How accurate is it for Osborne to say that the UK’s finances are improving? July 19, 2013 There are enough variations of today's public borrowing figures that you can twist them to fit almost any narrative you'd like. But can chancellor George Osborne really say that the deficit is shrinking? We've got some analyst reaction. Martin Beck, UK economist, Capital Economics: The public finances have yet to see much of a boost [...]
Regulator bans and fines former insurance broker £140,000 July 19, 2013 Regulator the Financial Conduct Authority (FCA) has banned Paul Cable from working in the financial services sector and fined him £140,000 for misleading a client. Whilst the sole director of Media and Entertainment Insurance Service Limited (M&E), Cable misled a client by telling them that he had arranged insurance policies for them when no such [...]
Public sector borrowing rises to £12.4bn in June July 19, 2013 PUBLIC sector borrowing rose to £12.4bn in June, according to new figures from the Office for National Statistics today. This is £0.5bn higher year-on-year, the data said. However, in 2012/13, public sector net borrowing excluding factors such as the transfer of the Royal Mail Pension Plan and the transfers from the Bank of England Asset [...]
National debt at its highest level since the 1960s July 19, 2013 Public sector borrowing statistics for June have been released, and the ONS has the numbers in a variety of flavours, depending on your preferred measure (see below). Sky's Ed Conway reports that national debt is at its highest proportion of GDP since the 1960s: Britain's national debt has just gone through the £1.2 trillion mark. [...]
2012 Olympics gave UK £10bn boost, says government July 19, 2013 THE LONDON 2012 Olympics boosted the UK economy by £9.9bn, according to a new joint UK Government and Mayor of London report. The cost of the Olympics is estimated to have been under £9bn. The report said that the event had created 70,000 jobs for workless Londoners and that tourist spend in 2013 is expected [...]
SSE secures £1.3bn credit facility July 19, 2013 ‘BIG SIX’ energy supplier SSE today said that it has entered into a new £1.3bn revolving credit facility to support the company’s growth. The debt matures in July 2018 and replaces a £900m facility that was due in August 2015. A group of ten banks arranged the facility, the names of which were not disclosed. [...]
Price wars in Europe hit Vodafone revenues July 19, 2013 VODAFONE today unveiled a 3.5 per cent drop in its organic service revenue for the first quarter, hit by increasing competition in the UK, Germany and Italy. The British telecoms company said that service revenue in Germany fell by 5.1 per cent over the period and by 4.5 per cent in the UK due to [...]
Italian industrial orders suggest the sector could be on its way to recovery July 19, 2013 We get a mixed picture from this morning's Italian industry figures. While industrial sales have fallen 5.2 per cent in the year to May, orders this month are looking better. Despite sliding by 1.1 per cent in the year to May, orders saw a rise of 3.2 per cent in May, from a 0.8 per [...]
Before the open – 19/07 July 19, 2013 The FTSE 100 is expected to open down after US companies including Google and Microsoft posted earnings missing for the second quarter. Asian markets saw some decline on profit taking before the election this weekend. ETX Capital #morningcall: FTSE100 down 30 points, the DAX lower by 40 points and the CAC40 off by 17 points [...]
Vodafone revenues drop on competition in Germany and the UK July 19, 2013 Vodafone revenues have dropped by 3.5 per cent in the quarter ended 30 June as competition intensity has increased, with declines of 5.1 per cent in Germany and 4.5 per cent in the UK (release). Elsewhere, conditions in southern Europe resulted in revenues falling by 17.6 in Italy and 10.6 in Spain. Vittorio Colao, chief [...]
