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George Osborne Reaches Deal On Spending Cuts

George Osborne Reaches Deal On Spending Cuts

  • Posted: Jun 23, 2013
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(Reuters) – Chancellor George Osborne completed talks on Sunday with government departments aimed at securing spending cuts worth 11.5 billion pounds in 2015-16 to help reduce the country’s budget deficit, the Treasury said.

George Osborne on the BBC

Britain’s Chancellor of the Exchequer George Osborne appears on the BBC’s Andrew Marr Show, presented by Sophie Raworth, in this photograph provided by the BBC, in London June 23, 2013.

The finance ministry said it had reached agreement with all departments, three days before Osborne is due to publish details of their spending limits on June 26.

The talks to find spending cuts starting in 2015 – when voters go to the polls – posed a political headache for Osborne, particularly over the sensitive defence read more

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MPs Are In Line For £20,000 Pay Rise

MPs Are In Line For £20,000 Pay Rise

  • Posted: May 12, 2013
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MPs’ salaries are expected to rise by at least £10,000 following a major review, taking them to more than £75,000.

MPs are in line for a pay rise of up to £20,000 in a move that could spark public fury.

The Independent Parliamentary Standards Authority (Ipsa) has been looking at an increase of between £10,000 and £20,000.

This could potentially boost MPs’ pay to more than three times the £26,500 read more

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Cyprus Bank Deposits ‘To Lose 60% Of Value’

Cyprus Bank Deposits ‘To Lose 60% Of Value’

  • Posted: Mar 30, 2013
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Sources suggest some savers in Cyprus could lose 60% of the money they have deposited

Savers with more than 100,000 euros in the Bank of Cyprus could lose up to 60% of their deposits, two senior officials have warned.

The Central Bank official and the Finance Ministry technocrat said sums held at the country’s largest lender will  lose 37.5% of their value after being converted into bank shares.

And the pair read more

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Cyprus Banks Finally Reopen, But Anger Lingers

Cyprus Banks Finally Reopen, But Anger Lingers

  • Posted: Mar 28, 2013
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Cyprus Banks Finally Reopen But Anger Lingers

Cypriots express anger at the country’s bailout as they descend on bank branches, open for the first time in almost two weeks.

Cyprus’ banks have opened their doors after the longest enforced bank holiday in Europe’s history.

Queues grew outside branches across the country, with no signs of panic as employees limited read more

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‘Cyprus Agrees 20% Tax On Deposits Deal’

‘Cyprus Agrees 20% Tax On Deposits Deal’

  • Posted: Mar 23, 2013
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It has been announced this evening  that Cyprus agrees to a 20% tax on deposits over 100,000 euros at the Bank of Cyprus and a 4% tax at other banks, Reuters says.

Updated 20:00

Politicians in Cyprus have agreed a new one-off levy on savers in order to secure a European bailout.

The measures include a 20% tax on savers with deposits over 100,000 euros at the country’s largest bank, the Bank of Cyprus, which would see some individuals lose a fifth of their read more

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Hopes Rise Fuel Duty Hike Will Be Scrapped

Hopes Rise Fuel Duty Hike Will Be Scrapped

  • Posted: Mar 14, 2013
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Chancellor George Osborne is predicted to take the step in his Budget next week to help ease the cost of living.

Chancellor George Osborne is planning a hike in fuel to help britons ease the cost of living.

The move would mean that the coalition has axed or frozen every scheduled rise since 2010 and the prospect has already been welcomed by motoring groups.

The duty was due to rise in the autumn but Mr read more

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Bank of England 2013  Economy Q1

Bank of England 2013 Economy Q1

  • Posted: Mar 14, 2013
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The 2013 Q1 issue of the Bank of England Quarterly Bulletin is published today.

Since the onset of the financial crisis, the MPC has injected substantial stimulus into the economy through purchases of assets as part of its programme known as quantitative easing (QE). These purchases read more

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Sky To Buy O2 Home Phone And Broadband

Sky To Buy O2 Home Phone And Broadband

  • Posted: Mar 01, 2013
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As new figures show 33 million Britons log onto the internet daily, Sky agrees to buy Telefonica’s O2 home telephony services.

Sky is to become the UK’s second-largest broadband provider after agreeing a deal to buy rival O2’s half a million customer accounts.

The satellite broadcaster, which is the parent company of Sky News, will pay O2 owner Telefonica £180m for the O2 and BE consumer broadband and home phone businesses.

The deal is due to complete by read more

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