Disposable income: This is how your spending power breaks down by region May 27, 2015 Between 1997 and 2013, people living in just four regions in the UK saw their disposable income increase when compared to the UK average. London saw the biggest jump, rising from an indexed level of 121.9 (where 100 is the average) in 1997 to 128.2 in 2013. Scotland, Wales and Northern Ireland all saw [...]
UK brushes aside German plan for EU-wide minimum rate of corporation tax May 26, 2015 The government has knocked back a move by German authorities to introduce a minimum rate of corporation tax across the European Union, saying that such proposals would not survive a vote involving the EU’s 28 member states. It is understood that German Chancellor Angela Merkel and French President Francois Hollande want to introduce such [...]
Greece slams IMF: Yanis Varoufakis hits out at creditors for deal stalemate May 26, 2015 Greece's firebrand finance minister yesterday blasted the International Monetary Fund (IMF) for playing hardball in negotiations, as fears the country will default on its debt sent up the interest rate on its government bonds. “It’s about time the institutions, in particular the IMF, get their act together, and come to an agreement with us,” [...]
Bank of England offical Martin Taylor: Regulation will not drive big lenders out of the UK May 26, 2015 The Bank of England will not back down on tough regulation, top official and ex-Barclays boss Martin Taylor said in a speech published yesterday, dismissing threats from banks like HSBC that they could leave the UK for more welcoming shores. Some in the industry have started to argue that banks are now safe, and [...]
Grexit: Euro falls as markets take a battering on Greek default fears May 26, 2015 The euro tumbled to a one-month low against the dollar this morning with investors unable to shake-off concerns surrounding Greece's ability to meet its upcoming loan repayments. European markets are also being pushed lower by the crisis, with the FTSE falling by 35 points to 6,996.36 at 11.30am. Greek officials are in Brussels today to [...]
What will happen if Greece defaults on its loan repayment to the IMF? May 26, 2015 Over the course of June, Greece must make four payments totalling €1.6bn (£1.1bn) to the IMF, starting with €300m (£212m) on 5 June. But whether it will meet all these obligations is far from certain, as the country is struggling to reach a deal with its European creditors to unlock crucial bailout funds. It managed [...]
The world’s ageing population is sending us into a deepening debt crisis May 26, 2015 The world's ageing population is causing a huge pile of debt to build up, the European chief executive of Goldman Sachs Asset Management has said. Andrew Wilson, head of Europe, Middle East and Africa (EMEA) for the investor, warned that it would be impossible to pay off national debts under the current system because of [...]
David Cameron starts EU reform road show with Jean-Claude Juncker vow May 25, 2015 European Commission president Jean-Claude Juncker last night promised to help solve David Cameron’s EU dilemma, as the Prime Minister sets off on a month-long European tour to drum up support for his reform plan. Cameron began his charm offensive by hosting Juncker for a working dinner at his Chequers country estate. The Prime Minister laid [...]
Greek shares drop despite pledge to keep paying IMF May 25, 2015 Stocks in Athens sank three per cent yesterday despite the government reiterating that it would meet its intention to pay its creditors on time. The euro also sank to a one-month low against the dollar, trading at $1.097 last night. At the weekend one of the country’s ministers claimed that Greece would refuse to – [...]
End of mansion tax threat lifts top tier of London’s property market May 25, 2015 The higher end of the London housing market is seeing market volumes return following Labour’s defeat in the General Election, ending the threat of a proposed mansion tax on properties over £2m. The number of properties over £2m listed on Getagent.co.uk, an estate agent comparison site, more-than doubled in the weeks after the national vote, [...]