Osborne targets budget surplus September 30, 2013 GEORGE Osborne yesterday promised a future Conservative government would attempt to run a budget surplus by 2020, indicating that his party’s commitment to austerity is here to stay. The chancellor told his party’s annual conference in Manchester that, assuming the economic recovery continues, he would seek to ensure the government’s income is more than its [...]
TUC calls for tax reforms September 8, 2008 The Trade Union Congress (TUC) has called for a new higher-rate tax bracket for those earning over £100,000, putting it on a collision course with Conservative leader David Cameron. The TUC’s statement, made in advance of its annual conference which begins tomorrow in Brighton, contrasts sharply with a newspaper interview given by Cameron at the [...]
London blue chips set for further falls September 8, 2008 Strategist are betting on the FTSE 100 to fall further this week due to mounting concerns over the outlook for the UK economy. Last week marked the blue chip index’s biggest weekly fall for six years leaving it teetering on the edge of so-called bear market territory, defined as a 20 per cent fall from [...]
US mortgage agencies are nationalised September 8, 2008 The US government took control of twin mortgage giants Fannie Mae and Freddie Mac yesterday as it unveiled a series of measures designed to rescue the beleaguered US housing market. Treasury secretary Henry Paulson said the Federal Housing Finance Agency (FHFA) would place Fannie Mae and Freddie Mac under “conservatorship” to prevent the collapse of [...]
Recession fears force cost-cutting September 8, 2008 Businesses are desperately cutting costs and reducing the size of their workforce due to fears of an impending recession, a survey found yesterday. Eighty-four per cent of businesses taking part in the study, which was carried out for accountants MacIntyre Hudson, said they thought there was a significant deterioration in the overall economic climate for [...]
Rates left on hold as MPC split looms September 5, 2008 Bets were rising yesterday that the Bank of England meeting to determine the direction of interest rates was one of the most fraught on record. In the end the Monetary Policy Committee (MPC) decided to leave rates on hold at five per cent, but with members Danny Blanchflower and Charlie Bean going head to head [...]
Don’t punish energy firms, says CBI boss September 5, 2008 Imposing an “arbitrary and unfair tax on the energy industry” is the worst way to help the economy Richard Lambert, CBI director general said in a speech yesterday. Lambert said market forces must be allowed to work through the system: “There are no silver bullets to halt the decline in the housing market, or to [...]
Sterling falls further September 4, 2008 Sterling continued its sharp decline yesterday as currency markets reacted to the worsening outlook for the UK economy and a slew of negative economic data. Surveys showed consumer confidence mired at a four-month low in August as food prices rose ten per cent year-on-year. Other data showed activity in the services sector still weakening. The [...]
Hays profits up but tough times ahead September 3, 2008 UK recruitment firm Hays posted a 25 per cent increase in annual profits yesterday on the back of international growth, but warned that the market would get tougher this year. The company reported pre-tax profits for the year ending 30 June of £264.4m, up from £211.7m, as it enjoyed a 19 per cent rise in [...]
Job appointments tumble September 3, 2008 The rate of permanent employment appointments fell in August at the sharpest rate for almost seven years according to a report from KPMG published today. Shrinking demand for staff has led to the lowest number of permanent places since November 2001; the fifth consecutive month of employment cutbacks. Kevin Green, chief executive, of the Recruitment [...]