Tag: support

Halifax reports 1.2% fall in August house prices

Halifax reports 1.2% fall in August house prices

The Halifax has today revealed UK house prices fell by 1.2% in August on a monthly basis – reversing the gains noted in the previous three months. The latest fall takes the average cost of a UK home to £161,743, the Halifax said. However, on an annual basis, prices are 2.6% lower, said the lender, [...]

UK banks introduce mentoring scheme for SMEs

UK banks introduce mentoring scheme for SMEs

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 [...]

France’s Lagarde becomes first female IMF chief

France’s Lagarde becomes first female IMF chief

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 [...]

BCC revises growth prospects for UK economy

BCC revises growth prospects for UK economy

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 [...]

14 UK banks could see credit rating cut

14 UK banks could see credit rating cut

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 [...]

Osborne shows support for Lagarde to take IMF role

Osborne shows support for Lagarde to take IMF role

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 [...]

Former MPC member believes UK still at risk of double dip

Former MPC member believes UK still at risk of double dip

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 [...]

Business leaders support Government’s spending cuts

Business leaders support Government’s spending cuts

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 [...]

UK Q2 economic growth figures remain unchanged

UK Q2 economic growth figures remain unchanged

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 [...]

IMF: UK economy “on the mend”

IMF: UK economy “on the mend”

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 [...]

CBI backs Government shake-up of benefits system

CBI backs Government shake-up of benefits system

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. [...]

Britain’s trade unions support strikes against austerity measures

Britain’s trade unions support strikes against austerity measures

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 [...]

CML reports further fall in repossessions

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 [...]

Government supports climate change with electric car investment

Government supports climate change with electric car investment

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 [...]

US Republicans object to tax on financial institutions

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 [...]

Billionaire investor supports Virgin Money in RBS bid

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 [...]

Rail company Jarvis goes into administration

Rail company Jarvis goes into administration

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 [...]

Senior economists support delay in spending cuts

Senior economists support delay in spending cuts

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 [...]

Reader’s Digest UK files for administration

Reader’s Digest UK files for administration

IMF lends its support for Greece

IMF lends its support for Greece

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 [...]