Who’s switching jobs December 4, 2012 Aon Hewitt The human resources consultancy has appointed Andrew Woolnough as client development director in its flexible benefits team. He was most recently head of flexible benefits at Enrich Reward, and has also held senior roles at Jelf Group. JP Morgan Private Bank The private bank has announced two new appointments to its London-based South [...]
Best of the Brokers December 4, 2012 TESCO Espirito Santo has downgraded the supermarket giant from a “hold” guidance to a “sell” and cut the price target from 300p to 275p, warning of a drop in profit margins. CWC Barclays has upgraded the telecoms firm to an “equal weight” rating, and upped its target by 32 per cent to 41p following CWC’s [...]
FTSE closes flat as low confidence and poor construction data bites December 4, 2012 BRITAIN’S top share index closed flat yesterday, underperforming most European bourses as a swathe of downbeat domestic data outweighed optimism about crisis-hit Spain and Greece. British construction activity shrank last month, and confidence about the next year fell to its lowest in almost four years, as the British Chamber of Commerce said that growth in [...]
US economic stalemate sees markets dip December 4, 2012 US stocks finished slightly lower in a quiet session yesterday as the back-and-forth wrangling over the “fiscal cliff” gave investors little reason to act. Trading volume was light as legislators continue to negotiate a deal to avoid a $600bn (£372bn) package of tax hikes and federal spending cuts that would begin 1 January and could [...]
The chancellor must stop tinkering and face up to his UK deficit failure December 4, 2012 TODAY is not going to be George Osborne’s finest day as chancellor – whatever he does and whatever he says. He is veering wildly off course in his plans to eliminate the deficit and to start to get our soaring national debt under some semblance of control. As always, the first step to addressing a [...]
A lesson for Britain: America is saving the world by making energy cheaper December 4, 2012 CRIMINALS are reportedly refusing to leave Portugal’s prisons. According to the International Herald Tribune, prisoners are rejecting parole and requesting to serve the full length of their sentences. Despite record over-crowding, some motoring offenders have failed to pay fines, and have opted instead to serve three or even six month sentences. This is a remarkable [...]
The Treasury will gain nothing from property tax hikes December 4, 2012 A S THEY consider a “back-door” mansion tax and another increase in stamp duty in today’s Autumn Statement, George Osborne and Vince Cable should take a quick look at a dramatic drop in tax receipts after the last Budget. In March, stamp duty was hiked to 7 per cent for people buying property over £2m [...]
As Boris Johnson calls for EU renegotiation, should Britain just stay in the single market? December 4, 2012 YES Christopher Howarth It is essential that the UK renegotiates its EU membership. As we have argued for years, the economic and democratic costs are far too high. But we should not leave. The UK, particularly the City, benefits from the single market and doing business across Europe – something that would be more difficult [...]
Rapid Responses December 4, 2012 The tax debate [Re: Politicians need to stop moralising – and reform our taxes, yesterday] Britain’s tax system does not reward the working poor. Nobody on low wages should pay income tax or national insurance, while also receiving benefits. Chris Hobson We shouldn’t bring the level of tax into the debate about tax reform. To critics [...]
Crunch week to set the tone for sterling in 2013 December 4, 2012 IT IS a crunch week for the great British pound. The currency will be pushed and pulled by both monetary and fiscal forces. The market has been waiting with bated breath for today’s Autumn Statement, when chancellor George Osborne will outline his fiscal strategy to kick-start the UK’s ailing economy. There is also a chance that [...]
