Business group: UK will lose £31bn waiting for new runway July 5, 2015 A lack of airport capacity in London could cost the UK economy up to £31bn by 2030, according to a new report out today. The Confederation of British Industry (CBI) said that over the time it will take to build a new runway, the country could lose up to £31bn in trade because of a [...]
CMA vs Ofgem: Competition watchdog to report findings from energy market review July 5, 2015 The Competition watchdog will publish the provisional findings of its energy market investigation tomorrow, in which it is expected to slam rival regulator Ofgem over a failure to promote competition in the market. The Competition and Markets Authority (CMA) began looking at the UK energy market in June last year, after a referral by [...]
Law firm mergers drop as partners focus on growth-driven takeovers July 5, 2015 Mergers between law firms decreased by 11 per cent last year, with the number of deals taking place in the UK dropping to 174 from 196 in 2013. This is 30 per cent lower below the 247 mergers seen in the industry in 2011. Finance provider LDF, which sponsored the research, said an increasing number [...]
Greek referendum – when will the results come in? Voters set to reject bailout offer July 5, 2015 Greece has entered uncharted territory after it overwhelmingly rejected austerity measures in exchange for unblocking aid in a historic referendum. It's been over six hours since the polls closed, and around 95 per cent of the votes have been counted, with 61.31 per cent voting "no" and 38.69 per cent voting "yes". This flies in the [...]
Greek referendum “no” vote: What the analysts say July 5, 2015 As Greece inches towards a historic "no" vote against austerity measures such as VAT rises and pension cuts, analysts are already reacting to the potential victory for Tsipras and co. With three hours since the polls closed, and over half of the votes have been counted, so far 61.26 per cent voted "no" and 38.74 per cent [...]
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 [...]