Greece votes no: European markets dip as selloff begins July 6, 2015 European markets dipped today after the chances of a Greek exit from the Eurozone looked stronger than ever – although the dip wasn't as strong as expected. Having opened more than one per cent down after the Greek people voted against bailout conditions set by the country's lenders, the FTSE 100 later recovered some of [...]
Greek debt crisis: Germany shouldn’t lecture Greece – it never repaid its own debts, argues Thomas Piketty July 6, 2015 European conservatives, particularly in Germany “are about to destroy Europe and the European idea” over their demands to make Greece repay its debt, economist Thomas Piketty has said. Speaking with German newspaper Die Zeit, later translated on Medium, the outspoken economist claimed it was “a joke” that Germany was demanding Greece repay the €1.6bn [...]
Greek debt crisis: Finance minister Yanis Varoufakis resigns despite referendum “no” vote July 6, 2015 Greece's finance minister Yanis Varoufakis resigned his post today, despite the Greeks' resounding "no" vote in Sunday's referendum. The economist praised the electorate for "the great capital bestowed upon our government by the splendid no vote" – but said it was clear he could not remain in his position. Varoufakis, who had previously threatened to [...]
George Osborne says emergency July Budget will see £12bn welfare cuts July 5, 2015 Chancellor George Osborne has said that he has identified all £12bn of welfare cuts that he needs to make as part of the government’s plan to balance the budget in three years. “We have found that £12bn of savings in welfare that we said we’d be able to find,” Osborne said yesterday in an [...]
Labour’s largest donor endorses far-Left candidate Jeremy Corbyn July 5, 2015 Britain’s biggest trade union and the Labour party’s largest financial backer is supporting left-wing candidate Jeremy Corbyn in the race to replace Ed Miliband. Corbyn, who has been the MP for Islington North for more than two decades, is seen as the most radical choice from a slate of candidates which also includes fellow MPs [...]
Labour leadership race: Jeremy Corbyn wins Unite backing, Andy Burnham second favourite of Britain’s biggest union July 5, 2015 Jeremy Corbyn has won the backing of Britain's biggest union in the contest to become the next leader of the Labour party. Unite's executive committee has voted to support the left-wing candidate who is seeking to replace Ed Miliband. The union, which lent support to Miliband in the last leadership race, also voted for Andy [...]
July Budget 2015: BBC must “make a contribution” to welfare cuts, says George Osborne on Andrew Marr Show July 5, 2015 The BBC “can make a contribution” to the costs of free television licences for the over-75s, George Osborne has said, responding to reports that the broadcaster would be required to stump up millions of pounds to keep the pensioner benefit going. The fee is currently paid by the Department of Work and Pensions (DWP) but under [...]
July Budget 2015: Make investments easier through tax reforms to create “equity economy”, business leaders urge George Osborne July 5, 2015 George Osborne must make radical changes to the tax system to unlock the investment potential of millions of Brits and inject growth into the economy. The chancellor's Budget, due on Wednesday, should include ambitious reform of the tax system to encourage people to buy a stake in businesses and create an "equity economy", the Institute of [...]
July Budget 2015: George Osborne to cut housing welfare for higher earners July 5, 2015 George Osborne plans to cut housing welfare for those earning higher wages in a move that is expected to raise £250m a year for the Treasury. Those earning more than £30,000, or £40,000 in London, and living in Local Authority or Housing Association properties will have to pay the going market rent, the chancellor will [...]
Greek referendum: European markets dip as court prepares to rule on referendum July 3, 2015 European markets closed down today as Greek court prepared to rule on the legality of Sunday's referendum on creditors' bailout conditions. Read more: Even pro-Europeans admit the Greek crisis has been disastrous for the EU The FTSE 100 closed down 0.67 per cent, while Germany's Dax closed down 0.37 per cent and France's Cac was 0.57 [...]