Latest news with #Heidi Alexander
The Independent
3 days ago
- Business
- The Independent
Nationalisation of train operators ‘tackling deep-rooted problems'
Bringing train operators into public ownership is 'tackling deep-rooted problems' with the railways, Transport Secretary Heidi Alexander said. The Cabinet minister made the claim ahead of c2c becoming the second operator to be nationalised by the Labour Government on Sunday. The operator, which runs services between London Fenchurch Street and south Essex, has been owned by Italy's state-owned rail company Trenitalia since 2017. The Department for Transport (DfT) said c2c is 'consistently rated one of the best performing operators in the country'. It achieved a passenger satisfaction rating for the overall journey of 89% in the most recent research by watchdog Transport Focus. This was the joint sixth best performance out of 22 operators. Ms Alexander said: 'Whether you're shopping in Lakeside or walking along the beach in Southend-on-Sea, from this Sunday you will be able to get there on a train service run by the public, for the public. 'Public ownership is already tackling deep-rooted problems we see on the railway that's led to spiralling costs, fragmentation and waste.' Customers of a nationalised train company can use their tickets on another publicly-owned operator at no extra cost during disruption. Ms Alexander added: 'A unified network under Great British Railways (GBR) will take this further with one railway under one brand with one mission – delivering excellent services for passengers wherever they travel.' GBR is an upcoming public sector body that will oversee Britain's rail infrastructure and train operation. Nationalised services are currently the responsibility of DfT Operator. South Western Railway became the first operator brought into public ownership by the Labour Government in May. It joined Northern, TransPennine Express, Southeastern and LNER, which were nationalised under the Conservative government because of performance failings by the former owners of those franchises. Rob Mullen, managing director of c2c, said: 'We are proud of the reliable and high level of service we offer our passengers, consistently being rated as one of the best performing operators in the country. 'We now have a golden opportunity to collaborate with the wider family of publicly-owned operators, sharing our successes and best practice, but also learning from a wide range of different and diverse operators who have already benefited from public ownership, to drive even more improvements for the people and places we all serve. 'A unified and focused railway can deliver more for our communities, including better growth, jobs and houses.' Eddie Dempsey, general secretary of the Rail, Maritime and Transport (RMT) union, welcomed the nationalisation of c2c but expressed frustration that staff cleaning its trains and stations will still be employed by private company Bidvest Noonan. He said: 'The injustice of outsourcing must end so all railway workers can reap the benefits of public ownership and greedy private contractors can no longer extract obscene profits from the industry. 'Our members working for Bidvest Noonan deserve decent pay and the same terms and conditions as their colleagues, and we will fight tooth and nail to achieve it.' Paul Nowak, general secretary of trade union body the TUC, said: 'We need a fully integrated national rail service that works for passengers and the rail workforce. 'That means tackling outsourcing in the sector.' The next operator to be nationalised will be Greater Anglia on October 12.
Daily Mail
3 days ago
- Automotive
- Daily Mail
EXCLUSIVE Labour's Electric Car Grant will be a drain on taxpayers and cause 'rampant EV depreciation', experts warn
Labour has taken the drastic step to reintroduce electric car grants this week, offering subsidies on EV prices as ministers desperately try to reinvigorate public demand for new models to meet Net Zero goals. But while taxpayer-funded discounts of almost £4,000 should make shiny new battery cars a little more appealing to drivers, it threatens to further compound 'rampant EV depreciation', industry insiders have warned. Transport Secretary Heidi Alexander on Monday unveiled Labour's £650million Electric Car Grant (ECG), coming three years after the previous Tory regime scrapped its own plug-in car grant. The Department for Transport confirms only fully electric models below £37,000 - and that are sustainably produced - are eligible for subsidies from £1,500 to £3,750, with funding in place until 2028-29. But as the dust settles on the reaction to the announcement - which has largely been positive, especially from car makers who smell a spike in sales without taking a hit on profits - some industry experts claim it will only prove to be a major drain on public spending that will cause used EV prices to plummet. According to recent cap hpi data shared exclusively with This is Money, the average electric car in 2025 is losing 43 per cent of its original value after just one year. In monetary terms, this translates to an average financial loss of £25,900 on the recommended retail price when new. As such, residual values for battery cars are already far worse than other fuel types; in comparison, petrol and diesel cars typically lose around 31 per cent of their initial price over the same period. And for some electric models, depreciation can be catastrophic. The exclusive analysis revealed that a DS3 E-Tense typically depreciates at a rate of 66.7 per cent in the first 12 months, shedding almost £26,000 of its original £39,000 price. Cap hpi told us the biggest trigger of widescale EV depreciation in the last two years has been the level of discounting on new electric cars in showrooms. With manufacturers under intense pressure to meet the Government's Zero Emission Vehicle (ZEV) mandate - the annually-increasing EV sales targets set out for the next decade - they have been slashing prices of battery models to make them more attractive to buyers. The Society of Motor Manufacturers and Trader (SMMT) claims car makers swallowed £4billion in losses associated to EV discounting alone. And the introduction of the Electric Car Grant will further compound this issue, a number of experts have told us. As such, buyers of new EVs taking advantage of Labour's grant will later be hit by a financial hammer-blow when they realise the value of their motors have crashed after a matter of months. Philip Nothard, insight director at analysts Cox Automotive told us: 'Heavy discounts on new EVs have already dampened demand for nearly new models available in the used car market. 'While driving down the cost of new vehicles will undoubtedly increase the EV adoption in the new market, these incentives fail to recognise the impact they will have on the used market.' Nothard says the grant now threatens to increase depreciation of electric cars up to two years old. 'The used market is a crucial source of profitability for the automotive sector, so the strength and consistency of the industry is crucial to the success of the government's net zero ambitions,' he said. 'To ensure this, the government needs to consider more support for the used EV sector to put the brakes on the rapid pace of depreciation.' British Vehicle Rental and Leasing Association (BVRLA) chief executive Toby Poston also warned that further stimulating new EV registrations without supporting the used market 'risks creating an even greater supply-and-demand imbalance, putting even more pressure on fast deflating second-hand values'. His concerns follow major warning flags raised about plunging second-hand EV values creating a 'car leasing crisis', which has businesses in the sector on the verge of collapse having already lost 'hundreds of millions of pounds' when customer contracts end and companies are left with low-value EVs to move on. Poston told This is Money that the grants 'overlook potentially serious repercussions for the used market'. He went on: 'Rampant depreciation already has red warning lights flashing. 'The resulting losses from the ECG will erode confidence and result in higher finance costs for new EVs, eliminating much of the benefit from the original grant.' Industry analysts have blamed huge depreciation of electric cars on the fact that manufacturers have in recent months been dramatically discounting showroom prices Ginny Buckley, a TV presenter and massive EV ambassador in her role as chief executive at website said the grants will cause a sudden drop in EV prices that will ultimately ripple into the used market. 'Depreciation [in the second-hand market] has already played havoc with consumer confidence,' she explained to us. 'In our November 2024 survey of over 11,000 UK drivers, nearly four in ten said concerns about the resale value of EVs were holding them back from making the switch to electric. 'While the return of the government grant is a welcome kickstart for the new car market, I'd have liked to see a more balanced approach that also supports used buyers. 'A subsidised used car loan, similar to the scheme already available in Scotland, could help more people go electric and build long-term trust in the market.' EV grants 'a waste of public spending' James Buxton, chief commercial officer at used EV platform car360, says the grants will be an unnecessary drain on taxpayer funds. Speaking to This is Money, he said: 'In reality, manufacturers are going to reduce their incentives and discounts, replacing it instead with government subsidies: a winner for the automotive lobby. 'This means very little in way of meaningful reductions in transactional prices for consumers, and a huge waste of public money. 'Used EV's represent fantastic value for money, and I don't see them depreciating much further than their current levels. 'However, the uncertainty and confusion the ECG announcement has caused will almost certainly lead to another period of volatility, just when we when we were seeing some real traction in the used car market.' Stuart Masson, editorial direction at consumer-facing website The Car Expert, also questioned whether the subsidy will genuinely lower prices. 'History suggests otherwise,' he told us. 'As seen with past EV grants, solar panel incentives and even stamp duty cuts, manufacturers and dealers often adjust prices upwards when grants are available – reducing or even eliminating the benefit for consumers. 'This, therefore, risks becoming just another subsidy absorbed into the industry's bottom line.' What is the Electric Car Grant? The Electric Car Grant (ECG) is the Government's new big hope to drive sales of EVs in the run-up to the end of the decade as it continues to steer towards outlawing the availability of new petrol and diesel cars from 2030. It arrives three years after the previous Tory administration prematurely scrapped its Plug-in Car Grant (PiCG). Only cars up to £37,000 qualify for the grant, which rules out premium models, including every Tesla on sale. No Audi, BMW or Mercedes EV will be eligible either. Some 50 existing models are technically eligible for the grants solely based on their starting price. We've listed these below. Manufacturers must apply to be eligible for the scheme with their sub-£37,000 cars on a 'first come, first served' basis. This means that motorists will not need to fill in any additional paperwork to receive the grant, with all administration handled by the car maker, dealership, and the Government. But because manufacturers must apply for the scheme, it may take weeks for discounted EVs to begin appearing in showrooms, experts say. Nissan's all-new Leaf EV (pictured) is also likely to qualify for the ECG, which will be welcome news to the Sunderland factory where it is being produced The new scheme uses a two-tier system based on 'sustainability criteria' to determine the size of the subsidy provided. Only the greenest models - considered 'band one' - receiving the full £3,750 amount. Band two cars with a lower eco rating will be eligible for a reduced amount as low as £1,500. Bands are determined by each maker's Science-Based Target (SBT) - an industry-wide scheme, with manufacturers needing to meet carbon scores below a specific criterion to achieve the highest green standard. Volkswagen and Renault Group have both confirmed they are signed up with the SBT scheme. Transport Secretary Heidi Alexander said the grant will allow people to 'keep more of their hard-earned money' when buying EVs ECG bands - which could later expand beyond two tiers - will be determined by how much CO2 is emitted in an EV's production, assessing the energy used during assembly as well as battery manufacturing. An overall SBT score is weighted 70 per cent for the CO2 produced during battery manufacturing and 30 per cent for vehicle assembly emissions. Threshold levels to achieve the full £3,750 discount or the lower banded £1,500 have yet to be made public. However, vehicles that don't meet a minimum level will not receive a grant at all. This could be bad news for Chinese EV makers, which currently offer some of the most competitive prices but could fall foul of the emissions-based rules. Transport Secretary Heidi Alexander confirmed the ECG's availability on Monday night, saying: 'The EV grant will not only allow people to keep more of their hard-earned money - it'll help our automotive sector seize one of the biggest opportunities of the 21st century.' Every EV on sale under £37k that could be eligible for new Electric Car Grant Abarth 500e: £29,985 Abarth 600e: £36,985 Alfa Romeo Junior Elettrica: £33,906 Alpine A290: £33,500 BYD Dolphin: £30,205 BYD Dolphin Surf: £18,650 Citroen e-Berlingo: £31,240 Citroen e-C3: £22,095 Citroen e-C3 Aircross: £23,095 Citroen e-C4: £27,650 Citroen e-C4 X: £28,715 Cupra Born: £35,690 Dacia Spring: £14,995 Fiat 500e: £25,035 Fiat 600e: £30,035 Fiat Grande Panda: £21,035 Ford Puma Gen-E: £29,995 GWM Ora 03: £24,995 Hyundai Inster: £23,005 Hyundai Kona Electric: £34,500 Jeep Avenger: £29,999 KGM Torres EV: £36,995 Kia EV3: £33,005 Leapmotor C10: £36,500 Leapmotor T03: £15,995 MG4: £26,995 MG4 XPower: £36,495 MG5 EV: £28,495 Mini Aceman: £28,905 Mini Cooper Electric: £26,905 Mini Countryman Electric: £33,005 Nissan Leaf: circa £30,000 Nissan Micra: circa £23,500 Omoda E5: £33,065 Peugeot e-2008: £35,400 Peugeot e-208: £30,150 Peugeot e-Rifter: £32,250 Renault 4: £26,995 Renault 5: £22,995 Renault Megane E-Tech: £32,495 Skywell BE11: £36,995 Smart #1: £29,960 Smart #3: £33,960 Suzuki e-Vitara: £29,999 Toyota Proace City Verso EV: £31,995 Vauxhall Astra Electric: £34,130 Vauxhall Corsa Electric: £26,780 Vauxhall Frontera Electric: £23,995 Vauxhall Grandland Electric: £36,455 Vauxhall Mokka Electric: £32,430 Volkswagen ID.3: £30,860 Volvo EX30: £33,060
Telegraph
4 days ago
- Business
- Telegraph
Starmer ‘very concerned' over Germany's role in migrant crossings
17 July 2025 4:52pm 4:44PM Inside the London to Berlin trains pledge Eurostar-style trains between London and Berlin could run under plans being drawn up by Sir Keir Starmer and Friedrich Merz. The two leaders will pledge to demolish barriers stopping rail travel between the countries, with a direct link between the capitals believed to be under discussion. Heidi Alexander, the Transport Secretary, told The Telegraph that among the initiatives will be a commitment to set up a working group to facilitate direct rail links between St Pancras in London and Germany. She said: 'The Brandenburg Gate, the Berlin Wall and Checkpoint Charlie – in just a matter of years, rail passengers in the UK could be able to visit these iconic sights direct from the comfort of a train, thanks to a direct connection linking London and Berlin.' 4:36PM Analysis: Treaty reveals blueprint for future of European defence The blueprint for the future of European defence is buried in Britain's new 'friendship treaty' with Germany. It's hidden by the warm talks of school exchanges, shared values, trade and direct rail links but look closely enough and steel foundations are being laid. It's a future set to be dominated by the 'triangle' of London, Berlin and Paris - a partnership of Europe's two nuclear powers with its richest nation, which has plans to build its strongest army. The clues are in the treaty, which declares 'the Parties shall seek to intensify the trilateral cooperation with the French Republic' to 'jointly address international challenges'. The US, the guarantor of European security since the Second World War, will be increasingly distant and turn more and more to Asia and the Pacific. Ukraine meanwhile will be being armed by a combination of European weapons and US arms, paid for by Europe, to keep the Russians at bay. Sir Keir Starmer signed defence pacts with the EU in May and France last week. Mr Merz said it was 'no coincidence' he came to Britain a week later. Russia aggression in Ukraine is an undeniable catalyst for the security agreements. The new pact declares 'the Russian Federation's brutal war of aggression on the European continent as the most significant and direct threat to their security'. There's a reason why the deals with France and Britain contain pledges that an attack on one ally is an attack on both. If there is no need for a NATO safety net, why replicate Article 5? It's clear that Berlin, London and Paris don't want to be caught short by Washington again. 4:32PM 'We need boots under the negotiating table,' says Starmer Keir Starmer is asked about whether he still thinks the 'coalition of the willing' nations could still have boots on the ground to protect a future peace deal in Ukraine. 'The first thing to do is get the boots under the negotiating table for a ceasefire,' he responds. 4:18PM Starmer tells suspended MPs to fall in line The Prime Minister has warned rebels in his own party that he will not be 'deflected' from his mission to change the country byt those who 'repeatedly break the whip'. He said: 'We were elected in to change this country for the better and that means we have got to carry through that change and we have to carry through reforms.' Sir Keir Starmer said he would not be 'deflected' from his plans for government. On the decision to suspend four Labour MPs this week, he said: 'We had to deal with people who repeatedly break the whip, because everyone was elected as a Labour MP on the manifesto of change and everybody needs to deliver as a Labour government, this is about what we're doing for the country, and that's why I'm so determined to press forward with the reforms and the change that we need to bring about.' 4:13PM Merz: Brexit derailed youth mobility The German chancellor said he welcomed the agreement on youth mobility, blaming Brexit for derailing schemes. 'It is here that Brexit has been painfully evidenced in the past years,' he said, adding that it would be his 'pleasure' to welcome school groups without passports or visas. 4:04PM Britain, France and Germany are 'converging' on migration policy, says Merz Friedrich Merz has said that Britain, France and Germany are 'converging' on policy matters such as migration and security. According to a translation of the German chancellor's comments, he said that Germany is linked with France through the Elysee Treaty, and the UK and France are linked by the Lancaster House Treaty. He said: 'Great Britain, France and Germany are converging in their positions on foreign policy, on security policy, on migration policy, but also on economic policy issues. 'However, this dynamic is never exclusive in nature. We're always bearing in mind Poland, Italy and the other also smaller European partners in whatever decision we take.' He added:'We want to stand up and trust to and drastically reduce illegal migration in Europe. 'We are on a good path, but we haven't reached the target yet.' Mr Merz said he had taken steps to reduce the number of migrants in Germany but he did not want to 'damage' the Schengen area or single market and wanted to focus on better European regulations to protect the bloc's external border. 4:00PM Merz praises Trump weapon pledge The German chancellor has said he is 'very grateful' to Donald Trump for pledging to send weapons to Ukraine via Nato earlier this week. He said the US president's readiness to assist will ramp up the pressure on Vladimir Putin to negotiate peace. 'Europe and the United States are pulling in the same direction here,' he said. Sir Keir Starmer said the US president was backing up his desire for Putin to 'move' with military and economic capability. 3:52PM 'I personally deplore Brexit,' says Merz The German Chancellor has said he personally 'deplores' Britain's decision to leave the European Union. Friedrich Merz said: 'It is together that we respond to the major challenges of our time… the UK, and I personally deplore this deeply, decided to leave the European Union.' Mr Merz said security was the 'thread running through the treaty,' as he reaffirmed the Nato commitments to assist one another in case of attack. He added that 'Russia is shaking the European Security Architecture and the transatlantic ties are undergoing a far reaching transformation like we have not seen for a very long time' and it is under these conditions that both the UK and Germany are looking to 'secure the freedom and prosperity' for their people. 3:48PM Starmer 'very concerned' over smuggling routes through Germany Sir Keir Starmer said he was 'very concerned' over the fact that engines and component parts were travelling through Germany. Speaking at Airbus in Stevenage, Hertfordshire, he said: 'We're determined to intervene at every stage of the journey. Last week we dealt with France in our ability to return people. 'For a long time I've been very concerned about the fact that engines and component parts are travelling through and being stored in Germany. But they can't be seized because the law didn't accommodate for a country that had left the EU. The Prime Minister thanked Friedrich Merz for his government's efforts to disrupt migrant smuggling routes to the UK. He said: 'I want to thank Friedrich for his leadership on this, pledging decisive action to strengthen German law this year so that small boats being stored or transported in Germany can be seized, disrupting the route to the UK. 'It's a clear sign that we mean business. We are coming after the criminal gangs in every way that we can.' The Prime Minister said the UK and Germany are 'leading the work to get the best kit to Ukraine as fast as possible'. 'This is partnership with a purpose, building the foundations of stability across our continent which make us safer, boost our economy and deliver change for our people.' 3:37PM Migrant smuggling at forefront of talks The Kensington Treaty comes after Germany committed last year to make facilitating the smuggling of migrants to the UK a criminal offence. Friedrich Merz is expected to commit to adopting the law change by the end of the year. Downing Street has described the move as a 'significant step'. Asked if Sir Keir Starmer was frustrated by the slow pace of change in Germany, the Prime Minister's official spokesman said that people smuggling is 'an international issue that requires international solutions'. 'And over the last year, you've seen the Prime Minister working tirelessly to reset relationships across Europe, and you've seen a number of examples of the progress of that, not least with the French last week,' he added. 'This is a significant step that will give law enforcement and prosecutors the tools they need to address this scandal of small boats which are destined to cross the Channel being stored and concealed in Germany.'
The Sun
4 days ago
- Business
- The Sun
The new direct train line set to connect the UK to a European city for the first time
THE Government has revealed plans for a new rail link between London and a new European country. The UK and Germany have joined forces to create a direct rail route to Berlin. 5 The new direct train would allow both Brits and Germans a flight-free way of getting to each country. For Brits, this meant they could be exploring the Brandenburg Gate, the Berlin Wall and Checkpoint Charlie "in just a matter of years", according to Transport Secretary, Heidi Alexander. The secretary added: "This landmark agreement – part of a new treaty the Prime Minister will sign with Chancellor Merz today - has the potential to fundamentally change how millions of people travel between our two countries, offering a faster, more convenient and significantly greener alternative to flying. "A new task force will bring our nations closer together and create new opportunities for tourism, business and cultural exchange, building on a landmark deal we signed earlier this year to explore introducing direct services to Switzerland." The plans are also set to give the UK a big economic boost, with the creation of jobs and strengthened trade links. Alexander added: "This is central to our Plan for Change – breaking down barriers, thinking boldly about the future, and making long-term decisions that better connect Britain to the world. "Working with Germany, we're building bridges between our people and paving the way for a more sustainable, connected future." It has not been made clear where the new train service would depart from in London. Currently, St Pancras International is the only London station that provides direct international passenger trains, including ones that connect to Germany - via a change in Brussels. This is due to St Pancras being the terminus for High Speed 1 (HS1) - the only high-speed rail line in the UK that connects to the Channel Tunnel. The Sun reviews business class travel on the Eurostar 5 Berlin is known for its vibrant culture and top class beer, which includes Prater Garten, the city's oldest beer garden having first opened in 1837. Currently, St Pancras International is the only London station that provides direct international passenger train services, including those that connect (via a change in Brussels) to Germany. This is because St Pancras is the final station for High Speed 1 (HS1) - the only high-speed rail line in the UK that connects to the Channel Tunnel on the UK side. However, Stratford International and Ebbsfleet International stations both sit on the HS1 line. In theory, both of these places could handle international services. However, the Eurostar - which is the main operator through the Channel Tunnel - has not served these stations since the Covid-19 pandemic. 5 Eurostar has also announced plans to create direct trains from London to Frankfurt in Germany and Geneva in Switzerland in the early 2030s - which would still likely depart from St Pancras International. A new high-speed line known as High Speed 2 (HS2) is under construction in the UK. Whilst the line will primarily be used for travel within the UK, such as linking London to the West Midlands, there have been some discussions about a link between HS1 and HS2. If this link were to be built, it could allow for direct international services from other parts of the UK via HS2. New European rail service A NEW European train service, launching next year, will connect Prague, Berlin, and Copenhagen, marking the first direct route between Prague and Copenhagen in a decade. Operated by Czech, German, and Danish rail companies, the service will primarily run twice daily. The journey from Prague to Copenhagen will take around 11hours - a duration expected to decrease with the completion of the Fehmarn Belt Undersea Tunnel. Onboard, passengers can enjoy a dining car, a children's cinema, and improved mobile signal. The ComfortJet trains will also offer space for bikes and be wheelchair accessible. This initiative is one of 10 pilot projects supported by the European Commission to enhance cross-border rail travel. The construction of HS2 is also behind schedule and the Government confirmed in June that the completion of the line would now be delayed beyond the target date of 2033. Plus, a gamechanger new budget train line is to launch from London next year.
Yahoo
13-07-2025
- Business
- Yahoo
Chancellor guided by ‘fairness', senior minister says of calls for wealth tax
The Government will be guided by 'fairness' on tax, a senior Cabinet minister said when asked if tax rises are coming in the autumn budget. Transport Secretary Heidi Alexander would not rule out tax rises in the budget as she toured the broadcast studios on Sunday morning. She also told Sky News's Sunday Morning With Trevor Phillips programme that Cabinet ministers did not 'directly' talk about the idea of a wealth tax – as advanced by unions and former Labour leader Lord Neil Kinnock – during an away day at the Prime Minister's Chequers country estate this week. Chancellor Rachel Reeves has refused to rule out tax rises at the budget since Labour MPs forced ministers to make a U-turn on welfare reforms, which the Government had hoped would save up to £5 billion a year. Fiscal watchdog the Office for Budget Responsibility (OBR) this week warned that the UK's state finances are on an 'unsustainable' path due to a raft of public spending promises the Government 'cannot afford' in the longer term. Meanwhile, economists have warned Ms Reeves on several occasions that her fiscal headroom – the leeway within the Government's self-imposed spending rules – could be eroded by unexpected economic turns. Ministers are committed to not raising income tax, national insurance and VAT – the three main taxes which affect working people – to pay for their plans. Lord Kinnock last week suggested a wealth tax could 'commend' the Government to the general public and help it bolster the public funds while not breaking its existing pledges. Union leaders, including Sharon Graham of Unite, are also pressuring ministers to consider the move. Asked by Sky News if such a tax had been discussed at the Cabinet away day on Friday, Ms Alexander said: 'Not directly at the away day.' Pressed on what she meant by not directly, the senior minister replied: 'I think your viewers would be surprised if we didn't recognise that, at the budget, the Chancellor will need to look at the OBR forecast that is given to her, and will make decisions in line with the fiscal rules that she has set out. 'We made a commitment in our manifesto not to be putting up taxes on people on modest incomes, working people. We have stuck to that.' Asked again if this meant there will be tax rises in the budget, Ms Alexander replied: 'So, the Chancellor will set her budget. I'm not going to sit in a TV studio today and speculate on what the contents of that budget might be. 'When it comes to taxation, fairness is going to be our guiding principle.'
