Interest rates could be slashed to zero to battle deflation March 19, 2015 BRITAIN’S record-low interest rates could fall even further, Bank of England policymaker Andy Haldane said yesterday, arguing that a shock rate cut could help boost inflation and growth. Rates have been held at 0.5 per cent for the past six years, with the authorities worried that cutting it further would devastate banks by crushing returns [...]
EU warns Athens that its patience is running thin March 19, 2015 TALKS between Greece and its creditors in the Eurogroup continued late into last night, but there was no indication of a thaw in the frosty relations between Athens and Germany. And the Eurozone leaders continued with their tough line, warning the left-wing Syriza-led government that their patience was running out. Athens, they made clear, must [...]
Arbuthnot: Senior manager rules hurt bank competition March 19, 2015 Rules designed to make banks safer could be harming competition by unfairly burdening challenger banks, one of those smaller lenders warned yesterday. Secure Trust Bank (STB), which is part of the Arbuthnot Banking Group, argues that rules designed to monitor layers of senior, risk-taking management at giant banks are disproportionate when applied to small lenders. [...]
Budget 2015: First-time buyer Help to Buy Isa panned by fiscal experts March 19, 2015 A prominent London think-tank has joined the chorus of criticism of the chancellor’s new policy to help aspiring first-time house buyers yesterday. The new Help to Buy Isa announced by George Osborne on Wednesday allows young savers to put a maximum of £200 a month away. The government will add 25 per cent to the [...]
Watchers of the skies March 19, 2015 LONDONERS preparing to see the near total eclipse of the Sun this morning may be left disappointed due to cloudy weather. The solar eclipse, which has not happened since August 1999, will begin in London at 8.25am, with the most coverage occurring at 9.32am. The eclipse will have passed by 10.41am. The amateur astronomists among [...]
Auto Trader off to a flyer after shares zoom up March 19, 2015 Online car auction site Auto Trader roared off the forecourt yesterday in the biggest ever UK market debut by a private equity-backed group. Shares in the company, previously owned by UK buyout house Apax, rose 16.5 per cent from their listing price of 235p in early trading before settling to close nine per cent higher [...]
Government warned tax evasion clampdown may hit the innocent March 19, 2015 CITY firms and business groups warned yesterday that the government’s proposed new tax evasion measures could criminalise innocent firms or individuals. Chief secretary to the Treasury Danny Alexander laid out a variety of new rules yesterday morning. There will be a new offence of strict liability, so pleading ignorance is no longer an excuse. This “will [...]
Nike beats market expectations despite fears of dollar strength March 19, 2015 NIKE’S quarterly profit beat market estimates as the world’s largest sportswear maker sold more higher margin shoes and clothes but the company warned Wall Street that the stronger dollar would take a toll on its current quarter. Investors, however, ignored the warning, sending its shares up 4.5 per cent to $102.75 in heavy after-hours [...]
Budget 2015: George Osborne urged to explain £12bn of planned cuts March 19, 2015 Pressure is mounting on chancellor George Osborne to reveal where planned welfare cuts will eventually be implemented. “It is almost two years since he [Osborne] announced his intention of cutting welfare spending by £12bn,” said Paul Johnson, head of the Institute for Fiscal Studies (IFS). “Apparently the plan is to have those £12bn of cuts [...]
Danny Alexander sparks backlash after presenting alternative Lib Dem budget March 19, 2015 Danny Alexander sparked a furious backlash from Labour and the Conservatives yesterday after presenting a so-called alternative budget just a day after being a key figure in the real thing. Appearing outside the Treasury with a yellow budget box, the chief secretary to the Treasury then laid out alternative spending plans, based on a department [...]
