Global blues dragging down UK blue chips: Domestic strength has not been enough to buoy UK stocks August 23, 2015 Any drop of 10 per cent or more in the stock market over a short space of time is known as a “correction”. The FTSE 100 is well into correction territory. The index of the 100 biggest London-listed firms ended 2014 just above 6,500. It then surged past 7,000 to hit a peak of 7,104 [...]
Global liveability ranking: Melbourne tops the charts again as terror and austerity makes European cities less attractive August 18, 2015 "Liveability" has fallen in cities across Europe, thanks to terror attacks and economic instability, figures published by the Economist showed today. The global liveability index ranked London at 53rd place out of the 140 cities studied. If you want a more pleasant environment, move to Melbourne instead. For the fifth year running, the Australian city [...]
Does Spain’s surging economy show that a recipe of austerity and reform works? August 5, 2015 Holger Schmieding is chief economist at Berenberg, says Yes The Eurozone’s recipe of tough love, whereby members can get help if they accept tough conditions, is working. This means repairing their budgets and improving their growth potential through labour market and other supply-side reforms. The medicine tastes bitter for a while, as Britain discovered when [...]
Economist Joseph Stiglitz not shocked by Labour lurch: The rise of Jeremy Corbyn gets a big supporter July 26, 2015 A cosy, dimly-lit Mayfair cocktail bar with a stage for live music is not the first place you would expect to find a Nobel prize winning economist on a Sunday morning. Firebrand American polemicist Joseph Stiglitz was in town during an eyebrow-raising period for the British left. But while many in Westminster are shocked by [...]
Greece votes for more austerity to stay in euro July 15, 2015 The Greek parliament early this morning voted in favour of the deal that Prime Minister Alexis Tsipras accepted, after gruelling talks in Brussels earlier this week, in order to start progress on a third bailout. The final tally of 229 to 64 in favour of the deal was decisive, yet many of the “No” [...]
Welfare slashed despite surprise ease in austerity July 8, 2015 WELFARE spending faces the brunt of spending cuts over the next five years after it was announced the “roller coaster” ride that was anticipated for government departments will no longer happen. However, the government surprised many economists by opting to slow pace of austerity overall, despite shaking off the Lib Dems, its old coalition partner. [...]
Greek referendum: Finance minister Yanis Varoufakis hails “no” vote against austerity July 5, 2015 Greek finance minister Yanis Varoufakis has hailed a seeming "no" vote against more austerity measures implying it ramps up pressure on the country's creditors to negotiate. "As of tomorrow, with this brave "no" the Greek people handed us … we will extend a helping hand towards our lenders. We will call on each one of them [...]
Brexit: Union RMT to campaign for a Brexit from “pro-austerity, anti-worker EU” June 25, 2015 The transport union RMT will campaign for a Brexit from “pro-austerity, anti-worker” European Union (EU) after a vote at its AGM. Read more: Treaty change may not come before EU membership referendum David Cameron admits The group has long been opposed to the UK’s membership of the EU, and says the vote merely reaffirms its [...]
David Cameron pledges tax credit reform as part of government’s drive to cut £12bn from welfare budget June 22, 2015 Tax credits are under fire as part of the government’s pledge to eliminate £12bn from the welfare budget, with David Cameron insisting Britain must not continue with the current “merry-go-round” system. The speech, in Cheshire, will attack the system introduced by Tony Blair’s Labour government, whereby low paid workers will have money taken in tax [...]
End Austerity Now: Thousands gather in London to protest against austerity measures June 20, 2015 Thousands of people have descended on London to take part in a demonstration against government austerity measures. Crowds holding banners with slogans such as "get the Tories out", "austerity kills" and "defy Tory rule" took to the streets for the End Austerity Now demonstration. Among the protesters were Hollywood star Michael Sheen, Labour leader candidate Jeremy [...]