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News Tag: deficit

September 20, 2011

S&P downgrade Italy’s sovereign debt

by Kay Mitchell
”S&P
Credit ratings agency Standard & Poor’s (S&P) has today downgraded Italy’s sovereign debt by one notch to A from A+, and kept it on a negative outlook. The agency cited weak economic growth prospects, which may impact on the country’s ability to reduce its deficit. The Italian Senate recently passed a tough austerity budget, which proposes cuts of €48 billion (£42 billion) over the ...




August 12, 2011

French economic growth at zero in Q2

by Kay Mitchell
”French
France’s economic growth showed a reading of zero in the April to June quarter, compared with 0.9% in the previous three months, according to Insee, the national statistical agency. The reading was short of forecasts of a 0.3% rise for the quarter. The lack of growth was attributed to a fall in household consumption, which was down 0.7% in the three ...




August 1, 2011

US reach agreement on raising US debt ceiling

by Kay Mitchell
”US
US President Barack Obama has announced Republican and Democratic leaders have come to an agreement on raising the Government debt ceiling to avoid defaulting on its debt. "I want to announce that the leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default, a default that would have had a ...




July 29, 2011

Moody’s warns of Spanish downgrade

by Kay Mitchell
...




July 13, 2011

US trade deficit widens as oil imports surge

by Kay Mitchell
”US
The US trade deficit swelled in May to $50.2 billion (£31.7 billion) from $43.6 billion the previous month, as oil imports surged. According to the Commerce Department, the trade deficit rose to the highest level since October 2008. Exports fell by 0.5% on a monthly basis to $174.9 billion, while imports rose by 2.6% on the month to $225.1 billion – ...




June 21, 2011

IMF warns Spanish Government to reduce spending

by Kay Mitchell
”IMF
The International Monetary Fund (IMF) has warned the Spanish Government to continue with its efforts of cutting public spending and reducing unemployment. Like many other Governments across the globe, Spain is taking steps to reduce the deficit but the IMF warned the economy still faces "considerable" risks. In an annual report, the Washington-based Fund said: “The repair of the economy is incomplete ...




UK borrowing falls in May

by Kay Mitchell
”UK
The Office for National Statistics (ONS) has today revealed UK public sector borrowing fell slightly last month. According to the ONS, public sector borrowing fell to £15.15 billion last month compared with £16.46 billion in May last year. The figure was lower than analysts’ expectations of £15.75 billion and was attributed to an increase in taxes – which includes the VAT rise in ...




June 6, 2011

Concerns for UK economy as many call for “Plan B”

by Kay Mitchell
”Concerns
Some of Britain’s top economists are calling for Chancellor George Osborne to come up with a plan B for the UK economy. It has been suggested that the Chancellor’s massive spending cuts are too harsh for the fragile economy and a plan B on economic policy is required. The comments come shortly after the OECD’s chief economist, Pier Carlo ...




April 18, 2011

Standard & Poor’s give US negative outlook

by Kay Mitchell
Standard & Poor's give US negative outlook
Standard & Poor's (S&P) has today lowered the US' top notch credit rating from stable to negative – suggesting that the rating could be cut within the next two years. The rating agency believes that the Democrats and Republicans will not be able to agree a plan to cut the spiralling US deficit. President Barack Obama and the Republicans are in a ...




March 21, 2011

Report reveals £8bn windfall for Government

by Kay Mitchell
”Report
A report by the Ernst & Young Item Club has suggested the Government could be in line for an £8 billion windfall this year due to a rebound in tax revenues and a cut in public spending. The Item Club is estimating public borrowing for the financial year to the end of March to be £140.2 billion - £8.3 billion lower than ...




February 8, 2011

Government will maintain levy on bank profits

by Kay Mitchell
”Government
Chancellor George Osborne has confirmed he is maintaining the levy on banks, raising an additional £800 million this year and £2.5 billion in the coming years. In a radio interview, he said he wants to ensure "banks make a fair contribution to closing the deficit". Initially, Mr Osborne said the Government's new bank levy would be introduced in stages, with a lower ...




February 7, 2011

David Cameron rules out major tax cuts

by Kay Mitchell
”David
Prime Minister David Cameron has said the Government will not introduce major tax cuts but insisted he remains a “tax-cutting Tory”. His comments come just a few days after Deputy Prime Minister, Nick Clegg, claimed that millions of middle-class families who are set to become higher rate taxpayers from April will “barely notice” the difference. Mr Cameron was forced to defend the ...




January 2, 2011

Estonia becomes 17th country to join euro zone

by Kay Mitchell
’Estonia
The Baltic republic of Estonia adopted the euro yesterday - becoming the euro zone’s 17th member. Estonia, a country of 1.3 million people, had hoped to join the euro in 2007 but was prevented from doing so by high inflation. However, its entry into the euro zone comes at a time when the region is battling with a debt crisis which ...




December 31, 2010

David Cameron delivers new year message

by Kay Mitchell
”David
British Prime Minister, David Cameron, has warned that next year will be “difficult” as he delivered his new year speech. However, Mr Cameron said Britain has a “really bright future to look forward to" and defended his Government’s spending cuts as tough but necessary, in order to trim the budget deficit. The cuts have received mixed responses; many have been critical of ...




December 23, 2010

Greek parliament passes 2011 austerity budget

by Kay Mitchell
Greek parliament passes 2011 austerity budget
The Greek parliament has today approved its 2011 austerity budget, which includes further spending cuts and tax hikes. The budget, which is part of the condition of its bailout from the European Union and the International Monetary Fund (IMF), is an attempt to trim the country’s deficit to 7.4% of GDP next year, down from 9.4% this year. After almost a week of ...




December 16, 2010

Irish economy expands 0.5% in Q3

by Kay Mitchell
”Irish
Ireland’s Central Statistics Office (CSO) has today revealed Ireland’s economy experienced growth in the July to September period. The economy expanded by 0.5% in the third quarter compared with the previous quarter - albeit, the figure was slightly below expectations. The former “Celtic Tiger” economy contracted in the second quarter after emerging from recession in the January to March period. As a ...




December 6, 2010

Spain will not follow Greece and Ireland and seek bailout

by Kay Mitchell
Spain will not follow Greece and Ireland and seek bailout
Spain’s finance minister has insisted that the country will not follow Greece and Ireland and seek a bailout. In a newspaper interview published today, Elena Salgado said: "Our fiscal adjustment is on track... we have done all the things that we had to do with our financial sector." She added that Spain is "absolutely not" seeking a rescue. Speculation ...




December 1, 2010

US heading for harsh spending cuts to bring deficit down

by Kay Mitchell
”US
A US panel has been established to help slash the budget deficit and it is calling for harsh spending cuts and tax hikes. In the 12 months to September, the budget deficit stood at $1.3 trillion (£837 billion) and experts have argued that more should be done to narrow the gap. This week, President Barack Obama suggested a two-year ...




Portugal reiterates it does not require financial assistance

by Kay Mitchell
Portugal reiterates it does not require financial assistance
Portugal has, once again, denied that it does not require an EU bailout as speculation mounts that it will follow Greece and Ireland and request emergency funds. The euro has been falling over recent days over debt concerns in the euro zone. The single currency is falling as investors are nervous that the debt crisis could spread to weaker economies, ...




November 29, 2010

OBR expected to revise UK growth, Osborne to give update

by Kay Mitchell
”OBR
The Office of Budget Responsibility (OBR), which was established in May, is today expected to revise its growth forecast for the UK for the 2010 year. The independent body, which was set up by the coalition Government to assess the state of public finances, is expected to revise its growth forecast to 1.7% from the 1.2% predicted in ...