, and a Community of Proud Wine Lovers MONTEREY, Calif., May 7, 2025 /PRNewswire/ -- Republican Red Winery, known for its unapologetically American values and commitment to integrity in every pour, proudly announces a sweeping brand refresh that includes updated branding, a revamped website, and the launch of The Grand Ol' Wine Club—an invitation to drink with purpose and pride. Republican Red Winery Logo 100% American-Made Wine, No Compromises At a time when major wine companies are blending up to 25% foreign wine into wines that are marketed as American made, Republican Red Winery stands apart. Every bottle is crafted right here in the USA—from grape to glass. While big wine corporations cut corners by importing cheap alternatives, Republican Red sources exclusively from American farmers, supporting the backbone of our nation's agricultural economy. In a market increasingly drawn to domestic goods, the winery proudly embodies what it means to be an All-American brand—transparent, principled, and patriotic. New Look. Same Backbone. The updated label designs bring a cleaner, more elevated aesthetic to each bottle—without compromising the grit, wit, and American spirit that define the brand. The rebrand includes new limited-edition designs for the iconic 45–47 Series and the introduction of the Emerson Collection, a premium tier of wines representing loyalty, conviction, and strength. Emerson is more than a mascot—he's a reminder to stand tall and never water down your values. In response to customer demand, Republican Red Winery will be rolling out new label designs throughout the year. "Our customers have asked for the new labels," said Paul Johnson, founder of Republican Red Winery. "These new drops pay tribute to American values, spark authentic conversation, and put politics back where it belongs–at the dinner table alongside the wine." The Grand Ol' Wine Club — A Home for Patriotic Wine Drinkers Launching in tandem with the rebrand, The Grand Ol' Wine Club invites proud Americans to connect over wine, conversation, and shared values. The membership includes a personal wine concierge, deep discounts, priority access to limited-edition releases, virtual tastings, and invites to an exclusive Wine Weekend in Monterey, California. To explore the new collections, learn more about our all-American winemaking process, or join The Grand Ol' Wine Club, visit . Media Contact: Kamela // Media Relations pr@
