Economics
UK economy at worst level since 2009 due to Brexit
New Data has indicated that the UK economy is really struggling due to Britain’s vote to leave the EU. The pound has fallen after additional claims the economy could contract by 0.4% in the third quarter of 2016. Data from Markit’s Purchasing Manager’s Index (PMI) shows a “dramatic deterioration,” in the economy. These levels have not been seen since the banking crisis, which saw the Government step in to save a number of the United Kingdom’s major banks. The PMI...
UK growth forecasts cut by IMF due to Brexit
The successful Leave campaign during the EU referendum has “thrown a spanner in the works” of the global economies recovery. The IMF (International Monetary Fund) has just cut the UK growth forecast for 2017 citing Brexit as the reason for the slow down in the British economy. During the lead up to the vote, the IMF was vocal in its support for Britain to remain part of the European project. The warnings about an economic downturn fell on deaf ears,...
Is It Time For Britcoin?
The House of Lords will discuss the possibility of having a central bank digital currency called "Britcoin" tomorrow. Its Economic Affairs Committee will take evidence from the Deputy Governor of the Bank of England on blockchain technology, the distributed ledger that allows Bitcoin to function as an online currency. In the session with Dr Ben Broadbent the Committee will explore the prospect of a central bank digital currency and the effect it could have on commercial banks, predictions that blockchain...
UK Economy “Heading For Recession”
The UK economy is heading for recession, according to Bank of America's Ralf Preusser. The GBP/USD exchange rate gapped lower on the open to Monday trade as traders return to their desks, with 30 year lows at 1.3238 to be tested over coming days. Preusser noted: "Prolonged uncertainty could lead investors - including residential investors - to postpone decisions. "We think a recession in the UK will ensue, which cuts our calendar year 2017 GDP growth forecast to 0.2 per cent from 2.3 per...
Labour considering universal basic income, says John McDonnell
By Joe Mellor, John McDonnell, the Shadow Chancellor, has said that the Labour party has been considering a radical approach to ensure everyone in the country receives an income. Universal basic income would see everyone receiving a flat fee rather than the current means-tested benefit system. McDonnell said: ““It is an idea Labour will be closely looking at over the next few years.” This plan “could prepare our country for any revolution in jobs and technology to come.” A report...
Corbyn pledges to scrap TTIP
By Joe Mellor, Deputy Editor Jeremy Corbyn has vowed to bin the EU’s highly controversial free trade deal (TTIP) with America. During an anti-Brexit rally he promised to get rid of the trade deal if he is voted in as PM before it is implemented. He hates the deal so much he said he is happy to work with rebel Conservatives and SNP in parliament to halt the deal. TTIP has worried people on both sides of the electoral divide...
European city where richest families same for 600 years
By Joe Mellor, Deputy Editor They say keep it in the family, well in one city they have for nearly six hundred years. Research of tax records in Florence, Italy, has revealed that the wealthiest families in the city currently are the same lineage as from 1427. Generation after generation of the elites if the city, have continued to reap the financial rewards the city creates. The poorest however, remain poor, rarely raising above the economic status they were born...
Take-home pay biggest in London…By far
By Joe Mellor, Deputy Editor The streets of the capital are paved with gold, well not quite, but people who live in the capital have the most disposable income in the country, even when taking in sky-rocketing rents and the cost of buying a home spiralling out of control. The ONS (Office of National Statistics) report revealed this information. Londoners had an average of £23,607 to spend after tax deductions in 2014, almost a third more than the UK average....
£40bn wiped from UK public purse & years of austerity from Brexit, IFS claims
By Joe Mellor, Deputy Editor Another day another claim about Brexit, and what could happen to the UK economy if we decided to leave. Today was the turn of the IFS (Institute for Fiscal Studies) who have said that leaving the EU would mean the Treasury would have to slash billions of pounds from British welfare and public services. The IFS believe that in the case of a “Brexit” there would be years of austerity and tax rises, which would...