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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 budget and a business department under pressure to do more to revive the economy. read more

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Bank of England 2013  Economy Q2

Bank of England 2013 Economy Q2

  • Posted: Jun 13, 2013
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The 2013 Q2 issue of the Bank of England Quarterly Bulletin is published today.

The onset of the financial crisis in 2008 brought an end to the ‘Great Stability’ period, making prospects for UK and global economic growth not just weaker, but more uncertain. Macroeconomic uncertainty: what is it, how can we measure it and why does it matter? focuses on how heightened uncertainty might affect the economy through a variety of channels – for example, depressing demand for goods and services as firms and households choose to delay spending decisions, or impairing the supply side of the economy by affecting investment decisions or credit provision. While uncertainty is not directly observable, this article presents a range of indicators based on data from financial markets, consumer and business surveys and media citations. Many of these indicators have remained elevated in recent years. And a simple empirical model supports the view that uncertainty has contributed significantly to the depth of the recent recession and weakness of the recovery.

Cross-border banking can have considerable long-run benefits, by diversifying the available sources of lending and borrowing. But such flows can also amplify risks in times of stress. Cross-border bank credit and global financial stability describes how cross-border bank lending contributed to the build-up in vulnerabilities before the recent crisis – in particular by generating mismatches on banks’ balance sheets of both currency and maturity – and exacerbated the bust once the crisis hit. The article then considers possible policy responses of central banks to prevent or mitigate such a scenario in the future, from the perspective of recipient countries as well as the global system as a whole. 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 national average salary. 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 said the deposits could lose up to 22.5% more in value, depending on an assessment by officials who will determine the exact figure aimed at restoring the troubled bank back to health. 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 the number of customers allowed in at any one time. 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 money. 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 Osborne will cancel it to appease Tory MPs, according to the Spectator magazine. read more

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The Budget Predictions For 2013

The Budget Predictions For 2013

  • Posted: Mar 14, 2013
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Access to London will cover the budget on 20 March . Here is an outline of what aspects. The budget will cover this year from The Telegraph

This guide outlines the latest predictions for the Budget 2013 related to individuals and households. It will be updated as more information emerges in the coming days ahead of the Budget announcement on Wednesday March 20.

What will George Osborne include in the Budget 2013? Experts agree he has little room to manoevure and as Jeremy Warner notes, the lesson from last year’s Budget is that political boldness doesn’t pay. 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 have been carried out via the Asset Purchase Facility (APF), which is owned by the Bank of England and indemnified by Her Majesty’s Treasury (HMT). In November 2012 a process for regular cash transfers between the Bank of England’s Asset Purchase Facility (APF) and Her Majesty’s Treasury (HMT) was established. The profile of cash transfers between the Asset Purchase Facility and Her Majesty’s Treasury explains how the possible size of the transfers varies depending on a number of uncertain factors, including the price at which the assets held by the APF are ultimately sold and the future path of Bank Rate. While the initial transfers are from the APF to HMT, it is likely that they will be offset by payments in the opposite direction in the future. But the ultimate net amount that will be transferred is uncertain, and a wide range of outcomes is possible. An interactive spreadsheet published alongside the article (available on the Bank’s website via the link below) allows users to examine for themselves how the transfers depend on the assumption made.

In April 2013, a new regulatory framework for the UK financial sector will come into force, which will result in the Bank of England gaining significant new responsibilities. Changes to the Bank of England gives an overview of the changes that are happening to the Bank. This includes the creation of the Prudential Regulation Authority (PRA), responsible for the microprudential regulation of individual deposit-takers, insurers and major investment firms; and the Financial Policy Committee (FPC), responsible for identifying, monitoring and taking action to remove or reduce risks to the resilience of the financial system as a whole. The Bank will also take on new responsibilities in relation to financial market infrastructures, including central counterparties. The article summarises these changes in one place, alongside the revised governance processes that are being put in place to ensure that the Bank carries out its new responsibilities effectively and is fully accountable to Parliament and the public. 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 the end of April, subject to regulatory approval. read more

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