Universal Credit will simplify the system but will not stop delays in benefit delivery, says Work and Pensions Select Committee report December 21, 2015 Universal Credit will help to simplify the benefit system and will be less likely to be subject to mistakes, but it may not stop delays in benefit delivery. A report published today by the Work and Pensions Select Committee has highlighted that the introduction of Universal Credit, which is designed to roll six separate benefits [...]
Shoppers feel flush in the run up to Christmas December 21, 2015 Consumer confidence has been growing in the run up to Christmas according to the latest survey from Lloyds Bank. The report shows the overall spending power index rose by three points in November, standing at 161. However, economic data from the bank shows year-on-year spending on essentials fell for the twelfth consecutive month in November, [...]
State borrowing data to cast light on task ahead for chancellor December 20, 2015 Public borrowing figures this week will partly reveal the size of the boost needed in January to meet the government’s budget deficit target. The government borrowed £54.3bn between April and October, with most economists expecting chancellor George Osborne to miss the £68.9bn forecast by the Office for Budget Responsibility (OBR) for borrowing in the year to April [...]
Unfinished Berlin Brandenburg airport denies it will be another year late December 20, 2015 London is not the only capital city having trouble building up its airport capacity. With the debate raging over whether or not to build a third runway at Heathrow, a new airport in Berlin has had its opening pushed back into 2018. German newspaper Bild said a confidential schedule from the airport’s project management company [...]
Accountant sentenced to eight years in jail for devising and promoting tax fraud schemes based on film industry loopholes December 20, 2015 A former Ernst & Young partner was sentenced to eight years in jail at the end of last week for his role in a tax fraud scheme. Terence Potter, working alongside independent financial advisor Neil Williams-Denton, devised and promoted fraudulent schemes, which were based on tax avoidance schemes that take advantage of legal loopholes relating to [...]
UK house prices: Home ownership is a distant dream even for middle England December 20, 2015 Almost half of people who don't own their own home believe they never will as the time needed to save for a deposit hits an astonishing 24 years. Even a quarter of the richest of non-home owners think they will never get a foot on the first rung of the property ladder, new research reveals. "Low to middle [...]
London’s rental crisis worsens, with 12 tenants for every new property listing December 18, 2015 London's rental crisis is getting worse, after a report suggested demand for rental properties has jumped 43 per cent in the past year. In fact, there are now 11.8 tenants to every rental property listing in the capital, compared with 7.5 in April, the figures by London lettings and property management agent Martin & Co [...]
High German business confidence points to strong end-of-year growth December 17, 2015 The German economy is expected to make a strong start to 2016 after a survey published this morning showed businesses were in a confident mood. The business climate index compiled by the Munich-base IFO Institute edged down slightly to a score of 108.7 points this month from 109 in November. Despite the marginal dip, it remains [...]
Low-income commodity exporters will have a tough 2016, warns the IMF December 17, 2015 Low-income commodity-exporting countries face a struggle next year, the International Monetary Fund has warned. Commodity price falls this year have dented the growth of many low-income developing countries (LIDCs), and the IMF said the significant slowing of growth will carry over into 2016. The IMF said weak trade and worsening government finances underscored “the need [...]
What will happen to the gold market in 2016? Effects of the Fed rate hike and pro-gold policies in emerging markets December 17, 2015 For the first time in almost nine years the United States Federal Reserve raised interest rates by 0.25 percentage points. This signalled the end of a fascinating year for the gold market, which saw strong demand from central banks, Asian consumers and a buoyant global bar and coin market, which is more than double its [...]