Here’s how much you need to earn to be considered rich November 22, 2019 A fiery debate was sparked last night about what makes a person “rich” after a man on BBC Question Time wrongly claimed he was not even in the top 50 per cent of earners – despite bringing home £80,000 a year. The man laid into Labour candidate Richard Burgeon, who was on the show to [...]
Eurozone PMI: Economy stagnates as German services sector plummets November 22, 2019 The Eurozone economy remained close to stagnation in November as activity sank to a two-month low. The bloc’s economy barely registered growth, hitting a measure of 50.3 on IHS Markit’s closely followed Flash Eurozone Purchasing Managers; Index (PMI). Read more: Pound slips as UK private sector suffers worst fall since 2016Read more: How the pound [...]
New ECB president Christine Lagarde tells governments to hike spending to tackle downturn November 22, 2019 New European Central Bank (ECB) president Christine Lagarde has encouraged governments to use fiscal policy to boost the Eurozone’s lacklustre growth, continuing the message of her predecessor Mario Draghi. In her first speech as ECB president, the former French finance minister said there is “a cross-cutting case for investment in a common future” as growth [...]
Exports and extra spending help Germany avoid recession November 22, 2019 Rising exports, consumer consumption and an increase in government spending helped Germany avoid recession in the third quarter of the year, a breakdown of the statistics showed today. German GDP grew by 0.1 per cent quarter on quarter in the three months to September, data showed last week, meaning it dodged a technical recession after [...]
National insurance payment cut to mostly benefit middle and higher-earners, says IFS November 21, 2019 Prime Minister Boris Johnson’s plans to raise the national insurance contribution (NIC) threshold would mostly benefit middle and higher-income households, the Institute for Fiscal Studies (IFS) has said. The Conservatives intend to raise the point at which workers pay national insurance to £9,500 in 2020/21 from its currently-planned level of £8,788. The party also intends [...]
OECD: Global growth in 2019 will be worst since financial crisis November 21, 2019 The global economy is set to grow at its slowest pace since the financial crisis this year, the OECD has said, warning that governments are failing to adequately tackle the problem. In a gloomy update to its forecasts, the Paris-based organisation said countries were also failing on tackling climate change, the digitisation of economies and [...]
UK government borrowing jumps in October ahead of post-election splurge November 21, 2019 The UK government borrowed much more than expected last month, official figures have shown, with October borrowing hitting its highest in five years. The increase in borrowing comes even before one of the two main parties has had a chance to carry out large spending increases following the General Election on 12 October. Read more: [...]
Leading German think tank supports minimum global tax rate plans November 20, 2019 A leading German economic think tank has voiced its support for the OECD’s plans for an international minimum corporate tax rate. The Paris-based international organisation has proposed an overhaul to global tax rules that would ensure companies pay a minimum tax rate in their home countries, establishing “a floor for tax competition among jurisdictions”. Read [...]
Stop attacking ECB, new board member tells fellow Germans November 20, 2019 Incoming European Central Bank (ECB) board member Isabel Schnabel has told her fellow German economists to dial back their attacks on the Eurozone’s central bank, saying they threaten the euro. “Dear fellow German economists, if you are wondering what you can do for Europe: Please help to dispel the harmful & wrong narratives about the [...]
ECB: Record-low interest rates causing ‘excessive risk-taking’ November 20, 2019 Record-low interest rates in the Eurozone have led to “excessive risk-taking in some sectors” which could threaten financial stability, the European Central Bank (ECB) has warned. The ECB defended low rates in its latest financial stability report, however, saying they were necessary to support economic activity in the struggling Eurozone. Read more: ECB warned over [...]
