Middle Britain set for big drop in retirement income March 9, 2011 MIDDLE earners face a severe financial squeeze in their retirement, raising the spectre of future political unrest, the think tank Chatham House warned today. Retirement income could plummet by almost 60 per cent from pre-retirement income for middle income (£18,000 — £44,000 yearly) households. “The UK has a distinct problem with middle income earners who [...]
CITY A.M. | SHADOW MPC REMAINS SPLIT OVER RATE RISES March 9, 2011 ALLISTER HEATH | CITY A.M. “Quarter point rise. While not sensational, the business surveys indicate a return to growth for 2011. Rates should be gradually normalised to signal that the Bank is serious about fighting spiralling inflation.” SIMON WARD | HENDERSON “Half-point rise. The MPC’s forecast shows inflation 0.5 per cent above target in two [...]
The 50p top rate of tax to hit UK growth and cut tax receipts, claims think tank March 9, 2011 THE 50p top rate of income tax will hammer British growth and actually reduce government tax receipts, a Westminster think tank will say today. “Evidence from overseas shows that high top tax rates fail to produce public revenues and injure economies,” the Adam Smith Institute (ASI) argues. Labour mobility among high earners, relocation by businesses, [...]
German industry recovers in 2011 March 9, 2011 Industrial production in Germany sprung back in January, following a snow-affected December. Production rose by 1.8 per cent on the previous month, data showed yesterday. The fall in December, blamed largely on the winter freeze, was revised down to a 0.6 per cent contraction. “The German economy had an excellent start to the new year,” [...]
American wholesales rise again March 9, 2011 US wholesale inventories rose in January and sales set their fastest pace in 14 months, suggesting re-stocking and strong demand would give a lift to the economy in the first quarter, it was revealed yesterday. Total whole inventories rose 1.1 per cent, to $436.88bn (£269bn), the highest since November 2008. Inventories rose by an upwardly [...]
Sluggish growth in UK earnings March 9, 2011 An index measuring growth in private sector earnings fell by 0.1 per cent this month, dropping to its slowest rate on record, it was revealed today. “This is significantly below the annual rate of inflation of 4 per cent and places a big squeeze on UK households which are now faced with the twin pressures [...]
French public deficit on the up March 9, 2011 France’s annual government deficit widened to €13.4bn (£11.5bn) in January, up from a deficit of €9.2bn at the same time last year, official data showed yesterday. However, the deficit for 2011 is still expected to fall to 5.9 per cent of GDP, down from 7.5 per cent of GDP in 2010, according to Laurence Boone [...]
Inflation returns in Switzerland March 9, 2011 Swiss consumer prices rose by 0.4 per cent in January, compared to December, official figures showed yesterday.
CITY MOVES | WHO’S SWITCHING JOBS March 9, 2011 Pinsent Masons International law firm Pinsent Masons has strengthened its funds team in London by appointing Daniel Greenaway as partner. Greenaway arrives from SJ Berwin, where he was a senior associate in the private equity funds formation team. Greenaway specialises in structuring and closing buyout and debt funds, as well as M&A transactions including the [...]
BEST OF THE BROKERS March 9, 2011 OLD MUTUAL Nomura rates the insurer “neutral” and has raised its target price by 15p to 130p. The broker views the firm as strategically challenged, with few synergies between its businesses. Nomura believes that a disposal of Nedbank this year is unlikely while management continue to simplify elsewhere, but has raised its 2011 earnings per [...]
