Tag: cut

Brazil in unexpected interest rate cut

Brazil in unexpected interest rate cut

Brazil’s central bank has cut the country’s key interest rate to 12% from 12.5% - a move which surprised economists. However, the bank said there had been a “substantial deterioration” in the outlook for the global economy and that was its reason for the rate cut. One analyst said the rate cut is a “huge [...]

September 1, 2011 | 0 Comments More
Japan’s sovereign debt rating cut

Japan’s sovereign debt rating cut

Moody’s has lowered the government debt rating of Japan to Aa3 with a stable outlook, from Aa2. The credit rating agency has also taken action on the ratings of most Japanese banks, including Bank of Tokyo-Mitsubishi and Sumitomo Mitsui Banking Corporation, with the average downgrade one notch. According to Moody’s, the sovereign downgrade has been [...]

August 24, 2011 | 0 Comments More
Moody’s downgrades Portugal’s debt to junk status

Moody’s downgrades Portugal’s debt to junk status

July 6, 2011 | 0 Comments More
OECD cuts UK growth estimates

OECD cuts UK growth estimates

Influential think tank, the Organisation for Economic Co-operation and Development (OECD), has cut its forecast for UK economic growth. The Organisation estimated growth this year of 1.5%, down from its November prediction of 1.7%. The reduction was attributed to Government spending cuts, which will hamper growth. However, the OECD described the cuts as “ambitious and [...]

March 16, 2011 | 0 Comments More
New Zealand lowers interest rates

New Zealand lowers interest rates

New Zealand’s central bank has today lowered interest rates as the economy attempts to rebuild itself after last month’s earthquake in Christchurch. Earlier this month, the country’s Finance Minister Bill English warned that the earthquake will impact negatively on economic growth. Mr English believes the 6.3 magnitude quake could push the nation into recession as [...]

March 10, 2011 | 0 Comments More
BCC survey reveals 2011 pay freeze for many companies

BCC survey reveals 2011 pay freeze for many companies

The British Chambers of Commerce (BCC) has revealed more than half of UK firms will either slash or freeze employee’s pay in 2011. The survey, which covered 450 businesses, found 45% of firms would give their staff a pay rise, 49% said they would freeze wages, while 6% said they planned to cut salaries. Companies [...]

December 29, 2010 | 0 Comments More
Ireland unveils measures to trim deficit

Ireland unveils measures to trim deficit

Ireland is the latest in a long line of nations forced to introduce tough austerity measures to deal with its spiralling budget deficit. The country’s Government has outlined €15 billion (£13.1 billion) worth of budget cuts and is aiming to shave the deficit to 3% of GDP by 2014 to keep within euro zone rules. [...]

November 7, 2010 | 0 Comments More
Ireland’s debt rating cut by Fitch

Ireland’s debt rating cut by Fitch

Ireland received yet another blow today after credit agency Fitch cut the country’s debt rating to A+ from AA- with a negative outlook. Fitch said the downgrade was due to massive banking bailouts, which have drained the economy, as well as uncertainty surrounding the fragile recovery. Fitch also cut the short-term foreign currency issuer default [...]

October 6, 2010 | 0 Comments More
Bank of Japan in surprise rate cut

Bank of Japan in surprise rate cut

The Bank of Japan has today cut interest rates to almost zero, in a bid to boost the economy and continue its battle deflation. Last week, figures revealed Japanese core consumer prices fell 1.0% in August compared with a year ago – representing the 18th consecutive monthly decline that the world’s no.2 economy has been [...]

October 5, 2010 | 0 Comments More
Support for Mortgage Interest scheme sees 40% rate cut

Support for Mortgage Interest scheme sees 40% rate cut

Homeowners who qualify for the Government’s Support for Mortgage Interest (SMI) scheme have seen a 40% cut in the rate at which the benefit is paid. The scheme allows some borrowers in financial difficulties to defer part of their mortgage repayments until their circumstances have improved, and the SMI rate was frozen at a generous [...]

October 2, 2010 | 0 Comments More
IMF: UK economy “on the mend”

IMF: UK economy “on the mend”

The International Monetary Fund (IMF) has today said it supports the Coalition Government’s tough austerity measures, designed to cut the budget deficit. The support comes despite many experts suggesting that the tough measures could pose a threat to the fragile recovery, because spending cuts and a hike in taxes will have slashed the forecast for [...]

September 27, 2010 | 0 Comments More
Anglo Irish debt rating cut by Moody’s

Anglo Irish debt rating cut by Moody’s

Troubled lender, Anglo Irish Bank, has today had its debt rating slashed by credit agency Moody’s, sending the euro down against the US dollar. Moody’s cut the bank’s senior unsecured debt by three notches to Baa3 - just one notch above junk status. It also downgraded Anglo Irish’s subordinated debt by six notches to Caa1. [...]

September 27, 2010 | 0 Comments More
Government cuts £11m social enterprise funding

Government cuts £11m social enterprise funding

Despite the government’s rhetoric on big society, it has announced £11 million of spending cuts to the department responsible for social enterprise. The Office for Civil Society has had its 2010/11 budget cut to £136.9 million, down from £147.9 million. Nick Hurd, minister for civil society, said: “Every area of government is looking at reducing [...]

July 30, 2010 | 0 Comments More
Euro falls on Portugal debt rating downgrade

Euro falls on Portugal debt rating downgrade

Credit rating agency Moody’s Investor Service has today cut Portugal’s debt rating by two notches, sending the euro down against the dollar and the pound. Moody’s downgraded Portugal’s rating by two notches to A1, citing weak growth and suggesting it may need fresh austerity measures next year to reach fiscal targets. However, in a statement, [...]

July 13, 2010 | 0 Comments More
Report reveals advertising budgets were cut in Q2

Report reveals advertising budgets were cut in Q2

A report by the Institute of Practitioners in Advertising (IPA) and accountants BDO has found companies slashed their marketing budgets in the April to June period. The cut backs were due to increasing concern among companies that the economy will see slower growth in the second half of 2010. The survey of 300 British companies [...]

July 12, 2010 | 0 Comments More
Greece expected to call 6th strike for next week

Greece expected to call 6th strike for next week

Greece’s two main unions have called a fresh general strike for July 8 to protest against tough austerity measures, introduced by the Government to trim the country’s budget deficit. Should the strike go ahead, it will be the country’s 6th since February. However, some of the protests have been violent. Last week’s strike saw seven [...]

July 2, 2010 | 0 Comments More
Government proposes radical reform to benefits system

Government proposes radical reform to benefits system

As it continues with its priority of cutting Britain’s budget deficit, the coalition Government has indicated that incapacity benefits will be targeted in a welfare crackdown. Chancellor George Osborne has already announced tough austerity measures to cut the £155 billion deficit but has now made it clear that sickness benefits will be targeted, as they [...]

June 28, 2010 | 2 Comments More
Japan at ‘risk of collapse’ under mountain of debt

Japan at ‘risk of collapse’ under mountain of debt

The Japanese economy, which is the world’s second largest, faces many risks, one of them is deflation and the other is the country’s debt - which at nearly 230% of GDP is the highest of any industrialised nation. The debt is the result of decades of stimulus spending and low tax receipts. Japan’s new Prime [...]

June 11, 2010 | 0 Comments More
Barclays celebrates offset anniversary with rate cut

Barclays celebrates offset anniversary with rate cut

Barclays is celebrating the tenth anniversary of the UK’s first offset mortgage. The bank’s Woolwich subsidiary took the plunge in June 2000 and the lender claims it has saved borrowers more than £1 billion in mortgage interest over the years. The average Woolwich offset mortgage stands at £132,000 and customers typically keep £21,000 in their [...]

June 2, 2010 | 0 Comments More
New Chancellor set to announce £6bn spending cuts today

New Chancellor set to announce £6bn spending cuts today

New Chancellor, George Osborne, is today set to wield the axe by announcing plans to cut £6.2 billion off the £156 billion deficit this year. The new Con/Lib coalition Government has said trimming the budget deficit is one of its priorities. However, Mr Osborne’s predecessor, Alistair Darling, warned that cutting the deficit too quickly could [...]

May 24, 2010 | 1 Comment More