Tag: reduce

Proposed ring-fencing will harm economic growth

Proposed ring-fencing will harm economic growth

Leading think tank, the Ernst & Young ITEM Club, believes the proposed ring-fencing of retail and investment banks will reduce economic growth. The think tank’s prediction comes just a week before the publication of the Independent Commission on Banking’s (ICB’s) final report on ring-fencing. The ICB, which was established in June 2010, is considering forms [...]

September 5, 2011 | 0 Comments 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 | 0 Comments More
Italian Senate passes tough budget

Italian Senate passes tough budget

The Italian Senate has today passed a tough austerity budget, which proposes cuts of €48 billion (£42 billion) over the next three years. Senators voted 161 to 135 in favour of the measures. The country’s Finance Minister, Giulio Tremonti, is aiming to cut the deficit to zero by 2014 from this year’s 3.9% of GDP. [...]

July 14, 2011 | 0 Comments More
Italy to vote on austerity measures to reduce debt

Italy to vote on austerity measures to reduce debt

In order to avoid a bailout, the Italian senate is set to vote on austerity measures, which proposes cuts of €48 billion (£42 billion) over the next three years. The country’s Finance Minister, Giulio Tremonti, is aiming to cut the deficit to zero by 2014 from this year’s 3.9% of GDP. Mr Tremonti said the [...]

July 14, 2011 | 0 Comments More
Ireland lowers VAT rate on number of goods

Ireland lowers VAT rate on number of goods

Ireland has slashed its VAT rate on a number of goods, including restaurants, hospitality and tourism in a bid to boost the economy and get consumers spending again. The country’s Government lowered the rate from 13.5% to 9% on 1 July and it will remain until December 2012. The new rate will mean slightly lower [...]

July 4, 2011 | 1 Comment More
US reveals plans to reduce budget deficit

US reveals plans to reduce budget deficit

US President Barack Obama has today unveiled his budget for 2012, aimed at reducing the country’s spiralling deficit. The measures come as many major economies embark on massive spending cuts to trim their deficits. However, like many other economies, tough measures introduced to trim the budget deficit could hamper economic growth and slow the economic [...]

February 14, 2011 | 0 Comments More
BAE Systems to cut 1,400 UK jobs

BAE Systems to cut 1,400 UK jobs

Defence giant BAE Systems has today announced plans to reduce its workforce by 1,400 - primarily the result of the Government’s decision to cut back on defence spending. The jobs will go in Lancashire, Greater Manchester, Moray, Ayrshire, Hampshire, Rutland and Somerset. In a statement, the company said: “Following a detailed review of the implications [...]

December 9, 2010 | 0 Comments More
Irish parliament approves austerity budget

Irish parliament approves austerity budget

The Irish Government has outlined its austerity budget, aimed at saving €6 billion in spending cuts and tax hikes, designed the trim the country‘s budget deficit. Ireland is aiming to save €15 billion (£13 billion) between 2011 and the end of 2014 – 11% of the economy‘s annual output. The measures are a condition of [...]

December 8, 2010 | 0 Comments More
US heading for harsh spending cuts to bring deficit down

US heading for harsh spending cuts to bring deficit down

A US panel has been established to help slash the budget deficit and it is calling for harsh spending cuts and tax hikes. In the 12 months to September, the budget deficit stood at $1.3 trillion (£837 billion) and experts have argued that more should be done to narrow the gap. This week, President Barack [...]

December 1, 2010 | 0 Comments More
Banks understood to be cutting bonus payments

Banks understood to be cutting bonus payments

A report by the BBC has revealed that Britain’s biggest banks are understood to be in talks about reducing the amount they receive in bonuses. Bonuses have been a major issue for some time now and have sparked public outrage since many argued that excessive bankers’ bonuses reward the risk-taking culture that led to the [...]

November 15, 2010 | 0 Comments More
Ireland unveils measures to trim deficit

Ireland unveils measures to trim deficit

Ireland is the latest in a long line of nations forced to introduce tough austerity measures to deal with its spiralling budget deficit. The country’s Government has outlined €15 billion (£13.1 billion) worth of budget cuts and is aiming to shave the deficit to 3% of GDP by 2014 to keep within euro zone rules. [...]

November 7, 2010 | 0 Comments More
Northern Foods to reduce headcount

Northern Foods to reduce headcount

Northern Foods, which supplies ready meals to Marks & Spencer and Aldi, has revealed it will trim its workforce by 500 in a bid to cut costs. The job losses, which are set to be at management-level, are the result of reducing the business from five divisions to two. However, the announcement comes despite strong [...]

October 6, 2010 | 0 Comments More
France reveals overhaul to pensions system

France reveals overhaul to pensions system

The French Government has announced the country’s retirement age will be lifted from 60 to 62 by 2018, as part of a sweeping overhaul to its pension system. The new measures are to be implemented to cut France’s pension costs and reduce public borrowing. However, the shake-up has met with public anger after tens of [...]

June 16, 2010 | 0 Comments More
Nationwide small cash counter withdrawal ban comes into force

Nationwide small cash counter withdrawal ban comes into force

From today, the Nationwide Building Society will attempt to reduce its queues by making customers with cash cards withdrawing less than £100 to use the branch cash machine. The Nationwide said the change, which was announced in April, is essential and the move is aimed at speeding up transactions and freeing up staff time to [...]

June 7, 2010 | 0 Comments More
HSBC and A&L follow Nationwide with counter changes

HSBC and A&L follow Nationwide with counter changes

From 1 July, Alliance & Leicester (A&L) will attempt to reduce its queues by making customers with cash cards withdrawing less than £300 to use the branch cash machine. The bank, which is to be renamed Santander later this year, said the change will bring the bank brand in line with other banks in the [...]

May 26, 2010 | 0 Comments More
Nationwide imposes small cash counter withdrawal ban

Nationwide imposes small cash counter withdrawal ban

From 7 June, Nationwide Building Society will attempt to reduce its queues by making customers with cash cards withdrawing less than £100 to use the branch cash machine. The Nationwide said the change is essential and the move is aimed at speeding up transactions and freeing up staff time to deal with other transactions. The [...]

April 12, 2010 | 0 Comments More
Euro continues to lose value amid Greek debt crisis

Euro continues to lose value amid Greek debt crisis

The euro continues to lose value as investors remain concerned about a solution for Greece’s fiscal problems. The currency fell to a record low of 1.4232 francs on trading platform EBS, while falling to an all-time low against the Australian dollar to $1.4654. Against the US dollar, it fell to $1.3459 - close to a [...]

March 24, 2010 | 0 Comments More
EU report calls for more action in reducing UK budget deficit

EU report calls for more action in reducing UK budget deficit

A report due to be released later this week by the European Commission is expected reveal the Government’s plans for reducing the budget deficit are not ambitious enough. A draft document, which has been seen by the Reuters news agency, warns Britain is not on target to trim its deficit in accordance with EU rules [...]

March 16, 2010 | 0 Comments More
Greece clashes with EU over austerity measures

Greece clashes with EU over austerity measures

Greece clashed with the European Commission in Brussels today over its tough austerity measures, which will see the debt-stricken economy tackle its spiralling debts. Prior to a meeting with euro zone finance ministers in Brussels today, Greece’s Finance Minister, George Papaconstantinou, said the EU needed to show more support to Greece instead of questioning its [...]

February 15, 2010 | 0 Comments More
Greece unveils measures to cut soaring debt

Greece unveils measures to cut soaring debt

In an attempt to reduce its high levels of debt, Greek Prime Minister George Papandreou, has unveiled tough measures which include a public sector pay freeze and a hike in fuel taxes. Further measures to reduce debt levels include a 10% cut in social security spending, as well as a massive 90% tax on the [...]

February 3, 2010 | 0 Comments More