July Budget 2015: George Osborne set to push up tax thresholds but ease back on Conservative plans to slash welfare bill July 7, 2015 George Osborne will today use the first Tory Budget in 19 years to deliver on his party’s pre-election pledge to slash taxes for millions of workers. Yet the chancellor will also row back on the Conservatives’ manifesto commitment to find £12bn of savings from welfare payments by 2017-18 – instead taking an extra year to [...]
David Cameron backs transitional price cap as part of energy market shake-up after CMA report July 7, 2015 David Cameron said yesterday that he supported plans for a “transitional” energy price cap. The Competition and Markets Authority (CMA) has called for changes to be made to companies’ standard variable, or default, tariff – the tariff that energy customers pay if they have not made an “active decision” to change. The CMA said [...]
Shanghai stocks suspended amid crash fear July 7, 2015 Chinese stocks fell yesterday, taking little comfort from support measures from Beijing in recent days. Almost 200 stocks halted trading after the close on Monday, bringing the number of suspensions to 745, or 26 per cent of listed firms on mainland exchanges in areas such as Shanghai (pictured). Investors are increasingly worried about a full-blown [...]
Red tape to blame for City skills shortage: Demand for professionals stays strong but supply hampered by UK immigration rules July 7, 2015 Tough immigration rules and excessive regulatory standards has left City firms with severe skills shortages, according to new surveys. Growth in the number of jobs secured dropped to a two-year low in June, data released today by the Recruitment and Employment Confederation revealed. Demand for professional workers – which covers finance, law and IT among [...]
Shop prices fall as retailers woo shoppers with summer offers July 7, 2015 Shop prices fell in June for the 26th consecutive month albeit at a slower rate, as retailers continue to battle to win over shoppers. Prices fell by 1.3 per cent on the year, so said the British Retail Consortium (BRC) and Nielsen, from the 1.9 per cent drop for May. Food prices fell by 0.4 [...]
Rebound in the confidence of London firms after General Election July 7, 2015 London business confidence has rebounded after the General Election, new survey figures show. However, large sectors of the national economy are still struggling for momentum. An improvement in economic growth over the next year is expected by 49 per cent of London business leaders, according to a survey from the London Chambers of Commerce and [...]
Greek debt crisis: Tsipras wants a “final exit” from the crisis July 7, 2015 Greek Prime Minister Alexis Tsipras has said the country will seek a "final exit" from the crisis by submitting a reform-for-aid proposal by the end of the week. "The discussion was held in a positive atmosphere. The process will be fast, it starts in the coming hours with the aim of concluding it by the [...]
Greek crisis: Alexis Tsipras fresh bid to win aid from creditors July 7, 2015 Greek Prime Minister Alexis Tsipras launched has a bid to win aid from the country's "troika" of creditors at a crucial emergency Eurozone summit today that could determine its future. Unconfirmed media reports have suggested Greece is proposing an interim funding agreement to tide the cash-strapped country over, followed by a longer one. It comes [...]
Will Greece be able to stop capital controls? Here are its options July 7, 2015 After voting against accepting proposals put forward by creditors in Sunday's referendum, Greeks are now facing capital controls – ATM withdrawals are limited to €60 (£43) a day. Meanwhile, suppliers are demanding businesses pay cash up front, making normal commerce impossible. Soon, the country could completely run out of cash altogether – analysts [...]
NIESR says UK growth means interest rate hike nearing July 7, 2015 The economy grew 0.7 per cent in the three months to June, from 0.6 per cent in the three months ended May, suggesting Britain's economy grew by expanded 2.7 per cent in the last 12 months. The forecasts from the National Institute for Economic and Social Research (NIESR) are good news for Chancellor George Osborne [...]