National insurance payment cut to mostly benefit middle and higher-earners, says IFS November 21, 2019 Prime Minister Boris Johnson’s plans to raise the national insurance contribution (NIC) threshold would mostly benefit middle and higher-income households, the Institute for Fiscal Studies (IFS) has said. The Conservatives intend to raise the point at which workers pay national insurance to £9,500 in 2020/21 from its currently-planned level of £8,788. The party also intends [...]
OECD: Global growth in 2019 will be worst since financial crisis November 21, 2019 The global economy is set to grow at its slowest pace since the financial crisis this year, the OECD has said, warning that governments are failing to adequately tackle the problem. In a gloomy update to its forecasts, the Paris-based organisation said countries were also failing on tackling climate change, the digitisation of economies and [...]
FTSE 100 sinks again after US-China trade war tensions rise over Hong Kong November 21, 2019 The FTSE 100 opened lower this morning, with other major European stock markets also down, after the US and China clashed over Hong Kong and fresh doubts emerged about a trade deal between the two. The FTSE was 0.67 per cent lower shortly after opening, Germany’s Dax index was down 0.64 per cent, and France’s [...]
UK government borrowing jumps in October ahead of post-election splurge November 21, 2019 The UK government borrowed much more than expected last month, official figures have shown, with October borrowing hitting its highest in five years. The increase in borrowing comes even before one of the two main parties has had a chance to carry out large spending increases following the General Election on 12 October. Read more: [...]
British American Tobacco shares jump after US shelves tough regulations November 21, 2019 Shares in British American Tobacco have surged this morning after US regulators shelved plans to force tobacco firms to slash the amount of nicotine in cigarettes. The proposal was unveiled by the US Department of Health and Human Services two years ago, but was put on hold yesterday, according to a regulatory document. Read more: [...]
Leading German think tank supports minimum global tax rate plans November 20, 2019 A leading German economic think tank has voiced its support for the OECD’s plans for an international minimum corporate tax rate. The Paris-based international organisation has proposed an overhaul to global tax rules that would ensure companies pay a minimum tax rate in their home countries, establishing “a floor for tax competition among jurisdictions”. Read [...]
FTSE 100 falls one per cent after Donald Trump trade comments November 20, 2019 European stock markets have fallen today following President Donald Trump’s threat to raise tariffs on Chinese goods if no deal can be reached between the two sides, with the FTSE 100 leading the bunch downwards. The FTSE 100 was down 1.09 per cent by 12.45pm UK time. In Germany, the Dax index was 0.70 per [...]
Stop attacking ECB, new board member tells fellow Germans November 20, 2019 Incoming European Central Bank (ECB) board member Isabel Schnabel has told her fellow German economists to dial back their attacks on the Eurozone’s central bank, saying they threaten the euro. “Dear fellow German economists, if you are wondering what you can do for Europe: Please help to dispel the harmful & wrong narratives about the [...]
ECB: Record-low interest rates causing ‘excessive risk-taking’ November 20, 2019 Record-low interest rates in the Eurozone have led to “excessive risk-taking in some sectors” which could threaten financial stability, the European Central Bank (ECB) has warned. The ECB defended low rates in its latest financial stability report, however, saying they were necessary to support economic activity in the struggling Eurozone. Read more: ECB warned over [...]
IoD: Governance overhaul needed to restore trust in business November 20, 2019 The next government and business must work together to restore trust in corporate Britain, the Institute of Directors (IoD) has said in a “manifesto” that lays out a number of proposals to improve the running of companies. One of the IoD’s key proposals is a new form of company for the outsourcing industry, “the Public [...]
