Tag: Government

Occupational pension contributions fall to 54-year low

Occupational pension contributions fall to 54-year low

According to a report by the Office for National Statistics (ONS), the number of people paying into an occupational pension has slumped to a level not seen since 1956. Last year, there were 8.3 million people contributing to an occupational pension (3 million in the private sector and 5.3 million in the public sector). This […]

October 29, 2011 More
German Government slashes economic growth forecast

German Government slashes economic growth forecast

The German Government has today slashed its growth forecasts for the euro zone’s largest economy. The Government said it now expected the economy to expand by 1% in 2012, down from an earlier estimate of 1.8%. Meanwhile, this year’s forecast has been lowered slightly to 2.9% from 3%. Its downgrade comes just a week after […]

October 20, 2011 More
Welfare changes will lead to big rise in poverty

Welfare changes will lead to big rise in poverty

According to a report by the Institute for Fiscal Studies (IFS), Government welfare changes will mean there will be 3.1 million children in poverty in the UK by 2013. Typical families will see their annual income fall by around £2,000 by the year 2013, warned the IFS, pushing 600,000 more children into poverty. The independent […]

October 12, 2011 More
UK unemployment soars to 17-year high

UK unemployment soars to 17-year high

The Office for National Statistics (ONS) has today revealed UK unemployment rose sharply in the three months to August – rising to a 17-year high. The ONS said unemployment rose by 114,000 in the three month period to 2.57 million, taking the unemployment rate to 8.1% – higher than forecasts. In comparison, unemployment in the […]

German unemployment hits lowest level in 20 years

German unemployment hits lowest level in 20 years

Official data has revealed unemployment in Germany dropped to its lowest level in more than 20 years in September. The country’s unemployment rate fell from August’s rate of 7% to 6.6%. Unemployment now stands at 2.79 million – the first time since 1992 that the jobless total has been below 2.8 million. It was also […]

September 30, 2011 More
CBI urges Government to boost housing market

CBI urges Government to boost housing market

The Confederation of British Industry (CBI) is calling on the Government to launch new initiatives to boost the ailing housing market, suggesting it could help economic growth. The business lobby group wants Chancellor George Osborne to launch the fresh initiatives in his autumn statement, which will be delivered later this year. In a speech to […]

Japan’s industrial output increases in August

Japan’s industrial output increases in August

Japan’s industrial output recovered further last month after a record drop in March due to the earthquake and tsunami. Disruptions caused by the twin disasters resulted in carmakers being forced to halt production as a result of parts shortages. However, it looks as if the situation continues to improve after output rose by 0.8% last […]

China’s inflation rate eases in August

China’s inflation rate eases in August

Inflation in the world’s second largest economy eased last month after reaching a 3-year high in July. According to the National Statistics Bureau, consumer prices rose by 6.2% in August on an annual basis, compared with 6.5% the previous month. Several other economies throughout the world are battling with higher inflation, particularly in Asia, which […]

September 9, 2011 More
China’s inflation rate gathers pace in July

China’s inflation rate gathers pace in July

August 9, 2011 More
Swiss Government holds emergency meeting as franc rises

Swiss Government holds emergency meeting as franc rises

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 […]

August 8, 2011 More
FSB calls for VAT cut

FSB calls for VAT cut

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 […]

July 18, 2011 More
China manufacturing growth slows further

China manufacturing growth slows further

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 […]

July 1, 2011 More
Public sector workers protest against pension reforms

Public sector workers protest against pension reforms

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 […]

June 30, 2011 More
Greece hit by further 48-hour general strike

Greece hit by further 48-hour general strike

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 […]

June 28, 2011 More
Single parents will suffer most from benefit cuts

Single parents will suffer most from benefit cuts

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. […]

June 23, 2011 More
IMF warns Spanish Government to reduce spending

IMF warns Spanish Government to reduce spending

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: […]

June 21, 2011 More
UK borrowing falls in May

UK borrowing falls in May

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 […]

Government cracks down on uninsured drivers

Government cracks down on uninsured drivers

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 […]

June 20, 2011 More
Government launches back to work scheme

Government launches back to work scheme

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 […]

June 10, 2011 More
Moody’s: UK’s top-notch rating at risk

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

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 […]

June 8, 2011 More