Eurozone economy posts sluggish expansion in September as concerns grow over Spain October 5, 2015 The Eurozone economy managed to keep up its lacklustre economic recovery in September, new survey figures show this morning. Markit’s economy-wide purchasing managers’ index (PMI) – derived from surveys of businesses – slipped to a score of of 53.6 in September from 53.4 in August. Despite the dip, the PMI is above the 50 level which [...]
Asian markets boosted by poor US jobs data October 5, 2015 Asian shares were boosted this morning by poor jobs data released by the US. US non-farm pay rolls rose by 142,000 in September, which was a long way off hitting the 203,000 figure markets had expected. Read more: Non-farm payroll: Weak US jobs growth pushes back rate hike expectations Asian markets benefited [...]
World Bank lowers growth forecasts for East Asian economies October 5, 2015 The World Bank has cut its growth predictions for the developing East-Asia Pacific region. The global lender said in a report this morning that growth would reach 6.5 per cent in 2015, dropping to 6.4 per cent and 6.3 per cent in the two following years. It had previously estimated growth of 6.7 [...]
OECD reveals plans to crack down on tax avoidance and win over cynics of tax reforms October 5, 2015 The organisation for Economic Co-Operation and Development (OECD) must win over cynics when it announces its recommendations for a co-ordinated international approach to reform the international tax system later today. The measures will range from debt relief and harmonising rules on subsidiary companies, to linking sales and tax in each country more closely by changing [...]
UK housing crisis: Local authorities want to boost housebuilding October 5, 2015 The local Government Association (LGA) is urging chancellor of the exchequer George Osborne to raise the government’s targets for selling public land ahead of next month’s comprehensive spending review. In a formal submission sent this week, the LGA said the government should lift its target revenues from selling off public land for housing development [...]
Northern powerhouse project: Researchers predict widening of North-South economic divide October 5, 2015 Chancellor George Osborne’s plan to create a “northern powerhouse” has been dealt a blow as a new report estimates that the gap between London and the rest of the UK is set to widen. London’s economy is forecast to grow 27 per cent over the next decade, according to a report from law firm Irwin [...]
British entrepreneurs and new business owners raring to grow in 2016 October 5, 2015 British entrepreneurs have shaken off a turbulent year and are steaming ahead with growth plans, as a new study shows 90 per cent are optimistic for the future. A survey by EY out today, reveals 90 per cent of UK entrepreneurs think their business’ profits will increase over the next 12 months, and 53 per [...]
TheCityUK calls on government to help firms boost export activity October 5, 2015 The UK government should do more to help SMEs ramp up their exports, according to new research from TheCityUK. In a report released today, the group says “helping SMEs fulfil their export potential could boost economic output and help solve the UK’s productivity puzzle”. The group is calling for a “well-constructed one-stop-shop gov.uk website that [...]
UK interest rates to stay at record low but another hawk could appear October 5, 2015 The UK’s rate-setters are widely expected to hold fire on interest rates when they meet this Thursday, but the door is open for at least one more member of the nine-strong committee to dissent than last time around. Last month saw the Bank of England’s monetary policy committee vote eight to one to hold [...]
After five years the Trans Pacific Partnership deal is nearing completion October 4, 2015 After five years of negotiations the Trans Pacific Partnership (TPP) between the US and 11 other countries is finally nearing competition following a key breakthrough. The US and Australia made major progress on a conflict over how long a monopoly pharmaceutical companies should be given on new biotech drugs. However officials said that this still needs [...]