World Bank’s Georgieva unopposed for IMF seat September 9, 2019 The chief executive of the World Bank is poised to take over the International Monetary Fund after she was revealed as the only candidate. Kristalina Georgieva will be considered after nominations closed on Friday, the IMF said today. Read more: Europe select Kristalina Georgieva for IMF top job The Bulgarian economist is set to meet [...]
UK economy shakes off recession fears with growth in July September 9, 2019 The UK economy grew by more than expected in July, official figures have shown, allaying fears that Britain could be heading for a recession. Read more: Into the red: UK economy shrinks for first time in seven years British GDP expanded by 0.3 per cent month on month in July, after stagnating in June. Economists [...]
Going Dutch: UK investment in Netherlands soars since Brexit referendum September 9, 2019 UK investments in the Netherlands have jumped more than four-fold to €80bn (£72bn) since the Brexit referendum in 2016, the Dutch statistics office said today. In the same period, Dutch investments in the UK fell from €50bn to negative €11bn as Brexit uncertainty led to capital outflows. Read more: Netherlands in talks with 325 companies [...]
DEBATE: Should capital gains tax be raised and aligned with income tax? September 9, 2019 Should capital gains tax be raised and aligned with income tax, as it was under Margaret Thatcher? YES, says Robert Palmer, executive director of Tax Justice UK Why should someone who goes out to work for a living pay a higher rate of tax than someone living off their wealth? It’s an important question, especially [...]
Service sector confidence falls as UK nears recession September 9, 2019 Optimism about the economy in the services sector fell sharply in August to levels not seen since 2013, according to a report from accountants BDO. BDO’s services optimism index dropped 3.89 points in August to 95.49 per cent, only just above the 95 level that indicates a recessionary mindset has taken hold. Read more: Business [...]
London’s private sector growth outperforms rest of country in August September 9, 2019 Growth in London’s private sector slowed in August, but the capital outperformed the UK as a whole as new business, activity and employment all expanded. Read more: UK economy close to recession after stagnant services sector data Despite the expansion, companies’ overall confidence fell to a five-month low in August as Brexit uncertainty weighed on [...]
Retail footfall drops again in August as economy slows September 9, 2019 The number of Britons venturing out to visit shops fell again in August, bringing yet more problems for a retail sector that has suffered a number of casualties this year. Read more: Hot weather fails to heat up retail sales in August Footfall fell by 1.3 per cent in August year on year, compared to [...]
Boris Johnson’s former advisor Gerard Lyons misses Bank of England governor shortlist September 7, 2019 The former economic advisor to Prime Minister Boris Johnson has failed to make the final shortlist to become the Bank of England’s next governor. Gerard Lyons had been the favourite to take over from Mark Carney due to his personal relationship with Johnson, but the Treasury have deemed him unsuitable for the role, according to [...]
US adds 130,000 jobs in August as trade war slows growth September 6, 2019 The US added a modest 130,000 jobs to the economy in August, as its trade war with China finally appeared to take a toll on hiring. The figure fell to just 96,000 jobs excluding government recruitment last month, the lowest number since May. Read more: Sterling falls as investors remain cautious ahead of US jobs [...]
How Robert Mugabe brought Zimbabwe’s economy to its knees September 6, 2019 In the United States, a $100 trillion dollar note would be worth more than five-times the country’s GDP. But at one stage in Robert Mugabe’s Zimbabwe it would barely get you a loaf of bread. Zimbabwe’s 100 trillion dollar note had the most zeros of any legal tender on the planet. That reads: $100,000,000,000,000. It [...]