Coalition reform plans will fail to make work pay May 22, 2011 GOVERNMENT proposals to reform the welfare system will fail to “make work pay” for many parents, a think tank report will claim today. Despite the coalition’s pledge that people will be “better off for each hour they work” under the new universal credit scheme, parents throughout the UK will face negligible incentives to work, the [...]
ECONOMISTS’ VIEWS: IS OSBORNE’S DEFICIT REDUCTION PLAN ON TRACK? May 22, 2011 DAVID MILLER | CHEVIOT ASSET MANAGEMENT “Reining back the deficit had to happen and is being managed reasonably well. Corporate sector tax receipts may surprise to the upside.” SIMON KIRBY | NIESR “Unlike the Office for Budget Responsibility, we don’t expect Osborne to meet the primary goal of a cyclically adjusted budget balance in 2015-16.” [...]
Squeeze of UK household finances starts to relax May 22, 2011 THE deterioration of household finances appears to be slowing, according to a survey released by Markit today. While Britons remain pessimistic about their finances, the outlook this month was the least negative since January. The household finance index edged up by half a point (to 36) in May, while the index measuring the financial outlook [...]
UK’s factory wages edge upwards May 22, 2011 Wage settlements have begun to creep upwards in the manufacturing sector, a survey reveals today. Settlements rose by an average of 2.5 per cent in the three months to the end of April — the highest since January 2009 and up from 2.4 per cent in the three months to March.
Business morale starts to repair May 22, 2011 Business confidence has shot up this quarter following four straight quarters of decline, according to a survey released today. The ICAEW and Grant Thornton UK business confidence monitor recorded improvements in all 14 financial performance indicators.
Cook more to pare income crunch May 22, 2011 Shoppers are looking to beat the squeeze on incomes by cooking more food from scratch, the IGD shopper track has shown.
Rio Tinto pay sparks anger May 22, 2011 RIO TINTO has failed to settle investor anger over its pay packages for directors, with one top-five shareholder pledging to fight on to overhaul remuneration at the mining giant. Around 22 per cent of UK shareholders refused to back Rio’s remuneration package at its annual meeting in April, though the figures were not made public [...]
Chinese expansion healthy for City of London May 22, 2011 UNLESS witnessed first-hand, it is difficult to grasp the sheer scale of economic growth in China or the level of international investment that has continued unabated despite the recent financial crisis. As a member of the Shanghai International Advisory Council – whose annual meeting I attended last week – I have been left in no [...]
Spanish in mass protest at high unemployment and austerity drive May 22, 2011 TENS of thousands of people filled Madrid’s Puerta del Sol during the weekend to protest against high unemployment and austerity measures, defying a ban on demonstrations on the eve of local elections. Protesters of all ages including families with small children and pensioners joined hundreds of young Spaniards, who have been camping out in Madrid [...]
Virgin Money seeks £2bn to buy branches May 22, 2011 FLEDGLING bank Virgin Money has kicked off a £2bn fundraising exercise to stockpile the war chest it requires to buy the branches being put up for sale by Lloyds and Northern Rock. Sir Richard Branson’s financial services firm is in talks with potential investors over the provision of finance for a bid. Both Lloyds and [...]
