Stagnation Britain: Osborne has played his hand extremely badly July 25, 2012 THE statisticians will be arguing about the last quarter’s growth figures for years. Was it really a 0.7 per cent fall in national income, a 0.9 per cent fall or a 0.5 per cent fall? If it were not for the soggy weather and extra Bank Holidays, might we have managed just a 0.2 per [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 24, 2012 FINANCIAL TIMES Green energy compromise reached Wind investors will escape deep cuts to subsidies but the coalition will not commit to tough new targets for decarbonising British electricity generation under a compromise deal thrashed out between George Osborne and Ed Davey, the energy secretary. Under the agreement, to be announced today in parliament, Mr Davey [...]
UK energy policies are sabotaging industry’s global competitiveness July 23, 2012 THE revelation that George Osborne wants fossil fuels to remain a key and important supplier of Britain’s electricity generation shows he can talk the talk. But the chancellor will struggle to give legs to his policy. His statement comes immediately unstuck when you consider how the Treasury is preparing to lump huge taxes on such [...]
National Grid in energy bill spat with regulator July 16, 2012 NATIONAL Grid hit out at Ofgem over its plans to curb the cost of fuel bills yesterday, with the regulator’s initial £22bn proposals for upgrading Britain’s networks falling short of expectations. Ofgem will allow bills to rise by on average £11 a year for the next eight years, with a £7 increase next year rising [...]
FTSE dips as investors eye US jobs data July 6, 2012 The FTSE 100 fell in early trading with investors cautious ahead of key US jobs data and still absorbing moves by three central banks to get their country’s economies back on track. Banks in China, Europe and Britain loosened monetary policy in an attempt to boost flagging global growth but ended up spooking investors, who [...]
Eurozone hikes taxes to fill big budget holes July 3, 2012 TAX rises may be on the way in Spain and France, say government ministers, who are under pressure to make budget targets. The French Prime Minister Jean-Marc Ayrault yesterday promised a 75 per cent tax band on earnings above €1m, but confirmed that the government would reverse a sales tax increase due to begin in [...]
BEST of the BROKERS June 14, 2012 H&M Liberum rates the fashion chain “sell” with a target price of SEK170. The broker thinks H&M will struggle to leverage costs and maintain its gross margins in a tough time for European clothes retailers. But it expects like for like sales to rise 1.3 per cent at the firm’s quarterly results on Wednesday. TUI [...]
Britain’s solitary stance on energy policy is foolish May 24, 2012 THE government’s draft Energy Bill is an utter disaster. It reverses the course of UK energy deregulation, which cut prices, and will lead to confusion for companies and added costs for consumers. Lord (Nigel) Lawson, who as energy secretary was the architect of Britain’s energy market deregulation in the 1980s, has warned that the Bill [...]
Mitie profit rises as order book swells May 21, 2012 British outsourcing firm Mitie posted an 8.9 per cent rise in full year profit and said it was upbeat about growth prospects in the coming year as governments and businesses seek to cut costs and secure energy supply. Mitie, which provides catering, cleaning and maintenance services for clients like Vodafone, Tesco, and the British government, [...]
Events in Europe shouldn’t distract us from the global challenges we face May 20, 2012 AS City A.M. readers read this, Greece and the stability of the euro is probably at the forefront of their minds. I am concerned, too, but my perspective today is different. I am looking back across the globe from where I have just landed on day one of a City business mission to the Philippines, [...]