Greek debt crisis: Finance minister Yanis Varoufakis resigns despite referendum “no” vote July 6, 2015 Greece's finance minister Yanis Varoufakis resigned his post today, despite the Greeks' resounding "no" vote in Sunday's referendum. The economist praised the electorate for "the great capital bestowed upon our government by the splendid no vote" – but said it was clear he could not remain in his position. Varoufakis, who had previously threatened to [...]
Greek debt crisis: Greece votes no to bailout terms as City economists warn on Grexit and fears rise over euro’s future July 5, 2015 The Greek electorate has overwhelmingly rejected conditions attached to an extension of the country’s bailout, in a defiant gesture that threatens the future of the Eurozone. Prime Minister Alexis Tsipras last night vowed to return to the table and secure a quick deal that will prevent Greece’s banking sector from collapse. Over 60 per [...]
George Osborne says emergency July Budget will see £12bn welfare cuts July 5, 2015 Chancellor George Osborne has said that he has identified all £12bn of welfare cuts that he needs to make as part of the government’s plan to balance the budget in three years. “We have found that £12bn of savings in welfare that we said we’d be able to find,” Osborne said yesterday in an [...]
Greeks fear for the future of their divided country after referendum “no” vote July 5, 2015 Tens of thousands of Greeks took to streets of Athens to celebrate last night. The resounding “no” vote given against the latest deal offered by creditors gives Prime Minister Alexis Tsipras a chance to take his hard-line approach back to the table with a democratic mandate. Yet his aggressive stance has not met with [...]
Top companies readying plans for expansion July 5, 2015 The UK’s largest companies are planning to loosen their purse strings and fund expansion plans according to a survey of top finance chiefs published today. Expanding into new markets or introducing new products and services was seen as a strong priority for the next 12 months by 41 per cent of chief financial officers (CFOs), [...]
July Budget 2015: Pressure mounts on government to back a living wage July 5, 2015 Raising the minimum wage to the so-called “living wage” would lift 6m people out of poverty and generate more than £4bn of additional revenue, according to a new report out today from KPMG. The living wage, as defined by the Living Wage Foundation charity, is £7.85 per hour nationally and £9.15 in London. The national [...]
Business in Britain: London firms’ confidence dips against UK average July 5, 2015 Lloyds Bank today released figures showing that business confidence in London has fallen slightly against the national average. The biannual Business in Britain report surveyed 1,500 UK SMEs and found companies in London expected increased orders and profits over the next six months. However, limited growth meant the overall measure of confidence fell [...]
UK recruiters’ revenues reap the benefit of strong job market July 5, 2015 Recruitment firms are seeing income soar as a result of Britain’s booming job market. Fees earned from placing workers have risen for 83 per cent of recruiters this year, according to figures released today by the Association of Professional Staffing Companies (Apsco). Stronger business activity is leading many in the recruitment industry to consider expansion, [...]
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 [...]