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01st of August 2011
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News Tag: support

July 4, 2011

UK banks introduce mentoring scheme for SMEs

by Kay Mitchell
The UK's five largest banks: Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Santander, have launched a scheme aimed at providing support and financial advice for small and medium-sized enterprises (SMEs). The initiative comes at a time when banks have come under fire for not lending enough to SMEs. Under the Project Merlin deal, agreed earlier this year, the big ...

June 29, 2011

France’s Lagarde becomes first female IMF chief

by Kay Mitchell
It has been confirmed that French Finance Minister, Christine Lagarde, is to become the first ever woman to head the International Monetary Fund (IMF). The 55-year-old has been the front-runner since the position became available when Dominique Strauss-Kahn, former managing director of the IMF, was forced to step down after being accused of sexually assaulting a hotel maid in New York. The ...

May 30, 2011

BCC revises growth prospects for UK economy

by Kay Mitchell
Leading business group, the British Chambers of Commerce (BCC), has downgraded its growth prospects for the UK economy. The BCC now expects the economy to grow by 1.3% this year, slightly lower than a previous forecast of 1.4%. The figures are much lower than the 1.7% expected by the Office of Budget Responsibility but are roughly in line with last week’s forecast ...

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 22, 2011

Osborne shows support for Lagarde to take IMF role

by Kay Mitchell
Chancellor George Osborne has showed his support for Christine Lagarde to take over as chief at the International Monetary Fund (IMF). Mr Osborne believes the 55-year-old Economy Minister is an "outstanding candidate" for the position and is set to formally nominate her. The chief role at the IMF is available after Dominique Strauss-Kahn was forced to step down after being ...

October 18, 2010

Former MPC member believes UK still at risk of double dip

by Kay Mitchell
Professor David Blanchflower, a former member of the Bank of England’s Monetary Policy Committee (MPC), has once again said massive spending cuts introduced to deal with the budget deficit could push the UK back into a recession. In June, and again last month, Mr Blanchflower warned the coalition Government that tough spending cuts could pose a threat ...

Business leaders support Government’s spending cuts

by Kay Mitchell
The Coalition Government’s decision to slash the budget deficit so soon has met with some criticism over recent times. However, it appears that Chancellor George Osborne's deficit reduction program has also met with support, which an open letter to the Telegraph newspaper has revealed today. To name but a few, the leaders of Marks and Spencer, BT, GlaxoSmithKline, Kingfisher and Microsoft UK have ...

September 28, 2010

UK Q2 economic growth figures remain unchanged

by Kay Mitchell
The Office for National Statistics (ONS) has today revealed the UK economy grew by 1.2% in the April to June period – unrevised from its second estimate last month. While the reading was expected to remain the same - it represented the fastest pace in nine years and took the annual rate of growth to 1.7%. Today’s reading is the third ...

September 27, 2010

IMF: UK economy “on the mend”

by Kay Mitchell
The International Monetary Fund (IMF) has today said it supports the Coalition Government's tough austerity measures, designed to cut the budget deficit. The support comes despite many experts suggesting that the tough measures could pose a threat to the fragile recovery, because spending cuts and a hike in taxes will have slashed the forecast for growth, which therefore increases the possibility of ...

September 20, 2010

CBI backs Government shake-up of benefits system

by Kay Mitchell
Employers’ group, the Confederation of British Industry (CBI), has today said it supports the coalition Government’s overhaul of the benefits system. It is also suggesting the Government consider ending final salary pensions for public sector workers. The coalition Government has introduced tough austerity measures and has said they are necessary to slash the budget deficit. Chancellor George Osborne has previously defended his ...

September 13, 2010

Britain’s trade unions support strikes against austerity measures

by Kay Mitchell
It has been announced that the tough austerity measures introduced by the coalition Government are set to lead to industrial action following a trade union gathering in Manchester today. At the annual Trades Union Congress (TUC) meeting, union leaders urged delegates to "stand up and fight" against the massive spending cuts. The motion was supported by an overwhelming majority of ...

August 12, 2010

CML reports further fall in repossessions

by Kay Mitchell
CML reports further fall in repossessions
The Council of Mortgage Lenders (CML) has today reported a further fall in repossessions - the third consecutive quarter in which they have fallen. According to the Council, lenders seized 9,400 properties in the April to June period - 400 less than in January to March period. Experts argued, though, that many homeowners have been saved from repossession, due to historically low interest ...

July 28, 2010

Government supports climate change with electric car investment

by Kay Mitchell
Earlier this month, Business Secretary Vince Cable warned that the UK’s car industry will not receive any further funding from the Government but said it would consider investing in measures which would reduce emissions from cars and to help transform the UK into a low carbon economy. As a result, the Government has today unveiled it will support this area ...

June 30, 2010

US Republicans object to tax on financial institutions

by Kay Mitchell
US Republicans object to tax on financial institutions
US Democrats have been forced to revise their reform of the US financial sector after some Republicans are not in full support of a controversial tax on financial institutions. The reforms will impose strict limits on banks' ability to take risky speculative bets on markets and were added during a 19-hour negotiating session by House and Senate legislators late last ...

April 5, 2010

Billionaire investor supports Virgin Money in RBS bid

by Kay Mitchell
Billionaire investor supports Virgin Money in RBS bid
US billionaire investor, Wilbur Ross, has invested £100 million in Sir Richard Branson's Virgin Money in order to help it in its quest to bid for Royal Bank of Scotland's (RBS) High Street branch network, believed to be worth up to £2 billion ($3 billion). RBS, which is 84% state-owned, was ordered by European Union antitrust regulators to ...

March 25, 2010

Rail company Jarvis goes into administration

by Kay Mitchell
Jarvis, the railway maintenance company, has entered administration after being refused further support by its lenders. The company, which has is based in York, said the future of the firm depended on the ongoing support of its lenders but said after negotiations, it was evident “that sufficient support will not be extended to the company to enable it to continue trading as ...

February 19, 2010

Senior economists support delay in spending cuts

by Kay Mitchell
Despite calls from leading business groups to take urgent action with regard to spending cuts, Chancellor Alistair Darling, has received support to delay cuts until 2011. According to David Kern at the British Chambers of Commerce, the UK’s credit rating is being put at risk by the Government’s failure to act more quickly. However, over 60 senior economists have signed two open ...

February 17, 2010

Reader’s Digest UK files for administration

by Kay Mitchell

February 12, 2010

IMF lends its support for Greece

by Kay Mitchell
The International Monetary Fund (IMF) has today pledged its support for Greece after yesterday’s declaration from the European Union, which will see the debt-stricken economy tackle its spiralling debts. “We stand willing and able to support Greece in ways that the Greek authorities think is appropriate," IMF First Deputy Managing Director John Lipsky told reporters on the sidelines of an international ...

February 11, 2010

EU agrees to work with Greece over debts

by Kay Mitchell
EU agrees to work with Greece over debts
After the summit meeting in Brussels today, EU leaders have agreed to work with Greece to tackle its spiralling debts. Last week, the Greek Government announced tough austerity measures to tackle the country’s spiralling debt. The country’s runaway budget deficit is currently more than four times the EU limit of 3%. It currently has the highest debt of the 16-member ...

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