WHAT THE OTHER PAPERS SAY THIS MORNING December 1, 2011 FINANCIAL TIMES STRIKE GETS RETAIL TILLS RINGING This week’s strike proved a boon for Britain’s battered high streets, with official figures recording a 38 per cent increase in shopper numbers on Wednesday as public sector employees and parents of school-age children hit the stores. The fillip to trade was welcomed as the equivalent of “an [...]
UBS risk chief goes 11 weeks after scandal December 1, 2011 SERGIO Ermotti has swiftly made his mark as the new UBS chief executive by ousting the chief risk officer barely 11 months after she took up the post. Maureen Miskovic left the bank abruptly yesterday, 11 weeks after she was embarrassed by the discovery of $2bn (£1.27bn) of “rogue” trades. Ermotti, who was confirmed as [...]
FACT CHECKER | WITH TIM WALLACE November 30, 2011 “Public servants are being asked to accept a permanent deep cut in their living standards,” thundered TUC boss Brendan Barber. Meanwhile George Osborne described the public pay freeze up to 2015 and the one per cent cap on increases in the two years after that as “fair to those who work to pay the taxes [...]
Tesco launches second inflation linked bond November 30, 2011 TESCO Bank yesterday launched a follow-up to its sell-out retail bond, offering investors a return of retail price inflation (RPI) plus one per cent over the next eight years. The inflation-linked bond will pay interest twice a year, with the full amount repaid at maturity even if RPI has fallen. Tesco’s latest issue comes a [...]
Osborne misses a great opportunity November 30, 2011 AS ever, it was Lewis Carroll who put it best in Alice Through the Looking Glass: “The rule is, jam tomorrow and jam yesterday – but never jam today.” Even that could be too optimistic: reading between the lines of yesterday’s mini-Budget, it is clear that the UK is out of money to an even [...]
Osborne misses a great opportunity November 29, 2011 AS ever, it was Lewis Carroll who put it best in Alice Through the Looking Glass: “The rule is, jam tomorrow and jam yesterday – but never jam today.” Even that could be too optimistic: reading between the lines of yesterday’s mini-Budget, it is clear that the UK is out of money to an even [...]
Workers to suffer falling real pay until late 2013 November 29, 2011 THE SQUEEZE on earnings will not stop until 2013, which means consumption will do little to help an economic recovery, according to the Office for Budget Responsibility’s forecasts published yesterday. Once inflation is taken into account, real earnings fell by 2.3 per cent in 2011 – “a post-war record”, said OBR boss Robert Chote. Consumption [...]
Banks, businesses and unions give their views on the Autumn Statement November 29, 2011 THE BRITISH BANKERS’ ASSOCIATION The BBA is the leading trade association for the UK banking and financial services sector, speaking for over 200 member banks DIRECTOR GENERAL ANGELA KNIGHT “This Autumn Statement makes a serious addition to the large sums already being lent to the business community by the banks. With the Eurozone crisis putting [...]
Five ways to get the UK economy back in the black November 28, 2011 IT’S time for the UK to get real. The country is deeply in debt. The coalition made deficit reduction the prime aim of its governing agreement. It was a great idea then. It is a great idea now. It needs delivery. First, let’s be bold with the banks. The UK private sector needs easier access [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 27, 2011 FINANCIAL TIMES PLEA TO BRUSSELS OVER AUDIT SHAKE-UP The heads of several midsized audit networks have issued a last-ditch appeal to the European Commssion not to dilute sweeping proposals aimed at reducing the dominance of the four biggest accountants and improving audit quality. In a joint interview with the Financial Times, the chief executives called [...]