Hinkley Point crisis deepens as experts warn that there’s “zero possibility” of the project being finished by 2025 May 25, 2016 The government is facing fresh calls to reconsider its plan to build two nuclear reactors at Hinkley Point in Somerset, with experts warning that there’s “zero possibility” of the controversial project being finished by 2025. The concerns come after Vincent de Rivaz, the French utility giant’s UK boss, failed to assure parliament's energy and climate [...]
Institute for Fiscal Studies says Brexit could blow £40bn hole in public finances May 25, 2016 Despite saving £8bn a year from no longer contributing to the EU budget, Brexit could put a multi-billion pound black hole in the public finances, the Institute for Fiscal Studies (IFS) has said. In a new report, published today, the number crunchers say that leaving the EU could result in the UK needing to find [...]
Greece expected to get €10.3bn in next loan payout May 24, 2016 Greece is expected to get approval for bailout loans of up to €10.3bn (£8bn) today. Eurozone finance ministers are currently discussing the loans in a Eurogroup meeting that’s been going on for over eight hours. The loan is likely to be paid out on two tranches with the first instalment of €7.8bn due in June. Read [...]
US new home sales figures lay foundations for June rate hike May 24, 2016 Sales of new homes in the United States jumped to their highest level since before the crisis, as the US economy picks up momentum in the second quarter. The number of newly-built homes sold – on an annual basis – hit 619,000, a jump of 16.6 per cent on last month and around 100,000 ahead of [...]
Long day and night ahead for Eurozone ministers as they discuss Greek debt crisis May 24, 2016 One of the key players in the latest Greek bailout talks has warned there is a long way to go to strike a deal to unlock another €11bn (£8.4bn) of loans. The Slovakian finance minister, Peter Kazimir, said talks currently underway in Brussels between the Eurozone finance ministers could last all night, pointing to a host of [...]
The income gap between the richest and poorest Britons remained stubbornly wide last year May 24, 2016 The income inequality gap stayed pretty much flat in 2015, according to data released today by the Office for National Statistics – despite reports suggesting inequality has fallen in recent years. Once the impact of taxes and benefits were taken into account, any changes in the inequality gap were negligible, despite a slight narrowing in gross average incomes. [...]
Think tank warns lower levels of immigration will mean higher taxes May 24, 2016 A post-Brexit fall in migration would hit growth across the UK and result in higher taxes for UK citizens, according to a new think tank report. If net migration from the European Union were to drop – as it might should the UK vote to leave the European Union – the National Institute of Economic [...]
Mark Carney and George Osborne have been asked to reveal the details of their Brexit discussions May 24, 2016 Mark Carney has come under pressure to reveal details of his meetings with George Osborne in the run-up to the EU referendum. Jacob Rees-Mogg, the Conservative MP who sits on the Treasury Select Committee (TSC), asked the governor of the Bank of England whether he had notes, documents or minutes from his conversations with the [...]
EU referendum: Mark Carney clashes with Jacob Rees-Mogg over Brexit warning at Treasury Select Committee May 24, 2016 Mark Carney has defended the Bank of England's Brexit analysis as he faced accusations of becoming "politically involved" with the EU referendum in a tense hearing in front of MPs. Conservative MP Jacob Rees-Mogg accused the chancellor of making unprecedented political interventions of the kind that would be impossible before a general election. Carney fired back in [...]
The deficit is even higher than we thought – again May 24, 2016 The UK's deficit is even higher than first thought, according to new figures released today by the Office for National Statistics (ONS) this morning. Public sector net borrowing – the amount of cash the government has to borrow to plug the difference between its income and outgoings – came in at £76bn for the 2015/16 [...]
