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Monday 28th of June 2010

News Tag: cuts

June 27, 2010

Italians stage strike against tough austerity measures

by Kay Murchie
Italian workers are the latest to stage strikes amid tough austerity measures, introduced by the country’s Government to bring its budget deficit down. The union, CGIL, called the strike, after cuts were made in funding for local Government, as well as the freezing of public sector pay. Protests were held in Rome, Milan and Bologna, however, two major unions, CISL ...

G20 summit sees protestors turn violent

by Kay Murchie
This weekend’s G20 summit, held in Toronto, Canada, saw more than 400 protesters arrested. Four police cars were set alight, while shop windows were broken with baseball bats and hammers, according to reports. Similar protests have occurred during the summit in past years and this year was no different as demonstrators came in their droves to protest against political issues. This weekend’s summit saw ...

June 23, 2010

Labour‘s Saving Gateway account axed in budget

by Kay Murchie
A Saving Gateway scheme, aimed at encouraging low-paid workers to save, has been axed by the coalition Government. The scheme, proposed by Gordon Brown to help lower-income families, was due to be launched next month via the Post Office and would have contributed 50p for every £1 saved. It was designed to help up to eight million people on benefits and tax ...

June 8, 2010

Spanish public sector workers in strike amid spending cuts

by Kay Murchie
Spanish public sector workers in strike amid spending cuts
Spanish public sector workers will go on strike today to protest against austerity measures, which include average cuts this year to public workers' salaries of 5%. As well as a 5% cut for civil servants, there will be severe cuts in public investment and development aid. Today’s strikes, which have been set up by Spain's biggest trade unions (the ...

May 24, 2010

Chancellor unveils £6.2bn spending cuts

by Kay Murchie
Chancellor George Osborne has today unveiled details of the new coalition Government’s plans to shave £6.2 billion off public spending this financial 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 pose a threat to the fragile recovery. Furthermore, prior to ...

May 12, 2010

Spain outlines austerity measures

by Kay Murchie
Spanish Prime Minister, Jose Luis Rodriguez Zapatero, has today unveiled tough measures to deal with the country’s deficit, which is currently 11% of GDP. Spain plans to reduce the deficit by 4.7% by the end of next year and endeavours to achieve this by cutting pensions and civil service salaries. Speaking in parliament, the PM said: "We aim to cut civil service wages by ...

Spain set to reveal massive budget cuts

by Kay Murchie
Spain set to reveal massive budget cuts
Spanish Prime Minister, Jose Luis Rodriguez Zapatero, is set to unveil massive budget cuts later as fears mount that the debt crisis in Greece may spread to Spain. The country’s deficit is currently 11% of GDP and Spain plans to reduce it by 4.7% by the end of next year. There have been fears that the Greek debt crisis would spread to ...

February 19, 2010

Unite fails in High Court bid over BA proposed cuts

by Kay Murchie
The Unite union has been unsuccessful in its High Court action against British Airways (BA) to stop the airline from imposing cost-cutting measures. The union claimed it was not properly consulted on the measures, which include a pay freeze and a switch to part-time working for 3,000 staff. BA cabin crew had been set to take industrial ...

Proposed Child Trust Fund cuts leave parents fuming

by David Masters
Proposed Child Trust Fund cuts leave parents fuming
Middle class parents are outraged at plans by the Conservative Party to limit Child Trust Funds (CTFs) to the poorest families if they win the next election. Research by Family Investments found that eight in ten parents do no support the plans, announced by shadow chancellor George Osbourne earlier this month. The study found that 96% of parents think CTFs are ...

January 25, 2010

Half-a-million affordable homes at risk

by Gill Montia
Over half-a-million affordable homes could be axed from the Government’s building plans over the next ten years, a campaign group has warned. Proposed public spending cuts have prompted The National Housing Federation to study the figures and come up with a total of 556,000 affordable homes at risk, in favour of a 17.98% reduction the housing budget as hinted at in the ...

December 17, 2009

Greece sees further downgrade in credit rating

by Kay Murchie
Greece sees further downgrade in credit rating
International ratings agency, Standard & Poor's (S&P;), has cut Greece's credit rating by one notch, to BBB+ from A-minus. The downgrade came just a few hours after the Greek government unveiled measures including a 10% cut in public spending. Last week, credit rating agency, Fitch, also cut Greece’s sovereign debt rating to a decade-low to BBB+ from A- with a negative ...

November 16, 2009

Half of UK employers proposing to freeze pay

by Kay Murchie
A survey by the Confederation of British Industry (CBI) and recruitment consultancy Harvey Nash, has discovered that more than half (55%) of British companies are proposing to freeze pay for the second consecutive year. Furthermore, the survey found that just over one third are planning a modest increase, while just 4% were looking to increase pay by more than the ...

November 11, 2009

Russia’s biggest lender to axe 67,000 jobs

by Kay Murchie
Russia's largest retail bank Sberbank is to reduce headcount by 25% - or 67,000 jobs by 2014. However, around 27,000 of the jobs will be axed by the end of 2009, said the bank. The bank, which is state-controlled, has been hit by the economic downturn and the cuts are part of a modernisation plan. Denis Bugrov, a vice president and member ...

October 16, 2009

Nationwide cuts fees and rates

by Gill Montia
Nationwide has launched a number of initiatives aimed at helping first-time buyers and homemovers. For first-time buyers, the building society is discounting its reservation fee by up to £500 and offering a £250 reservation fee discount, plus free legals. The lender is also extending this offer to its four and five-year fixed rate deals. The move cuts the reservation fee on a three-year fix ...

September 17, 2009

Woolwich launches one-year tracker at 1.98%

by Gill Montia
Woolwich has announced its second round of mortgage rate cuts this month. From today, the lender is introducing a one-year tracker mortgage at 1.98% for a 60% loan-to-value (LTV) deal, which comes with a £999 fee. The Barclays-owned firm is also cutting rates on its two-year 70% LTV fixed-rate deals with a £999 fee, to 3.99%; or 4.09% with a reduced fee of ...

September 13, 2009

TUC warns of double-dip recession and 4m unemployed

by Kay Murchie
According to the TUC’s general secretary, Brendan Barber, Britain could be faced with a "double-quick, double-dip" recession if future Governments try to cut public sector jobs. The TUC leader described the outlook as "very precarious" and cuts in public spending could result in over four million people unemployed. Official figures show that unemployment increased by 220,000 to 2,435,000 in the ...

January 15, 2009

Base rate cut angers Britain’s savers

by David Masters
Base rate cut angers Britain's savers
The Bank of England's 0.5% base rate cut has proved unpopular with Brits, according to the results of a new survey. An online poll by moneysupermarket.com found that over two thirds of 16,000 respondents were angry with the Bank of England's decision, which lowered the base rate to 1.5%, its lowest in over 300 years. Moneysupermarket.com's head of mortgages, Louise Cuming , ...

November 4, 2008

MPs urges banks to pass on interest rate cuts

by Kay Murchie
Last month, in a co-ordinated move with other banks, the Bank of England’s Monetary Policy Committee (MPC) slashed UK interest rates from 5% to 4.5%. Central banks in the US, Japan and China have all cut interest rates in the last week in a bid to fight off a recession. Many analysts believe that the Bank of England and ...

November 3, 2008

Economies announce rescue packages, shares rise

by Kay Murchie
Global shares have risen today on the back of Government intervention after South Korea has become the latest country to announce a stimulus package to boost its economy. The package, worth around 14 trillion won (£6.6 billion, $10.9 billion), has been announced by the Ministry of Strategy and Finance in a bid to stave off a recession. Eleven trillion won is to ...

October 30, 2008

MPC member calls for aggressive rate cuts to stave off recession

by Kay Murchie
Professor David Blanchflower, a member of the Bank of England’s Monetary Policy Committee (MPC), is calling for aggressive interest rate cuts in order to boost Britain’s economy and stave off the prospect of a deep and prolonged recession. In response, Chancellor Alistair Darling appeared to be supporting Prof Blanchflower’s call after he stressed that while he ...

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