Small businesses call for simpler tax system to level playing field March 14, 2016 Smaller businesses want a simpler tax system to help create a level playing field with their multinational competitors, new survey data shows today. Accountancy firm Moore Stephens said 55 per cent of small and medium-sized enterprises (SMEs) wanted the tax system simplified in this week’s budget. The joint most popular measure was a further crackdown [...]
London’s economic growth drops to three-year low as UK loses steam – Lloyds Bank March 14, 2016 London's economic growth plummeted to it lowest since 2013 in February, a survey of businesses shows this morning. The regional purchasing managers’ index compiled by Lloyds Bank fell to a score of 52.2 for London. It is barely above the 50 level that indicates a region’s economy grew over the month and marks a steep [...]
Northern Powerhouse: Shaving one minute off journey times could provide £1.6bn boost northern cities March 14, 2016 Shaving just 60 seconds off the time it takes to travel to key services could provide a £1.6bn economic boost to the northern regions of the UK, according to new research published today. Using so-called value of time research, consultancy and construction company Mace said for all regions outside of London, saving the extra minute could [...]
Iran will join output cap talks once it hits four million barrels per day March 13, 2016 Opec rebel Iran has said fellow members of the oil cartel should leave the country alone until it has raised production to over four million barrels per day. The country, which wants to rebuild its market share after a trade embargo, indicated it would then be interested in attending historic talks between Opec and Russia to [...]
Bank of England, Federal Reserve and Bank of Japan to err on the side of caution this week March 13, 2016 Three of the world’s major central banks are expected to take a cautious approach this week as they look to underpin economic growth amid rising global uncertainties. The US Federal Reserve’s federal open market committee will decide on Wednesday whether to lift interest rates for the second time since the 2008-9 recession. “Given market volatility [...]
Libor scandal: Tom Hayes to appear in Old Bailey on Monday as Proceeds of Crime confiscation hearing begins March 13, 2016 Tom Hayes is due to head to court on Monday as he begins a legal battle over his assets, which prosecutors allege were purchased using proceeds from crime. Hayes and his wife are due to attend a Proceeds of Crime confiscation hearing at the Old Bailey, London's central criminal court. Hayes, a former Citigroup and [...]
Budget 2016: George Osborne warns of further cuts to public spending as “hopes of a stronger global recovery have evaporated” March 13, 2016 George Osborne has warned that a slowing global economy will mean more cuts to public spending ahead of this week's Budget. "The hopes of a stronger global recovery have evaporated," he said. "Instead the world economy is slowing." The chancellor cited China's slowdown, falling oil and commodity prices, political instability in the Middle East, as well [...]
UK’s trade deficit with the EU swells to a record in December March 11, 2016 Britain's trade deficit with the EU has swelled to a record, as Britain continued to export less goods to its European neighbours. The Office for National Statistics said the UK's good trades deficit with the EU widened to £8.1bn in January, from £7.4bn a month earlier. But Britain's trade deficit with the wider world narrowed to £2.2bn from [...]
BCC cuts UK economic forecasts in “wake-up call” as global backdrop darkens March 11, 2016 The British Chambers of Commerce (BCC) has cut its forecasts for UK economic growth in a "wake up" call to policymakers against a darkening global backdrop. The BCC chopped its estimates for UK gross domestic product growth from 2.5 per cent to 2.2 per cent in 2016, from 2.5 per cent to 2.3 per cent [...]
Mario Draghi’s big guns: Here’s everything you need to know about the ECB’s TLTRO II programme March 10, 2016 Shares in European banks shot up today after the European Central Bank (ECB) announced a new round of bank lending measures, known as targeted longer-term refinancing operations, or TLTROs to their friends. This is the second round – so naturally it's known as TLTRO II. ECB president Mario Draghi called TLTRO "loans to banks and additional incentives to [...]