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31st of August 2010
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News Tag: public finances

July 20, 2010

Government borrowing exceeds £14bn in June

by Kay Murchie
The Office for National Statistics (ONS) has today revealed public sector borrowing totalled £14.5 billion in June. While the figure was slightly lower than the £14.7 billion seen in June last year, it surprised economists who expected the figure to be around £13.1 billion. Overall, Government debt stands at £926.9 billion – the equivalent to 63.9% of GDP – the highest figure on ...

June 18, 2010

Government borrowing hits £16bn in May

by Kay Murchie
The Office for National Statistics (ONS) has today revealed the UK Government borrowed £16 billion in May. However, the figure was lower than the £18 billion expected and was 8% less than the figure in May 2009. Overall, Government debt stands at £903 billion – the equivalent to 62.2% of GDP - the highest ever. However, public finances have improved recently with tax ...

May 12, 2010

Estonia hopes to become 17th country to join euro zone

by Kay Murchie
Estonia hopes to become 17th country to join euro zone
The European Commission today gave the Baltic republic of Estonia the go ahead to adopt the euro on 1 January 2011. The announcement comes at a time when many nations in the euro zone are implementing tough austerity measures in order to cut their budget deficits. A €500 billion (£433 billion) emergency rescue package was announced earlier this week, ...

March 24, 2010

Fitch Ratings downgrades Portugal’s sovereign debt

by Kay Murchie

March 8, 2010

CBI calls for ‘credible’ economic plan

by Kay Murchie
The Confederation of British Industry (CBI) is calling on the Government to provide a 'credible' economic plan for balancing public finances by 2016 - two years earlier than planned. The business group believes that Chancellor, Alistair Darling, should use his last Budget before the general election to give more details of spending plans for Whitehall departments, in a bid to provide ...

February 3, 2010

IFS issues caution to Government in its quest to repair public finances

by Kay Murchie
A report by the Institute for Fiscal Studies (IFS) has said the Government needs to be ambitious in tackling the public finances but warned that economic recovery should not be put at "undue risk". The Institute believes an extra £13 billion in tax hikes or spending cuts is required by 2015-16 in order to repair ...

November 2, 2009

Britons face “the great squeeze”

by Gill Montia
Britons face
In the latest issue of Deloitte's Economic Review, leading economist Roger Bootle warns that Britons are about to face "the great squeeze". Mr Bootle, formerly chief economist at HSBC and now managing director of Capital Economics, describes the UK's public finances as "in the worst shape for at least half a century". He expects public borrowing to rise to around 15% of GDP in ...

October 21, 2009

BoE Governor calls for banks to be split

by Kay Murchie
Bank of England Governor, Mervyn King, warned last night that a major rethink of how banks are structured is required. Addressing Scottish business leaders in Edinburgh last night, Mr King’s comments came after it was announced that public finances suffered their worst six months on record between April and September. In his speech, Mr King said that Government support for the ...

March 31, 2009

Ireland’s credit rating downgraded amid debt fears

by Kay Murchie
Rating agency, Standard & Poor’s (S&P;) has downgraded Ireland’s credit rating from AAA to AA+ and has put the Irish Republic on a "negative" outlook, meaning that further downgrades are possible. The downgrade could drive investors away since it will mean Irish businesses will have to pay more to borrow on the international markets. The country has experienced a boom since ...

December 18, 2008

Sterling plummets amid doom and gloom

by Kay Murchie
Following the doom and gloom surrounding the UK economy, the pound has tumbled to just above 95p to the euro - equivalent to around €1.05 to the pound. Official figures today revealed that the UK's public finances deteriorated sharply again in November, with net borrowing rocketing to a high of £16 billion. The figure was far higher than analysts expectations who forecast ...

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