Worst cuts for the UK since World War II June 23, 2010 WHITEHALL is bracing itself for the longest, and deepest sustained period of cuts to public service spending since at least the Second World War, which could see some departments see their budgets slashed by as much as 33 per cent by 2014-15 in real terms. Leading think-tank the Institute for Fiscal Studies (IFS) yesterday confirmed [...]
IFS rejects Budget’s progressive claims June 23, 2010 THE Institute for Fiscal Studies (IFS) yesterday rejected chancellor George Osborne’s confident claim on Tuesday of a progressive Budget that would spread the pain across all sections of society but that the richest would contribute more than the poorest. James Browne at the IFS said yesterday that the fiscal consolidation measures announced by the coalition [...]
Osborne’s fiscal mandate must focus on the long-term, warns think-tank June 23, 2010 TWO major pitfalls threaten the credibility of George Osborne’s new fiscal mandate and debt target, the Institute for Fiscal Studies said yesterday, although it gave both a cautious welcome. While it applauded the forward-looking nature of the mandate to achieve a balanced structural current budget by the end of the forecast horizon, it warned that [...]
Budget score is 7 out of 10, say our panel June 23, 2010 GEORGE Osborne’s first Budget deserves a score of seven out of ten, our unique panel of London’s financiers and business professionals said yesterday. The City A.M./PoliticsHome.com Panel, which has been specially recruited to represent a cross section of London’s financial community, was also asked whether they thought the toughest fiscal consolidation in Britain’s peacetime history [...]
Eighty per cent of directors give Osborne the thumbs up June 23, 2010 EIGHTY per cent of company directors support George Osborne’s emergency Budget, according to a survey. The Institute of Directors (IoD) said four out of five members backed the chancellor’s plan for the biggest fiscal consolidation in Britain’s peacetime history. Of the 640 directors surveyed, 83 per cent said the measures would have a positive impact [...]
Two-week low for the FTSE as metals and miners tumble June 23, 2010 BRITAIN’S top share index hit a near two-week closing low yesterday as retreating metals prices and downbeat broker sentiment pressured mining stocks and with investors’ moods darkened by weak US homes sales data. The FTSE 100 index closed down 68.46 points, or 1.3 per cent, at 5,178.52, its lowest close since 11 June, having lost [...]
ACTOR KEVIN SPACEY ENJOYS A RETURN TO THE TRADING FLOOR June 23, 2010 ACTOR and Old Vic artistic director Kevin Spacey is becoming quite the dab hand on the trading floor, if reports from our Stateside friends are to be believed. Bankers at Citigroup in New York were astonished last week when Spacey popped into their offices to do a spot of research for his new movie, Margin [...]
Fed spooks stocks with grim outlook June 23, 2010 US stocks mostly fell in a volatile session yesterday after the Federal Reserve downgraded its assessment of the economic recovery as it vowed to keep cheap money flowing. The market bounced between positive and negative territory as investors wrestled over the implications of the Fed’s statement in the afternoon on the economy and interest rates. [...]
Equity indices have lost their momentum to rise further June 23, 2010 DESPITE continued fears of an economic slowdown, global equities had proved somewhat resilient over the last fortnight with traders jumping on any piece of good news as an excuse to buy. But the 10-session winning streak in the MSCI World Index snapped on Tuesday and the index of global stocks has now shed 1.4 per [...]
PM confirms public sector pensions cut June 23, 2010 THE PRIME Minister yesterday confirmed the pensions of existing public sector workers will be cut, as he defended the coalition Budget in a tetchy question and answer session with voters. Cameron said the bill for public sector pensions was too high and that schemes would become less favourable for existing members of staff as well [...]
