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The Institute of Directors has endorsed a radical proposal that recommends replacing part of the UK tax system with a single income tax rate of 30 percent and reducing the government’s share of the national economy to one-third, the Financial Times reports.
Despite efforts at official reassurance, no one really knows the consequences of a Greek exit from the euro zone, or how rapidly big countries like Spain and Italy, and their banks, will feel the effects, The New York Times reports.
London prices have risen 45 per cent over the past three years, compared to only 15 per cent in Geneva, 17 per cent in Paris and 10 per cent in New York, making London ever more expensive (and desirable) than its western peers.
The governor of the Bank of England said on Wednesday that the euro zone is “tearing itself apart without any obvious solution" as he admitted that the UK central bank, the Financial Services Authority (FSA) and the government have been discussing contingency plans to deal with the prospect of a Greek exit from the euro or a collapse in the euro zone “for some time.”
Walking through his high-ceilinged factory here, explaining the production of sheets of copper, M. Brian O’Shaughnessy comes across as a staunch advocate of manufacturing in America.
German lawmakers likely will delay a vote on the euro zone's fiscal compact on budget discipline because the country's main opposition party wants to insert growth-focused measures into the pact, a coalition source told CNBC.
UK food retailer Sainsbury said on Wednesday that it managed to deliver solid quarterly sales growth despite the “wider economic situation remaining uncertain.”
Just weeks ago, the idea that Greece would leave the euro zone was almost unthinkable. Now, with Greece’s newly empowered political parties refusing to abide by the terms of the country’s international loan agreement and Europe’s leaders talking tough, that outcome is looking increasingly likely. The NYT reports.
It has been a weekend of major change in the European political landscape, with elections in France, Greece, the UK, Germany and Italy. Some observers are now saying that if the politics of austerity continue, Europe could be in danger of breaking up.
Voters in the United Kingdom punished the coalition government’s two political parties at local elections across the country on Thursday in what will be seen by many as a rejection of the government’s austerity.
Royal Bank of Scotland (RBS), the state-backed UK bank, reported a pre-tax loss of 1.4 billion pounds ($2.3 billion) on Friday, as charges for own credit adjustments—accounting requirements for credit spreads—hit the bank.
McDonald's is a sponsor for the London Olympics—and a British doctors' group says that's sending the wrong message in a country with ballooning obesity.
Repairing the economy and regulating banks is “the biggest challenge the Bank [of England] has faced for decades,” Sir Mervyn King said on Wednesday in a speech in which he conceded for the first time he should have “shouted from the rooftops” about risks before the financial crisis.
The UK had its latest testy exchange with the rest of the European Union Wednesday night, as Finance Minister George Osborne had an angry outburst at the negotiating table during talks about bank rules.
The British pound is likely to rise further against the euro in the near term despite its fall on Tuesday as it is still seen as a safe play, but in the long term it will weaken, according to currency analysts.
While the French presidential elections are drawing the attention of most in Europe, local elections in the UK, though unlikely to change the shape of Britain’s coalition government, could put pressure on its economic policy.
A committee of UK members of parliament is preparing a “damning” report on phone-hacking that will add to the pressure piled on News Corp’s Rupert and James Murdoch.
Chairman of Goldman Sachs Asset Management Jim O’Neill is among candidates in the running to replace Bank of England governor Mervyn King who leaves in June 2013, the Sunday Times reported, without citing where it got the information.
"Without knowing why or how, we seem to have hatched our own oligarchs, and we stand aghast and bewildered at this flock of monstrous cuckoos," author Ferdinand Mount writes.
Rupert Murdoch, the billionaire media tycoon, admitted that there had been a “cover-up” at defunct tabloid News of the World over phone hacking in London, but maintained on Thursday that neither he nor his son James knew about the extent of hacking.