He has spoken of the removal of millions of undocumented people from US soil, and in the early days of his presidency Immigration and Customs Enforcement (ICE) agents made workplace raids from Chicago to California.
"[In] the US, markets are taking a different view of how their economy is going to go once President Trump is in office and their rates have gone up to 4.75% on 10-year Treasuries and ours have gone up in parallel to that. So I don't think this is a response to something we've done," he said.On Friday, US hiring figures surged for December, with 256,000 jobs added. Economists had expected 160,000 new roles.
The stronger data, along with a small dip in the unemployment rate, reinforces the view that there is no pressure on the US Federal Reserve to cut interest rates quickly in order to boost the economy.This could impact the path taken by the Bank of England as policymakers closely watch moves made by their counterparts in the world's largest economy.In response to the figures, the yield on 10-year US bonds rose to almost 4.79%, the highest in 14 months.
The yield on UK 10-year gilts, meanwhile, remained above 4.8%, the highest since August 2008.Sir John said what was different about the UK was the Treasury had tried to reassure markets by saying it would stick to its fiscal rules.
"But it's becoming clearer and clearer that that's going to be very difficult," he said.
Reeves has previously committed to only one fiscal event a year - where she can raise taxes - which would likely be in a Budget in the autumn.And their normalisation is not an entirely new phenomenon. Former Italian prime minister, Silvio Berlusconi, a centre-right politician, was the first EU leader to take the plunge. He formed a government with the post-fascist political group, Movimento Sociale Italiano, back in 1994.
Six years later, Austria’s conservatives went into coalition with the far-right Freedom Party. At the time, the EU was so outraged that it blocked official bilateral contacts with Austria for several months.Post-war political etiquette dictated the political mainstream must form a
, a “health barrier”, at election time to keep the extreme right out of European governments.The universally recognised term for that practice is French, which gives you a sense how passionately many in France felt about it.