Doubts cast on George Osborne over RBS sell-off as Andrew Tyrie questions £14.3bn profit claim June 11, 2015 The chairman of the Treasury select committee last night cast doubt on chancellor George Osborne’s claims taxpayers stand to make a £14bn profit from the 2008 banking bailout. Osborne unveiled plans on Wednesday to start selling a 79 per cent stake in Royal Bank of Scotland (RBS) – but at a loss to taxpayers who [...]
Opec’s monthly oil output at its highest in nearly three years June 11, 2015 Oil supply from the Organisation of Petroleum Exporting Countries (Opec) continued to edge upwards in May, hitting its highest rate since August 2012. The International Energy Agency (IEA) said in its monthly report that Saudi Arabia, Iraq and the United Arab Emirates pumped at record monthly rates, keeping output at more than 1m barrels per [...]
EU referendum: CBRE says UK exit of European Union will hurt property sector June 11, 2015 An exit from the European Union could hurt property investment to the UK and damage London’s status as a world financial centre, a survey of investors has warned. More than 60 per cent surveyed by property advisors CBRE said leaving the EU would have a negative impact on the UK’s attractiveness as an investment location, [...]
Food sales lead May uplift for UK pubs and restaurants June 11, 2015 Britain’s pubs and restaurants enjoyed brisk trading in May, offsetting what had been a slow start to the year in the sector. Figures released yesterday by the Coffer Peach Business Tracker revealed like-for-like sales climbed 2.1 per cent compared to the same period last year. The strong growth comes after the tracker, which analyses sales [...]
London leads finance sector wage gowth as chartered accountants enjoy above inflation pay rise June 11, 2015 Finance sector workers’ pay has picked up, according to data released yesterday by Icas, the trade body for chartered accountants. The group found that 39 per cent of chartered accountants polled received an above-inflation pay rise in the last twelve months, in a survey of over 1,100 Icas members. Next year 67 per cent expect [...]
Cuts for South Korea and New Zealand interest rates June 11, 2015 New Zealand and South Korea both cut interest rates yesterday, following a host of other countries who have done so in 2015. South Korea’s central bank cut its interest rate to a record low of 1.5 per cent yesterday, its fourth cut in the last 12 months. Rates have been edging down since 2012, [...]
Britain’s ageing population will ruin the budget surplus plan, says OBR June 11, 2015 Britain's ageing population will throw a spanner in the works for George Osborne's new budget Surplus Rule. According to the Office for Budget Responsibility (OBR), a rise in the proportion of people over working age will wipe out surpluses unless changes are made to taxes and spending. Read more: The world's ageing population is [...]
US oil and gas M&A falls to 12-year low as oil prices fall June 11, 2015 Mergers and acquisitions in the US oil and gas sector were at their lowest since 2003 in the first half of this year, new data has suggested. A survey by Dealogic showed M&A volume fell to $29.5bn (£19bn) over 202 deals in the six months to the end of June, down 50 per cent from [...]
Labour’s Liz Kendall has “no problem” with a budget surplus June 11, 2015 Labour leadership candidate Liz Kendall has said she has "no problem" with aiming for a budget surplus, a policy the government wants to enshrine in law, which commentators say is a political move designed to pressure the Labour party. Read more: UK budget since 1986: There has been deficits for 22 of 30 years "Labour should [...]
Greek finance minister Yanis Varoufakis: “We will not accept a one per cent primary budget surplus” June 11, 2015 Greek finance minister Yanis Varoufakis has told MPs that the country will not accept a primary budget surplus target of more than one per cent. Read more: S&P lowers Greece's credit rating further The country had originally proposed a target of 0.6 per cent for 2015 – significantly below the 1.5 per cent mooted by [...]