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12th of August 2011
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News Tag: Government

August 9, 2011

China’s inflation rate gathers pace in July

by Kay Mitchell

August 8, 2011

Swiss Government holds emergency meeting as franc rises

by Kay Mitchell
The value of the Swiss franc continues to rise today as investors regard it as a safe haven amid the economic turmoil. Today, the US dollar hit an all-time low against the Swiss franc, while rising against the euro to 1.0917. A report from the Bloomberg news agency suggests the franc is higher this year against 16 major currencies Earlier this year, ...

July 18, 2011

FSB calls for VAT cut

by Kay Mitchell
The Federation of Small Businesses (FSB) is urging the Government to cut the rate of VAT in core sectors of the economy. The suggestion comes after the FSB’s latest Business Confidence Report, which saw a sharp fall in sentiment during the second quarter. VAT was raised to 20% earlier this year to raise billions of pounds to trim the deficit but, according to the ...

July 1, 2011

China manufacturing growth slows further

by Kay Mitchell
Manufacturing activity in China eased last month, two separate surveys have revealed today. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) fell to 50.9 in June from May’s reading of 52 – the lowest level since February 2009. The reading was also lower than expectations of a reading of 51.5. Secondly, the HSBC China Manufacturing PMI also ...

June 30, 2011

Public sector workers protest against pension reforms

by Kay Mitchell
A 24-hour strike is underway in the UK as public sector workers protest against pension reforms. The Public and Commercial Services (PCS), which is Britain’s largest civil service union, as well as three teaching unions, are protesting against changes to their pensions. The industrial action will result in Britain’s worst strike for decades and will affect every person in the ...

June 28, 2011

Greece hit by further 48-hour general strike

by Kay Mitchell
Protesters have gathered on the streets of Athens today as a 48-hour general strike commences, which will see the country come to a virtual standstill. Apart from the metro, no public transport is operating as many people opt to join the fourth general strike called this year by the country's two largest unions. The general strike is set to disrupt the majority ...

June 23, 2011

Single parents will suffer most from benefit cuts

by Kay Mitchell
According to the Fawcett Society, the gender equality charity, lone parents are set to be squeezed by the Government’s austeirty measures, which include cuts to benefits and tax hikes. A report by the Society explains the public service cuts will result in lone mothers losing an average 8.5% of their income after tax by 2015. This compares with 7.5% for ...

June 21, 2011

IMF warns Spanish Government to reduce spending

by Kay Mitchell
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
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 20, 2011

Government cracks down on uninsured drivers

by Kay Mitchell
With immediate effect, motorists will be forced to declare if their car is off the road if they want to avoid buying insurance. The measures are part of the Government’s efforts to clamp down on uninsured motorists. In the past, drivers had to be caught driving with no insurance to be charged and prosecuted. From today, drivers with a car off the road must ...

June 10, 2011

Government launches back to work scheme

by Kay Mitchell
The Government has launched its new “Work Programme”, which aims to get people off benefits and back to work. The scheme will see mainly private companies trying to find work for claimants in the UK. The moves are part of the coalition Government’s welfare crackdown which is designed to make a life on benefits “no longer an option” – first announced in ...

June 8, 2011

Moody’s: UK’s top-notch rating at risk

by Kay Mitchell
Credit rating agency Moody’s has today said Britain’s AAA rating is at risk if growth remains weak and the Government’s budget deficit reduction plans fail to meet target. The announcement sent sterling below €1.12 for the first time in four weeks and also lost ground against the US dollar. Weak economic growth has led many analysts to doubt the Government’s ability to meet ...

June 1, 2011

Chinese manufacturing slows in May

by Kay Mitchell
Manufacturing activity in China eased last month, two separate surveys have revealed today. Firstly, the official China Federation of Logistics and Purchasing (CFLP) said its purchasing managers index (PMI) dipped to 52 in May from 52.9 in April. While the reading was better than expectations of 51.6, it represented the lowest for nine months. Secondly, the HSBC China Manufacturing PMI also suggested activity is ...

May 24, 2011

14 UK banks could see credit rating cut

by Kay Mitchell
Moody's Investors Service has today announced it is reviewing 14 UK banks and building societies for downgrade due to the withdrawal of Government support. Elisabeth Rudman, a Moody's Senior Credit Officer, said: "It has been initiated in response to ongoing guidance from the UK authorities (the Bank of England, the Financial Services Authority and the Treasury) that banks that fail ...

May 11, 2011

Chinese inflation eases in April

by Kay Mitchell
Chinese inflation eases in April
Inflation in the world's second largest economy cooled last month as food prices eased slightly. Consumer inflation fell to 5.3% in April on an annual basis, down from March's 3-year high of 5.4%. Today's figures suggest attempts by the Government to rein in prices are having a positive impact. There have been fears of the Chinese economy overheating as inflation and property prices soar but ...

April 18, 2011

China’s house price growth eases in March

by Kay Mitchell
China's house price growth eases in March
The National Bureau of Statistics has today revealed Chinese property growth eased in March. China‘s property prices have remained stubbornly high despite several Government incentives to avoid a property bubble. The country continues to grapple with high inflation in property and food prices. However, property prices slowed in March with fewer cities recording an increase, the Bureau said. House prices increased in 46 of ...

April 13, 2011

Japanese Government downgrades growth amid twin disasters

by Kay Mitchell
Following the 8.9 magnitude earthquake and tsunami on 11 March, the Japanese Government has today downgraded its growth forecast for the economy. The twin disasters have caused billions of pounds worth of damage and is set to impact on the country’s economic growth. As a result, the Japanese Government has downgraded its assessment of the economy and said core areas, such as ...

April 7, 2011

Minimum wage to rise 15p an hour from October

by Kay Mitchell
It has been announced that the UK minimum wage will rise by 15p (2.5%) to £6.08 an hour from October 1, 2011 and is set to benefit almost 900,000 people. The 15p an hour rise applies to workers aged 21 and over. Meanwhile, the rate for 18 to 20-year-olds will increase by 6p to £4.98, while 16 and 17-year-olds will ...

April 5, 2011

New flat rate state pension scheme revealed

by Kay Mitchell
New flat rate state pension scheme revealed
The Government has now provided details of the new flat-rate state pension, as well as increases in the retirement age - due to be equalised at 65 by 2018. The state pension age will then be lifted to 66 for both men and women by 2020. Meanwhile, it was announced that the new pensions system should make pension planning easier to ...

April 4, 2011

Government announces crackdown on incapacity benefit

by Kay Mitchell
The Government has announced further plans to crackdown on incapacity benefit - a move designed at helping people get back to work but, at the same time, end the situation where some risk losing out financially if they take a job. The measures were announced last October when the Government said those on incapacity benefit would be forced to undergo medical tests ...

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