Britain is set to face two more years in slump June 12, 2012 THE ECONOMY is flat-lining and will not return to pre-recession levels of output until 2014, according to a forecast out yesterday from the National Institute for Economic and Social Research (NIESR). It estimated that the economy grew 0.1 per cent in the three months to May, reversing the 0.1 per cent decline in the three [...]
Eurozone crisis hits developing economies, warns World Bank June 12, 2012 DEVELOPING countries should brace for a long period of financial market volatility and weaker growth as tensions rise over a worsening Eurozone debt crisis, the World Bank warned yesterday. The report said developing nations should prepare for tougher times by reducing short-term debt, cutting budget deficits and moving to a more neutral monetary stance so [...]
UK becomes nation of renters as young adults fail to save June 12, 2012 YOUNG people in the UK are increasingly relying on their parents to help them onto the property ladder, an industry survey revealed yesterday, as the financial crisis and their own failure to save holds them back. Half of 20 to 45 year olds think Britain will become a nation of renters within a generation, and [...]
VOICE OF THE CITY June 12, 2012 THIS week we’re asking our Voice of the City panel, run in association with PoliticsHome.com, to give us their opinion on last weekend’s Spanish bailout. We want to know whether members of our panel – made up of business and finance professionals across the City – think Europe was right to provide Spain with a [...]
Small firms fear US slowdown June 12, 2012 Job creation remains weak in the US, undermining hopes that the economy is recovering strongly according to a survey published yesterday by small business organisation NFIB. Only seven per cent of small businesses think that now is a good time to expand their facilities, and increasing numbers are reducing inventory holdings rather than increasing them [...]
Consultation on tax abuse rule June 12, 2012 The government yesterday launched a consultation on plans for a general anti-avoidance rule (GAAR) intended to clamp down on what it sees as “artificial and abusive avoidance schemes.” The GAAR is expected to apply to main direct taxes, like income tax, corporation tax and national insurance, as well as stamp duty land tax and potentially [...]
Insurers bolster property loans June 12, 2012 The volume of new property loans in Britain is set to balloon to £50bn a year by 2016, as more insurers enter the real estate lending market, according to research by property consultancy Savills. The new loan market will rise from the £27.5bn seen last year, in large part thanks to the likes of AXA, [...]
Spirit’s shares drop on lack of royal wedding June 12, 2012 SHARES in Spirit Pub Company lost almost six per cent yesterday despite the firm reporting like-for-like sales growth in its third quarter. The pub group said it was up against “tough prior year comparatives” when drink sales were boosted by the warm weather and royal wedding weekend. But Spirit said it continues to “significantly outperform [...]
Bombardier stock soars on big order from Warren Buffett firm June 12, 2012 SHARES in Bombardier jumped yesterday on news that the Canadian planemaker had won what analysts said was the biggest business jet order in its history. NetJets, a private jet-sharing company owned by Warren Buffett’s Berkshire Hathaway, said it would buy up to 425 new business jets from Bombardier and from US plane-maker Cessna Aircraft in [...]
May Gurney expects austerity drive to help its order book June 12, 2012 MORE British local authorities are likely to outsource work as government austerity forces them to cut costs, infrastructure and maintenance firm May Gurney said yesterday, creating opportunities for the private sector. May Gurney, which helps maintain Britain’s roads, rail and utilities services, said a need for local authorities to address funding gaps but protect frontline [...]
