China’s yuan clinches membership of the International Monetary Fund’s special drawing rights basket November 30, 2015 In a much expected move, the International Monetary Fund (IMF) has included China's currency, the yuan or RMB, in its elite currency basket. The yuan joins the yen, pound sterling, US dollar and euro in the IMF's special drawing rights – which acts as the IMF's own currency. While the move has little immediate practical significance, it is [...]
Bank of England and the Treasury extend funding for lending scheme for two years November 30, 2015 A scheme aimed at boosting lending in the economy will be extended through to 2018 in order to help the finance of small and medium-sized enterprises (SMEs) The funding for lending scheme (FLS) was introduced in 2012 in an attempt to revive lending to businesses and households. It provides funds to banks and building societies at cheap rates [...]
India’s economic growth rate accelerates to 7.4 per cent November 30, 2015 India's economy grew 7.4 per cent between July and September compared with the same three months in 2014, according to official figures released today. Economic growth in the country is picking up after growing seven per cent year-on-year between April and June. Manufacturing growth accelerated to 9.3 per cent, faster than the 7.9 per cent registered last year.The [...]
Pound falls below $1.50 for the first time since April 2015 as euro falls to seven-month low against the dollar November 30, 2015 The value of the pound fell below $1.50 today for the first time since April, thanks to the ever-strengthening dollar – just as the euro dropped to $1.0577, its lowest since March this year and the second lowest since 2003. The pound fell as low as $1.4999 this morning as the dollar continued its rapid ascent. The dollar has gained [...]
Number of accountancy firms falls as merger activity in the sector heats back up after it tapered off in 2010 November 30, 2015 The number of accountancy practices in the UK fell last year as merger activity across the sector rose once again. According to figures released today by commercial finance company LDF, the number of accountancy firms in the country dropped from 6,962 to 6,622 in the year to December 2014, as more businesses combine their activities in [...]
Barclays: Robotics is the future for Britain’s struggling manufacturers November 30, 2015 The UK's struggling manufacturing sector has bags of potential, according to a new report from a major British lender. Barclays has said today it believes that further automation and utilisation of robotics could add as much as £60.5bn to the sector, and the economy as a whole, over the next 10 years. It would take [...]
Lloyds Bank: More Brits have got spare cash in their pocket November 30, 2015 Brits are feeling more confident about the amount they can save, according to new survey figures published this morning. A survey of 6,210 people from Lloyds Bank showed 20 per cent of them were confident about saving more money over the next 12 months. The figures, which were collected over the three months to September, show [...]
Mario Draghi to boost Eurozone asset purchases November 30, 2015 The Eurozone is geared up to receive a policy boost this week, with the majority of analysts expecting the European Central Bank (ECB) to ramp up its €1.1 trillion (£780bn) asset purchase programme this Thursday. “President Draghi and board members have been unequivocally dovish, indicating that the ECB was working on different options to ease policy further, [...]
New initiative rakes in £300m from stamp duty avoidance clampdown November 30, 2015 HMRC has raked in over £300m in one year through clamping down on stamp duty land tax (SDLT), according to new research released this morning. The government’s new Counter Avoidance Directorate (CAD) collected £301.8m from the tax applied to property and land transactions in the 12 months to March, data from law firm Collyer Bristow [...]
Turkey reaches deal with EU on migrant crisis, including €3bn in aid November 29, 2015 Turkish premier Ahmet Davutoglu has today reached a deal with European Union (EU) leaders on stemming the flow of migrants. According to Reuters, the agreement includes €3bn (£2.1bn) of aid to help support the 2.2m Syrian refugees in Turkey. The deal also includes the renewal of talks about Turkey's entry into the EU and the possibility of visa-free [...]