Britain’s tax bill at its highest since 1955 in comparison to earnings May 30, 2019 Tory heavyweights have taken aim at high taxes in the UK to mark what a think tank has dubbed Tax Freedom Day, a measure of when Brits stop paying tax and start pocketing their earnings. The Adam Smith Institute has estimated that every penny the average person earned for working up to and including 29 [...]
ECB warns low growth could see Eurozone asset prices fall and borrowing costs rise May 29, 2019 Weak economic growth could cause euro area asset prices to fall and borrowing costs for indebted countries to rise, the European Central Bank (ECB) has today warned, posing a major threat to the zone’s financial stability. Read more: Eurozone sees weak growth in May amid stagnant demand The ECB’s May financial stability report comes during [...]
Service sector sentiment and profitability drops as Brexit uncertainty drags on May 29, 2019 Firms across the UK’s service sector have struggled with falling profits, business volumes and sentiment in the last three months as Brexit uncertainty continues to take its toll. Business and professional service companies saw profits drop 24 per cent, at the fastest pace since November 2011, while consumer service firms said profitability fell 25 per [...]
From taxes to cats, Theresa May’s government has been an affront to Conservative ideology May 29, 2019 Theresa May has finally announced her resignation. How can we capture the flavour of her tenure in office? This can be found in the dry and measured content of the Economic and Fiscal Outlook from the Office for Budget Responsibility (OBR). The OBR stated in its latest publication in March 2019 that: “the tax receipts-to-GDP [...]
Westerners are taking the benefits of globalisation for granted May 29, 2019 One of the many bizarre political twists of recent years has seen conservative leaders and voters take a less favourable approach to globalisation and free markets than some of their left-leaning rivals. Across the pond the Republicans have provided the most glaring example by electing a nationalist tariff-enthusiast, but even on this side it has [...]
Employers intend to hire despite confidence being at record lows, survey shows May 29, 2019 Employers’ confidence in the UK economy in May stayed close to the record low figure recorded in April, a survey has shown, as the Brexit deadlock continues to weigh on sentiment. Read more: UK wages rise again as employment rate stays at record high Confidence among bosses in making hiring and investment decisions also stayed [...]
Gloomy UK drags down economic confidence in the EU May 28, 2019 Economic sentiment in the UK fell dramatically in May as confidence in the industry sector hit its lowest level in 11 months, according to figures from the European Commission. Read more: UK business confidence lowest since 2012, says BDO British gloom held down sentiment in the European Union as a whole, with the Commission’s economic [...]
Italy could face €3bn fine over high levels of public debt May 28, 2019 The European Union could slap Italy with a €3bn (£2.7bn) fine for breaking the bloc’s rules on public debt, the country’s deputy prime minister said today. Read more: Italy escapes recession but still lags behind rest of Europe Matteo Salvini said he expected a fine to soon arrive in a letter from the EU over [...]
UK mortgage approvals hit two-year high following Brexit extension May 28, 2019 The number of mortgage approvals for house purchases in the UK reached a two-year high in April, a survey showed today, suggesting the country’s housing market may be recovering from a recent slowdown. Read more: Mortgage approvals fall as lending to businesses also drops UK banks approved 42,989 mortgages in April, the highest figure since [...]
Farewell to Theresa May, the most ineffectual Prime Minister in modern history May 28, 2019 When Theresa May departs from Number 10 for the final time, her portrait will be added to the collection which snakes down the main staircase. It is the ritualised ending for all Prime Ministers, good, bad or indifferent. It will be hard for her to walk down those stairs without thinking of her legacy, and [...]