Chancellor George Osborne could face £45bn budget black hole due to weaker economic growth March 9, 2016 Economists have warned weaker-than-expected economic growth will create a black hole in the public finances, forcing Chancellor George Osborne into further austerity measures in next week’s budget. Osborne was given a unexpected boost in November when the government’s fiscal watchdog, the Office for Budget Responsibility (OBR), gave him an extra £27bn over the current parliament. [...]
Bankers’ bonuses: Supreme Court sides with HMRC in appeal against UBS and Deutsche Bank, ruling out scheme designed to avoid income tax March 9, 2016 Bankers may see their bonuses sliced into, as the Supreme Court today sided with HM Revenue & Customs (HMRC), agreeing that taxes could not be avoided when using a special scheme to award employees in shares. UBS and Deutsche Bank set up schemes to pay their bankers discretionary bonuses in redeemable shares in offshore companies. The [...]
Skyscrapers planned for London rise by more than a third with 119 new tall buildings added to planning pipeline March 9, 2016 (Source: Visualhouse/Dan Lowe) The number of tall buildings planned for London's ever expanding skyline has grown by moe than a third, with more than 100 new skyscrapers added to the pipeline over the last year. There are now 436 skyscrapers either planned or under construction in the capital, up from 317 a year earlier, according to fresh research from [...]
Niesr: The economy is picking up after a sluggish end to 2015 March 9, 2016 Economic growth slowed in the three months to February, but there are some signs it is picking up again. The National Institute of Economic and Social Research (Niesr) said today it believes the economy grew 0.3 per cent between December and February. It marks a slowdown from their previous estimate for growth between November and [...]
Finance jobs of the future: As automation speeds up more routine tasks, finance chiefs need to become more strategic in their work March 9, 2016 Finance chiefs of today might not recognise their department in a few years time, as the function is set to undergo a massive change, according to a report out today. Specialist recruiter Robert Half has discovered that the finance chiefs of tomorrow will be focused more on plotting financial growth for their company, particularly as [...]
The world’s largest sovereign wealth fund had its worst year since 2011 last year, but managed to avoid negative returns March 9, 2016 The Norwegian Sovereign Wealth Fund has returned 2.7 per cent on its investments in 2015 thanks to a rally in equities late in the year. The low oil price and slowing emerging markets dragged on returns however, meaning the world’s largest sovereign wealth fund recorded its weakest performance since 2011. The oil fund, managed by [...]
UK manufacturing output rebounds in January March 9, 2016 UK manufacturing output bounced back in January, according to figures released by the Office for National Statistics this morning. The sector's output increased 0.7 per cent compared with December. Factory output suffered a sharp drop in December and contracted over the whole of 2015. Total industrial production, which includes mining and quarrying as well as manufacturing, also rebounded, rising [...]
The number of people on zero-hours contracts leaped in the final quarter of 2015 – but it’s not why you think March 9, 2016 Oh dear. The government may be doing everything in its power to rid the UK of those pesky zero-hours contracts, but it seems its efforts aren't working: the number of employees on the contracts jumped by 15 per cent in the final quarter of last year, new figures have shown. But before you grab your pitchfork, take [...]
Brent crude and WTI: Oil hold above $40 after EIA data shows US stocks continued to build last week March 9, 2016 Crude prices rose today, despite official data showing US oil stocks continued to build last week. US oil inventories increased by 3.9m barrels last week, ahead of expectations for 3.2m, according to figures from the US Energy Information Administration (EIA). Brent crude, the global benchmark, rose 2.6 per cent to $40.7 per barrel today. Meanwhile, West Texas [...]
Brent crude and WTI prices: European markets won’t be hit by a flood of Iranian oil anytime soon March 8, 2016 The sustained oil sell-off was one of the biggest shocks of 2015, and it also looks set to be one of the defining characteristics of the global economy in 2016. So it's easy to understand the panic when economic sanctions on Iran were lifted, allowing the country to export oil again, and adding yet more crude [...]
