Here’s why chancellor George Osborne’s pensioner bond bonanza won’t translate into votes March 11, 2015 George Osborne's so-called "granny bond" scheme has been heavily criticised as a blatant bid for the older vote, however new research has shown the chancellor's expensive giveaway is unlikely to pay off for the Tories. Rate setters at the Bank of England have held the main interest rate at a record low 0.5 per cent [...]
Cameron looks to increase defence spending – for free March 11, 2015 There is more than one way to skin a cat – and, it seems, plump up a defence budget. David Cameron has instructed ministers to find out whether the budgets of intelligence agencies can be lumped in as part of defence spending. The UK has come under pressure recently from the US to maintain its [...]
Mark Carney says talk of cut to interest rate is overblown March 10, 2015 Bank of England governor Mark Carney yesterday implied that talks of a cut in interest rates nearer to zero were overblown. He also ruled out cancelling government debt held by the Bank to reduce the headline figure. Policy makers will “look through” falls in energy and food prices that would keep inflation below target this [...]
Tidjane Thiam quits Prudential for Credit Suisse: The exit of a chief exec who defied the odds March 10, 2015 Back in 2010, you would never have expected Tidjane Thiam to receive this reaction on his departure from Prudential. An ill-fated acquisition bid left shareholders fuming – the attempt to buy AIA for £21bn saw the insurer lose £373m and Thiam took the blame. On top of that, the Financial Services Authority (FSA) censured him, fining [...]
Credit Suisse faces shake up under new boss Tidjane Thiam March 10, 2015 Credit Suisse is braced for major changes to its investment banking units, as shareholders welcomed the appointment of Prudential boss Tidjane Thiam as chief executive. The incoming boss gave few clues as to his plans at a press conference yesterday, but is expected to cut back investment banking and focus on the traditional core of [...]
Sorry, Nigel Farage, Judeo-Christian nationalism is no answer to failed multiculturalism March 10, 2015 What’s the best way to fix the problems created by state-sponsored multiculturalism? According to Nigel Farage, it’s using government power to confirm the worst fears of minority communities. Farage recently made his debut appearance at the Conservative Political Action Conference, just outside of Washington, DC. He used his time in front of American conservatives and [...]
Work on Crossrail for Bikes gets underway – and London mayor Boris Johnson lends a hand March 10, 2015 Work on Boris Johnson's flagship “Crossrail for Bikes” scheme began this morning, with the mayor donning a hard hat and clambering into a digger to help break the ground. The first leg will be the route that runs north to south from Kings Cross to Elephant and Castle – notoriously the most dangerous junction for [...]
Prudential share price slides despite profit rise as Tidjane Thiam prepares move to Credit Suisse March 10, 2015 The numbers Prudential has reported a profit before tax of £2.6bn for 2014 – 60 per cent up from the previous year. Operating profit rose 14 per cent to £3.1bn. The company's full year dividend climbed by 10 per cent to 36p per share. The Pru's capital surplus is estimated to stand at £4.7bn. Why it's [...]
Prudential boss Tidjane Thiam jumps into Credit Suisse role March 9, 2015 Prudential boss Tidjane Thiam is set to leave the FTSE 100 giant later this year to head Swiss banking titan Credit Suisse, it emerged last night. The surprise exit, which would bring the curtain down on a six-year tenure at the helm of the Pru, is expected to be announced as soon as this morning, [...]
George Osborne to avoid post-election cuts debate by ducking out of Treasury Questions finale March 9, 2015 Labour claims George Osborne is trying to avoid debating the cuts planned in the event of a Conservative election victory, after learning that the chancellor will not be at the last Treasury questions session before the General Election. Osborne will be attending the Ecofin meeting of EU finance ministers instead. Shadow chancellor Ed Balls only [...]