July Budget 2015: Make investments easier through tax reforms to create “equity economy”, business leaders urge George Osborne July 5, 2015 George Osborne must make radical changes to the tax system to unlock the investment potential of millions of Brits and inject growth into the economy. The chancellor's Budget, due on Wednesday, should include ambitious reform of the tax system to encourage people to buy a stake in businesses and create an "equity economy", the Institute of [...]
July Budget 2015: George Osborne to cut housing welfare for higher earners July 5, 2015 George Osborne plans to cut housing welfare for those earning higher wages in a move that is expected to raise £250m a year for the Treasury. Those earning more than £30,000, or £40,000 in London, and living in Local Authority or Housing Association properties will have to pay the going market rent, the chancellor will [...]
CBI says UK economic growth slowed in the second quarter, warns of the effects of Greek debt crisis on UK trade July 4, 2015 UK manufacturing, retail, and services growth was down for the second quarter of the year. According to a survey business lobby group the Confederation of British Industry (CBI), the main reason for the drop was the fast rate of growth reported in the previous quarter. The CBI has said it expects growth to be strong [...]
Greece referendum: Greek banks prepare to trim clients’ savings as fears circulate ATMs could run out of cash next week July 4, 2015 Greece’s banks are preparing the ground for a haircut of deposits over €8,000 in a raid to prevent collapse. According to the Financial Times, sources in the sector said the trimming would be at a rate of “at least 30 per cent” of all deposits above the €8,000 mark, and that such a scenario was [...]
Greek court rejects referendum appeal July 3, 2015 A court in Greece has rejected an appeal against the referendum on whether or not to accept creditors' bailout conditions, due to be held on Sunday. Two Greeks citizens appealed against the referendum, saying the country's constitution prevents votes on fiscal issues. Critics have also complained that with capital controls in place, many inhabitants of [...]
Greek referendum: European markets dip as court prepares to rule on referendum July 3, 2015 European markets closed down today as Greek court prepared to rule on the legality of Sunday's referendum on creditors' bailout conditions. Read more: Even pro-Europeans admit the Greek crisis has been disastrous for the EU The FTSE 100 closed down 0.67 per cent, while Germany's Dax closed down 0.37 per cent and France's Cac was 0.57 [...]
UK household saving nears record low, hits lowest point since start of economic downturn July 3, 2015 UK workers are splurging over 95 per cent of what they earn, as household savings fell back to the lowest point since the start of the economic downturn during the first quarter, official figures published today showed. Household savings have been on a downward trend, but hit a low of 4.9 per cent in the [...]
Grexit: Greek Prime Minister Alexis Tsipras tells voters to reject “blackmail and ultimatums” July 3, 2015 Prime Minister Alexis Tsipras has urged Greeks to vote against the terms being offered by its creditors in the referendum this weekend, saying it would be to reject "blackmail and ultimatums". The referendum, which takes place on Sunday, looks to be a close-run thing, with a recent poll suggesting a marginal lead for the [...]
Bank of England to trim protection for deposits as pound stays strong July 3, 2015 Savers will lose out when regulators trim the amount of customers' deposits guaranteed by the UK government, thanks to the pound's appreciation against the euro. The Bank of England's Prudential Regulation Authority (PRA) has said the amount covered by the guarantee schemes will fall by £10,000 to £75,000 from 31 December. A rosier economic picture, as [...]
IoD on Grexit: Three quarters of business leaders think Greece will leave the euro July 3, 2015 Three quarters of business leaders think Greece will leave the euro within the year, a study by the Institute of Directors (IoD) has suggested. Read more: Even pro-Europeans admit the Greek crisis has been disastrous for the EU Of the rest, only two per cent think it's "very unlikely" – suggesting UK businesses are bracing themselves [...]