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Tory yarns on economy carry grave risks for UK

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George Osborne said in 2010 that he would eliminate the structural deficit by 2015; it now stands at £92bn. His latest yarn (Let the cuts begin, 21 May) is that he will eliminate it by 2017-18. Fat chance. According to the Treasury red book accompanying his April 2015 budget (p22), the deficit reduced from £97.3bn […]

May 28th, 2015 | Posted in Finnancial,Society | Read More »

UK consumer confidence hits pre-crisis levels of 2006

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UK consumers are at their most upbeat for nine years on the back of improving job prospects and low inflation, according to the latest report to suggest spending power is recovering. Consumer confidence rose for the fifth successive quarter in the opening months of this year to hit its highest level since the pre-crisis days […]

May 27th, 2015 | Posted in Finnancial,Society | Read More »

Greek PM convenes emergency meeting of his bailout negotiation team

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The high-stakes game of brinkmanship between Greece and its creditors intensified on Monday after prime minister Alexis Tsipras convened an emergency meeting of his political negotiation team following a stark warning from Athens that default was looming. Amid mounting fears of financial collapse, Tsipras instructed officials to act speedily as his government sought to defuse […]

May 26th, 2015 | Posted in Finnancial,Society | Read More »

Margaret Thatcher’s deregulation of the City a myth, says thinktank

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The free-market thinktank that inspired many of Margaret Thatcher’s reforms has now turned critic of the Iron Lady’s shakeup of the City in the 1980s, suggesting it increased state regulation of the financial sector, making it too burdensome. While the left has blamed the liberalisation of finance under Thatcher for the crisis that paralysed the […]

May 25th, 2015 | Posted in Finnancial,Society | Read More »

Joseph Stiglitz: ‘GDP per capita in the UK is lower than it was before the crisis. That is not a success’

Joseph Stiglitz: 'We have to make sure the benefits of growth are shared more equally.'

Think back to 2008. There was an inquest into Princess Diana’s death, Portsmouth won the FA Cup and Jonathan Ross and Russell Brand got in trouble for making a prank call to Andrew Sachs. Oh yeah, and the global economy almost collapsed. To prevent the disintegration of international banking, and capitalism as we know it, […]

May 24th, 2015 | Posted in Finnancial,Society | Read More »

Secret Bank of England taskforce investigates financial fallout of Brexit

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Bank of England officials are secretly researching the financial shocks that could hit Britain if there is a vote to leave the European Union in the forthcoming referendum. The Bank blew its cover on Friday when it accidentally emailed details of the project – including how the bank intended to fend off any inquiries about […]

May 23rd, 2015 | Posted in Finnancial,Society | Read More »

Immigration has never been higher – and that’s no reason to panic Tim Finch

Passport control at Gatwick Airport

We learned yesterday that an estimated 641,000 people immigrated to Britain in 2014 – the highest ever annual figure. Earlier, a few people were hauled off in handcuffs by the border force for their alleged involvement in illegal immigration, with the TV cameras present. The television correspondents were shrewd enough to make the point that […]

May 22nd, 2015 | Posted in Finnancial,Society | Read More »

Non-doms: Public overwhelmingly back Labour policy

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Reading the reaction in the press over the past 24 hours to Labour’s commitment to scrap the non-dom tax status, you might have assumed it was hugely unpopular. The Evening Standard’s response last night was typical, leading with a front-page splash on the “BACKLASH” over Miliband’s policy. Tonight's Evening Standard front page opposes Miliband and […]

May 21st, 2015 | Posted in Finnancial,Society | Read More »

UK home construction industry upbeat amid property boom

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UK house building is enjoying its longest run of growth since before the financial crisis in a further sign of Britain’s booming property market. Housing construction grew for a 15th month in April, the longest period of continuous growth since 2006/07 according to the Markit/CIPS construction PMI. Activity in the broader construction sector, which also […]

May 2nd, 2014 | Posted in Finnancial | Read More »

London accounts for more than 25% of all mortgage loans

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More than a quarter of Britain’s £891bn mortgage debt is secured on properties in London, according to figures which break down lending to postcode level for the first time. The figures, which go down as far as postcode sector level, which is designated by the first digit of the second half of the code, show […]

December 17th, 2013 | Posted in Finnancial,Society | Read More »