Lone hawk at MPC calls for a rise in rates

first_imgWednesday 18 August 2010 8:19 pm THE Bank of England’s Monetary Policy Committee (MPC) voted 8-1 to keep monetary policy on hold in August, suppressing speculation of a three-way split among members, the minutes of this month’s meeting showed yesterday.Eight members, including newcomer Martin Weale, overruled Andrew Sentance’s third call for a 0.25 per cent rise in interest rates and kept the cost of borrowing at 0.5 per cent and asset purchases at £200bn.With no vote in favour of QE, sterling bounced off three-month lows against the US dollar to $1.5689 immediately following the release but was unable to sustain gains.The MPC once again mulled the arguments in favour of both further loosening and tightening before choosing to stick with the status quo. However, the minutes added that the members who had voted for no change “stood ready to respond in either direction as the balance of risks evolved”.City economists said the MPC remained firmly in neutral mode this month with no move expected in either direction for some time to come. RBS’s Ross Walker said: “If there has been a defining characteristic over the past couple of months, it is that a form of policy petrification is setting in. All policy options were again discussed, but the August minutes convey little sense of agitation for change.”Lombard Street Research’s Michael Taylor agreed. He said: “Minutes to the August MPC meeting confirm a fairly entrenched ‘no change’ view. Fairly robust GDP growth and above-target inflation later this year will not trigger tighter policy as the MPC is focused on prospects further out. But nor is there much prospect of more QE.” Lone hawk at MPC calls for a rise in rates Tags: NULL whatsapp Sharecenter_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeBrake For ItThe Most Worthless Cars Ever MadeBrake For ItTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmHero WarsBig Boss of internet games!Hero Warsmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.cominvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.comthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comWorld LifestyleCouple Has No Idea Why Photo Goes Viral, Then They Notice This In The CornerWorld Lifestyle Show Comments ▼ More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com KCS-content last_img read more

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Hargreaves Lansdown sees profit surge in record year

first_imgWednesday 1 September 2010 2:37 am whatsapp John Dunne Show Comments ▼ BROKER Hargreaves Lansdown has seen pre-tax profit up 18 per cent while assets under management also surged. The company’s figures, covering the year to the end of June, showed growth in every category as it emerged strongly from the recession.Pre-tax profit was £86.3m while total assets under administration rose by 47 per cent to £17.5bn, in the record year for the companyNet business inflows reached £3.3bn – a 65 per cent rise on the £2bn recorded in the previous year.Chief executive Peter Hargreaves said: “Even though we continue to face economic uncertainty, I believe that the company is extremely well placed to build on the momentum that has been generated so far.”Hargreaves, who founded the company with Stephen Lansdown in 1981, will step down as Chief executive tomorrow and repaced by Ian Gorham. The company announced last week that Lansdown will become a non executive director. The pair sterted the business from a Brsitol flat before building it up to b e the UK’s largest retail broker. Tags: NULL Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNoteabley25 Funny Notes Written By StrangersNoteableyUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailUndoLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsUndoAll Things Auto | Search AdsBuick’s New Lineup Is Truly StunningAll Things Auto | Search AdsUndoSmartAnswers.netThis New Volkswagen SUV Is The Car Of Your Dreams.SmartAnswers.netUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save ThousandsThe No Cost Solar ProgramUndoBetterBe20 Stunning Female AthletesBetterBeUndocenter_img Share Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Hargreaves Lansdown sees profit surge in record year whatsapplast_img read more

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Thorntons is hit by a fresh drop in profit

first_img whatsapp CHOCOLATE retailer Thorntons yesterday posted a 2.4 per cent fall in half-year profit as it prepared to name a replacement for outgoing chief executive Mike Davies.Chairman John von Spreckelsen said talks with a prospective new chief were well advanced but he reamained tight-lipped about who the candidate is. Acting chief executive Mark Robson will return to his old role as finance director of the chocolate maker.The firm, which issued a profit warning in May, said it made a pre-tax profit of £6.1m in the year to 26 June.On average, analysts had expected around £6.5m. The group, which trades from around 600 stores, said overall revenue was flat at £214.6m. Thorntons said its key challenge continues to be the own stores channel, which saw a 3.6 per cent fall in sales.The company said in a statement: “We have strengthened our senior retail management team and we believe that this, together with extensive product innovation and changes to the promotional and marketing programmes, should have a positive impact on trading in the lead up to Christmas.”The firm said trading since the year-end had been in line with internal expectations. Thorntons, which cut net debt to £26m during the year, maintained its total dividend payout at 6.05p.MIKE DAVIESTHORNTONS CHIEF EXECUTIVEBRAZILIAN-BORN Mike Davies took the role of chief executive at Thorntons in October 2006. He had previously been president of Mars in Latin America and is a veteran of the confectionary industry. He also worked at consumer giant Procter & Gamble.He has faced a challenging time at Thorntons as the recession has taken its toll. Davies said earlier in the year he would stand down in the same week that 35 staff at the company’s head office were made redundant.Davies inherited a profit slump at the firm and tried to turn around its fortunes with a more extensive product range. His clarion call has been “innovation” with new lines inspired by products from Milan and Paris. Davies said that he wanted to “turn the company’s strategy on its head”. For the first two years under Davies and chairman John von Spreckelsen, Thorntons went from strength to strength, sweetening investors with rising profits, increasing sales throughout the UK’s largest retailers and steady growth from its own namesake outlets. However, the onset of the worldwide downturn produced an increasingly tough environment. Wednesday 8 September 2010 8:00 pm Thorntons is hit by a fresh drop in profit by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia KCS-content Show Comments ▼ Tags: NULL Share whatsapplast_img read more

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BoE could be too powerful, warns Tyrie

first_img BoE could be too powerful, warns Tyrie Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Show Comments ▼ Share whatsappcenter_img KCS-content THE government’s decision to give sweeping new powers to the Bank of England (BoE) could create an “overmighty” institution with conflicting monetary and financial stability aims, according to the head of an influential parliamentary committee.Andrew Tyrie, who became the Treasury Select Committee’s first elected chairman in June, said the previous regulatory structure – which carved up responsibility between the Treasury, the central bank and the Financial Services Authority – had been flawed.But the Conservative lawmaker said there were also risks with rushing head-long into a new framework, especially one that handed so much power to one institution.Under the government’s proposals, the governor of the Bank of England will head both the Monetary Policy Committee (MPC), charged with setting interest rates, and the Financial Policy Committee (FPC), charged with looking at broader issues that could threaten financial stability.“There’s always the possibility that there will come a time when the FPC will want to loosen policy while the MPC is wanting to tighten it, or vice versa,” Tyrie told Reuters.The government intends the transition to the new regulatory framework to be completed in 2012 and is currently consulting on the details.“There is a risk we could create an overmighty BoE, a sort of super-quango,” he said echoing fears that the rushed overhaul will create problems.One issue Tyrie feels needs more elucidation is the role the chancellor will play in any future financial crisis.The draft framework suggests the chancellor would have ultimate responsibility when taxpayers’ money was at risk but Tyrie said he was not fully satisfied with how this would work in practice. whatsapp Thursday 16 September 2010 8:49 pm Tags: NULLlast_img read more

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Tesco plans big move into Asia

first_img KCS-content Tesco plans big move into Asia whatsapp Share TESCO is poised to make a $1bn swoop on Carrefour’s supermarket networks in Malaysia, Singapore and Thailand after the French group’s decision to withdraw from South-East Asia. Carrefour’s planned exit — reportedly to pursue areas where it has market leadership — has drawn a flock of potential buyers as the process enters the second round of bidding. Although local bidders are expected to emerge in all three countries, Tesco has emerged as probably the strongest likely bidder. Tesco is thought to be planning offers for all three of the store portfolios. Monday 8 November 2010 9:43 pmcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCute Tags: NULL Show Comments ▼ More From Our Partners Porsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.com whatsapplast_img read more

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ECB’s Noyer reassures investors over ‘haircuts’

first_img EUROPEAN Central Bank policymaker Christian Noyer sought to bolster market confidence in Ireland’s bailout, using a speech in Tokyo today to reassure investors of the plan’s success.Eurozone ministers – acting under pressure to prevent the crisis of confidence in the region’s finances from engulfing Portugal and Spain – also backed a long-term mechanism intended to prevent the debt crisis from tearing the zone apart.Noyer, the first member of the ECB’s policy council to speak after eurozone ministers sealed an €85bn (£72bn) loan package for Ireland on Sunday, said he was confident the deal would bring down Dublin’s borrowing costs to more normal levels.“There is no reason to doubt the recovery plans of the two countries,” Noyer said in the speech, referring to Ireland and Greece.But market reaction showed investors thought the crisis that started with Greece’s budget blow-out more than a year ago was far from over.The euro rose slightly against the dollar in early Asian trading on Monday, but quickly slipped back to two month lows. “I don’t think this is going to be a silver bullet. I think there are still going to be some question marks on Portugal and Spain,” said Peter Westaway, chief economist at brokers Nomura.One of the questions that has been dogging markets for weeks and helped drive Ireland off the cliff was whether and under what circumstances private bondholders could be made to take losses, or “haircuts”, on eurozone government debt.The new European Stability Mechanism outlined on Sunday would make private investors share the pain in the case of a debt default or restructuring, but it would apply only to debt issued after 2013.Noyer, who is also governor of the Bank of France, said that he believed even then it should remain only a theoretical possibility.“As far as I’m concerned, I exclude that there will be haircuts in the future. It will be a major objective of all members of EU to do everything necessary to be in a position to fully honour their debts in the future,” he said.European officials have been at pains to play down the links between Ireland and Portugal, widely seen as the next euro zone “domino” at risk. Troubles in Portugal could quickly spill over to Spain because of their close economic ties.Noyer today joined the chorus, saying Portugal was making good progress in consolidating its public finances.With anxiety rattling bond markets, the Irish government had been under intense pressure to accept a bailout despite repeatedly saying in recent weeks it did not need one.“This agreement is necessary for our country and our people. The final agreed programme represents the best available deal for Ireland,” Irish Prime Minister Brian Cowen said.The deal aims to help Dublin cover bank debts amassed when a property bubble burst and bridge its budget deficit, which ballooned to about a third of the country’s annual economic output.Debt worries have marred Europe’s recovery from global recession for the past year, severely denting confidence in the 12-year-old euro currency and leading to what amounts to a showdown between European politicians and financial markets.Some €35bn was earmarked to help fix Irish banks, of which €10bn will be an immediate capital injection and the rest a contingency fund. Ireland will contribute €17.5bn in cash and pension reserves.The rest of the emergency loans, which Dublin said were granted at an average interest rate of 5.8 per cent, will help cover the giant hole the banks have blown in public finances. The IMF will contribute €22.5bn. In a key concession, Ireland was given an extra year, until 2015, to bring its budget deficit down to the EU limit of three per cent of gross domestic product.And Cowen, whose government is close to collapse over the EU/IMF bailout, said the deal did not involve any change to Ireland’s jealously guarded 12.5 per cent corporate tax rate. More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com whatsapp ECB’s Noyer reassures investors over ‘haircuts’ alison.lock Sharecenter_img whatsapp Monday 29 November 2010 2:43 am Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”Wanderoam Tags: NULLlast_img read more

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CITY MOVES | WHO’S SWITCHING JOBS

first_imgThursday 9 December 2010 7:20 pm Show Comments ▼ KCS-content whatsapp Adam & CompanyThe private bank has hired Graham Storrie as managing director. He joins from parent company Royal Bank of Scotland, where he was most recently managing director of specialist advice. He brings with him over 30 years of experience in banking, investments and advice, having worked for organisations such as Standard Life, where he was managing director for wealth management UK. He is also an associate of the Institute of Bankers (Scotland). whatsapp More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Share Marsh Andrew Tunnicliffe has returned to the insurance broker as head of risk consulting, having previously worked as a managing director at the firm. He joins from Aon Global Risk Consulting, where he has spent five years, most recently as chief operating officer. He will take up his post next year, and replaces Jeff Colburn, who is taking a senior role in Marsh’s North American risk consulting business.RothschildThe financial adviser has hired Gilles Costerousse as a managing director and as head of Rothschild FIG capital markets advisory. He joins from Nomura, where he was a managing director and head of FIG debt capital markets for two years, and spent 10 years at Lehman Brothers.DeloitteThe business advisory firm has appointed Neil Cornelius as a director in its economic consulting practice with a focus on the energy sector. Cornelius joins from ICF International, where he led the European energy and carbon market analysis practice. He has more than 20 years of experience in the power sector, having worked for BP in its alternative energy division and in various roles for National Power. Oriel SecuritiesThe stockbroker has promoted Mike Trippitt to head of research. Trippitt replaces Eithne O’Leary, who will work on developing Oriel’s retail franchise. Trippitt, who has led Oriel’s financials research team since 2006, has previously worked as a UK banks analyst at HSBC, Schroders and SG Warburg. CITY MOVES | WHO’S SWITCHING JOBS by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald Tags: NULLlast_img read more

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The real issue is the size of the state

first_img FORGET about the students, the violence and the row over tuition fees. The real debate is not about the cost of universities. It is between those who think the state should account for an ever-greater proportion of the economy and society – and those who believe that the only way there will be any progress in Britain is for the government to shrink. For the past decade, all of the pressure has been one way: towards an ever-larger state, funded by ever-greater amounts of tax (either on current workers, investors and consumers, or on their children via debt). The coalition is attempting to gradually reverse this trend. Its task is immense, as the latest figures from the OECD, published in its November economic outlook, demonstrate. Public spending troughed at 36.6 per cent of GDP in 2000, after which Gordon Brown turned on the spending taps. By 2007, spending had increased to 44.1 per cent of GDP, an astonishing rise of 7.5 percentage points of GDP. Then came the recession and the decision to continue spending at even greater rates. Public spending jumped to 47.4 per cent of GDP in 2008 and then to 51.4 per cent of GDP in 2009; we waved good-bye to capitalism and became a socialist country. State spending remained at 51 per cent of GDP in 2010; the private sector spent less than half the nation’s income and the government more than half. Public spending has increased by 14.4 percentage points of national income in just a decade. If all goes well, the government’s share will fall back to 49.9 per cent next year, hardly a revolutionary change. All of these figures actually underestimate the state’s real size and exaggerate that of the private sector: GDP includes value added tax, which means that the tax to GDP ratio involves double-counting.Of the 28 OECD countries, the UK is the tenth highest ranked by state spending as a share of GDP. The old free-market model is dead and buried. It is an astonishing transformation – one made all the more extreme by the fact that public spending is lower in London and the home counties – and concentrated in the rest of the UK. If you were a social-democrat and believed that more public spending meant better public services, you would expect the quality of the UK’s schools to have improved beyond recognition. Yet the facts tell a completely different story. According to the OECD’s Pisa stats from earlier this week, England has fallen from 7th in reading in 2000 to 25th today, from 8th to 27th in maths and 4th to 16th in science. These findings are a disgrace. If they weren’t so self-interested, the left-wing agitators and students in the streets of London yesterday would have been protesting about the decay and rot in the UK’s primary and secondary education system, caused by governments of all parties and intensifying during the Labour years. And what about the view that massive public spending will keep unemployment down? Again, the facts tell a different story. Official numbers (from a year ago) reveal that there are 5.87m adults on one of the out of work benefits, 15.8 per cent of the working age population. This extraordinary figure, which will have only slightly improved since, includes everybody officially on the dole, as well as all those on other benefits such as incapacity. We have tried big government. It has almost bankrupted the country. It hasn’t delivered the goods. It is time for the real debate to [email protected] The real issue is the size of the state Share whatsapp whatsapp Thursday 9 December 2010 9:12 pmcenter_img Tags: NULL Show Comments ▼ KCS-content last_img read more

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CITY OF LONDON CHIEF HITS OUT AT PAY RULES

first_img Share More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Show Comments ▼ whatsapp whatsapp CITY OF LONDON CHIEF HITS OUT AT PAY RULES center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGem CITY of London policy chief Stuart Fraser has slammed new EU laws regulating bonus payments as “political point scoring” that will drive business out of Europe and destroy London’s status as a global financial capital.In his column for City A.M. today, Fraser, the chairman of the policy and resources committee at the City of London Corporation, says: “These laws will be amongst the most restrictive in the world… political expediency is placing our future international competitiveness at risk.” He adds: “London will remain the financial capital of Europe but what good is that if we cannot compete in the global marketplace?”The Committee of European Banking Supervisors – a body of European regulators including representatives from the FSA – approved its new rules on Friday, to dismay among finance workers.The rules forbid banks and other financial institutions from paying any more than 20 per cent of a bonus in cash up front and mandate that at least 50 per cent of the bonus must be in non-cash instruments such as shares.In addition, at least 40 per cent of the bonus must be deferred and paid over three to five years, with “clawback” clauses – whereby a bank can take back money paid to those later seen to have caused losses – made mandatory for key staff.For staff paid “a particularly high amount”, the rules stipulate that 60 per cent of the bonus must be deferred.The guidelines will now be examined by the FSA, which is due to release its interpretation of them in the next two weeks.Despite holding a public consultation on the rules, CEBS has made almost no changes to its draft guidelines published in October. PwC remuneration partner Jon Terry says: “European regulation of banking pay is now set to be the most stringent in the world… Other non-European regulators have shown little appetite for prescription, placing EU-regulated firms at a distinct disadvantage.”The rules also contain apparent contradictions: for example, they require regulators to consider the overall performance of an instutition in deciding whether a bonus is appopriate.Yet they also stipulate that institutions must pay bonuses “linked as closely as possible to the level of the decisions made by the staff member”.This means that if a junior staff member performs well, but the overall institution performs badly, it is not clear which fact should be considered more important in deciding the bonus.The guidelines are similarly unclear on the ratio between bonuses (“variable components”) and base salary (“fixed components”). Overall, they say: “It is not possible to decree one optimal relationship between the fixed and variable components of remuneration” and demands only that they must be “balanced”.But regarding “control function personnel” the rules stipulate that the best payment structure would “be weighted in favour of fixed remuneration” (towards salaries).The rules apply to employees of all banks head-quartered in Europe, including those working outside the EU, although City lawyers have said that it is possible some of the smaller City firms may escape on the grounds that they pose little sytemic risk. However, the UK has some of the most draconian pay rules in the world. Their scope will be dramatically increased in January when the number of firms to which the code applies jumps from 26 to 2,500.Alex Mizzi, employment lawyer at Dawsons, said: “The new code gives unprecedented power to the FSA over the internal reward and incentive structures of financial institutions.”And the EU rules could be in addition to any extra taxes imposed in the UK, such as the special 50 per cent bonus tax brought in by Labour. Chancellor George Osborne recently warned bankers to “look around you at the world you live in before you make your decision” on bonuses.There are also growing concerns about the personal tax impact of the rules: bankers whose bonuses are deferred might nonetheless have to pay the tax due on them up-front during the year in which they are awarded. This means that all the up-front cash that bankers receive as part of a bonus will go straight into the treasury’s coffers.City recruiters report that firms have already begun to alter their compensation schemes in response, paying more in basic salaries instead of bonuses. Recruiter Marks Sattin says it has seen a jump of 10-15 per cent in basic salaries since June. Sunday 12 December 2010 11:30 pm KCS-content Tags: NULLlast_img read more

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SuperGroup hit by costs

first_img whatsapp Tags: NULL whatsapp Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople Today SUPERGROUP shares dived yesterday as a warning over the rising costs of materials spooked investors despite a healthy profit update. The company – which owns the popular Superdry brand – has seen its shares soar since they were floated at 500p in March – raising £395m to bankroll its expansion.It made an underlying pre-tax profit of £13.5m in the six months to 31 October. That compares with analysts’ consensus forecast of £13.2m. SuperGroup said: “The autumn/winter collection has been well received by our customers in the UK and overseas, and our owned and franchised retail expansion is progressing as planned.”But some analysts went cold on the company after it warned that the cost of raw materials was putting it under pressure. Its shares dropped up to 17 per cent yesterday, eventually closing 10.9 per cent lower at 1.450p.The lack of an interim dividend was also seen by some as a disappointment. The retailer has opened four new shops and 13 concessions in the first half. Keith Bowman of Hargreaves Lansdown said: “Pre-tax profits appear to be at the high end of analyst expectations. Nonetheless, accounting issues and concerns over rising input costs – cotton prices in particular – appear to have taken the shine off the shares.” center_img Wednesday 15 December 2010 7:55 pm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Share KCS-content SuperGroup hit by costs last_img read more

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