Iceland’s reticence to unwind financial crisis capital controls will prove costly in the long term August 1, 2016 Whether because of the enthusiasm of its football commentators or interest in its EEA arrangement as a model for post-Brexit UK, Iceland has been in the news frequently recently. Its economy has been growing fairly rapidly in recent years, up around 30 per cent from its 2009 trough, though still more than 20 per cent below [...]
As French growth grinds to a halt, is the country’s economic model fundamentally broken? August 1, 2016 Tim Worstall, senior fellow of the Adam Smith Institute, says Yes. France’s economic model is irretrievably broken. Along one axis we have a spectrum of possible economic models. We can have low tax and redistribution market economies and high tax and redistribution ones. Non-market economies do not work. Further, the more we tax and redistribute, the [...]
Britons spend 10 per cent of their salary on their holiday, but are less willing to splash out on insurance August 1, 2016 Holidays are becoming a serious investment. British tourists splash the cash on their trips, spending 10 per cent of their annual salaries on average, according to research from Nationwide FlexPlus. One in 10 will splurge even more, spending anything between 20 and 30 per cent of their yearly income on their sojourns in the UK or [...]
Week ahead: Banks take centre stage for results and interest rates August 1, 2016 The Bank of England is widely expected to cut interest rates for the first time in seven years this week as it assesses the fallout from the UK’s vote to quit the European Union. The Bank held fire in July in the immediate aftermath of the Brexit vote, catching some analysts off guard. Policy committee members [...]
Brexit brings dark clouds to financial services, but there are some patches of sunshine ahead August 1, 2016 June's Brexit vote may bring doom and gloom to the economy and, by extension, the financial services sector, according to research out today. EY's ITEM Club outlook for financial services has predicted lending to businesses will fall by nearly two per cent in 2017 and a further one per cent in 2018, thanks to a bleaker economic outlook following 23 [...]
Banks need to act swiftly to avoid Brexit problems, warns report August 1, 2016 The banking sector needs to think quick to swerve some of the more negative effects of June's Brexit vote, a report out today suggests. The study by the Boston Consulting Group (BCG) warns that, not only will the worsened economic outlook take its toll on banking sector performance, banks need to be preparing for action now, [...]
Almost half of London companies are wary of business rates being revalued, according to a new survey August 1, 2016 Almost half of London firms are harbouring fears about the revaluation of business rates, according to a new survey. Research carried out out by the London Chamber of Commerce and Industry found that 44 per cent are worried about the new rates, which will come into effect on 1 April next year. In a survey [...]
Business confidence is showing “modest” signs of recovery post-Brexit according to the ICAEW August 1, 2016 Business confidence is beginning to rebound after June's Brexit vote, according to the latest figures from the Institute of Chartered Accountants in England and Wales (ICAEW). The group's quarterly business confidence monitor has found that while confidence remains substantially diminished after the EU referendum, there are “modest” signs of some recovery. The ICAEW said that [...]
This is how Jamie Oliver wants to be cremated when he dies July 31, 2016 Celebrity chef, restaurateur and food campaigner Jamie Oliver may be a dedicated businessman, but he's probably a little too wedded to his career if his wishes for his body after he dies are anything to go by. Oliver told Weekend magazine he wants to give his funeral a "culinary feel", which will involve being cremated in [...]
London Fire Brigade rescues 19 people trapped on Southbank fairground ride at London Wonderground July 31, 2016 London Fire Brigade crews rescued 19 people trapped on a fairground ride on the Southbank this evening. Six children and 13 adults were caught on the ride in ten hanging capsules stuck around 20 metres in the air for around two and a half hours. The emergency services were called at 5.55pm, London Fire Brigade said [...]