Posted by seumasach on March 23, 2015
Here is confirmation of China’s potential world leadership. From now on, China has internationalized its “soft power” and these institutions will become truly global in their scope. Why else would “developed countries” like Britain be so desperate to join them- to make sure they live up to our own exacting standards of financial probity?If capital investment coming into Britain comes through banks of which we are founding members things become a lot easier politically
20th March, 2015
The BRICS New Development Bank (NDB), the Asian Infrastructure Investment Bank (AIIB), and the Silk Road Fund are all international initiatives spearheaded by China over the past months that symbolize Beijing’s growing influence in providing development funding and potential new sources of financing for developing countries.
Posted in Multipolar world, UK economy | Tagged: Asian Infrastructure Investment Bank(AIIB), BRICS New Development Bank (NDB), Silk Road Fund | Leave a Comment »
Posted by seumasach on March 14, 2015
13th March, 2015
Overlooking US censure, the UK has announced its decision to join China’s Asian Infrastructure Investment Bank, becoming the first “major western country” to apply for membership.
“I am delighted to announce today that the UK will be the first major Western country to become a prospective founder member of the Asian Infrastructure Investment Bank, which has already received significant support in the region,” said UK Finance Minister George Osborne on Thursday.
Posted in UK economy | Tagged: China-UK comprehensive strategic partnership | Leave a Comment »
Posted by seumasach on February 26, 2015
“The performance was better than expected, comparing to a £9bn loss in 2013, in a boost to the Treasury’s hope of selling off part of its stake at some point.”
26th February, 2015
Royal Bank of Scotland lost £3.5bn last year, its seventh-consecutive year without a profit, meaning the bank has lost around £50bn in total since 2008, when it was bailed out.
Posted in UK economy | Tagged: bankrupt Britain, failing banks | Leave a Comment »
Posted by seumasach on December 18, 2014
18th December, 2014
A senior British energy official says the UK’s oil industry is “close to collapse” due to a recent dramatic fall in crude prices.
“It’s close to collapse. In terms of new investments – there will be none, everyone is retreating, people are being laid off at most companies this week and in the coming weeks,” said Robin Allan, the chairman of the independent explorers’ association Brindex.
He added that the plunge in oil prices pushed the industry into “crisis” and oil companies are cutting staff and investment to save money.
Posted in UK economy | Tagged: oil bubble, oil price war | Leave a Comment »
Posted by seumasach on December 16, 2014
15th December, 2014
The tumbling oil price has led to a trebling of insolvencies among UK oil and gas services companies so far this year, while £55bn of further oil projects reportedly under threat.
Posted in UK economy | Tagged: bankrupt Britain, oil bubble | Leave a Comment »
Posted by seumasach on December 16, 2014
The partnerships established with China by the British and Scottish governments are already bearing fruit. This is the one mitigating factor in bankrupt Britain meaning the coming crisis will be less apocalyptic than it would be otherwise. Britain has always depended on incoming capital flows. The difference now is that instead of these going into government bonds they are taking the form of FDI(foreign direct investment). This provides us with a chance to run down our debt as the Chinese cash in their sterling-denominated bonds for real assets, and to end our trade deficit as Britain becomes an export base for Chinese companies or manufactures here goods which we have up until now imported from China. I would also expect them to “recapitalise”, takeover, our banks once they have been bailed in. This is the context in which the commitment of all major parties to a balanced budget, guaranteed by financial devolution to the regions or constituent nations, must be understood. There are no buyers for UK government bonds and QE to infinity is impossible. It is also possible now to avoid the complete collapse of the pound and we may instead hope for an orderly devaluation within a new global financial system prior to eventual adoption of the Euro.
12th December, 2014
Chinese companies are growing in the UK at an unprecedented rate, adding a significant contribution to the UK economy through growth and employment, according to the Grant Thornton Tou Ying Tracker 2014 in collaboration with China Daily.
According to the Tou Ying 2014 Top 25 tracker which was released on Friday, the 25 fastest growing Chinese companies in the UK this year have generated 38 percent growth overall. Their combined turnover exceeded 25 billion pounds, and together they employ about 4,000.
Posted in UK economy | Tagged: new global financial architecture, The Great British Sell-Off, UK-China strategic partnership | Leave a Comment »
Posted by seumasach on December 16, 2014
Ignore the economists quibbling whether public spending is returning to the era of George Orwell. If you want to see the future of your local public services, it’s already here: in the north London suburb of Barnet. I visited last week – and it’s not pretty.
Posted in UK economy | Tagged: The Great British Sell-Off | Leave a Comment »
Posted by seumasach on December 8, 2014
“We’re sitting on a PFI debt time bomb, and the sheer scale of the burden paints a seriously grim picture for the future of our public services.”
5th July, 2012
The cost of Britain’s controversial private finance initiative will continue to soar for another five years and end up costing taxpayers more than £300bn, according to a Guardian analysis of contracts that were sanctioned by the Treasury.
Posted in UK economy | Tagged: bankrupt Britain, private finance initiative(PFI) | Leave a Comment »
Posted by seumasach on November 22, 2014
This is a tendency that can only intensify as Britain devolves control of finance. This effectively means we’re giving up our credit card since no regional or devolved administration is sovereign and will not be able to issue sovereign bonds as before. Nor will the UK government itself since it no longer controls its tax base. The SNP has already pointed out that Scottish government borrowing will be within a context of a balanced budget rather than the traditional rolling over of debt and coverage of interest charges only. This end of Keynesianism is accompanied, logically, by the demise of the Labour Party and the left.The UK is and has been for years totally dependent on capital inflows. However, the form these take is changing: rather than going into government bonds they are going into direct investment and purchase of assets.
Revealed: How the world gets rich – from privatising British public services
20th November, 2014
Foreign governments are making hundreds of millions of pounds a year running British public services, according to an Independent investigation highlighting how privatisation is benefiting overseas – rather than UK – taxpayers.
Posted in UK economy | Tagged: bankrupt Britain, End of empire, The Great British Sell-Off | Leave a Comment »
Posted by seumasach on November 11, 2014
BoE chief says banks won’t be saved by taxpayers
10th November, 2014
New rules are being proposed that will force creditors, not taxpayers, to carry the losses of banks deemed “too big to fail.” The plans come after Western taxpayers were asked to pay trillions of dollars to bail out banks in the 2008 financial crisis.
Posted in UK economy | Tagged: no more bombing!-no more bailouts!, no more wars!-no more bailouts! | Leave a Comment »
Posted by seumasach on November 8, 2014
“All of this will help to support the Scottish Government’s China engagement strategy that is already forging important links with the world’s most populous country.”
With new devolved powers on the way I expect the SNP, now beyond question Scotland leading political force, to hit the ground running in opening up Scotland to incoming Chinese investment. Of course, the UK has been totally dependent on incoming Chinese investment anyway in the form of government bond purchase but this is unsustainable and is being replaced by direct investment in real and industrial estate, infrastructure and ultimately, re-industrialization. Scotland already has a five-year plan( a nice touch I think), its Five Year Strategy for Engagement between Scotland and the People’s Republic of China which envisages, for example, the following scenario:
China‟s Foreign Direct Investment has increased dramatically in recent years and has mainly involved the acquisition of mineral resources and energy. Whilst this mergers and acquisitions trend will continue, we expect more Chinese companies to become Global companies either through acquisition or by themselves through natural expansion.
To facilitate inward investment from such companies, we will position Scotland as the ideal European base for Chinese companies with a focus on our pro-innovation business environment.
Scotland has, and will continue to have, a range of high quality investment opportunities suitable for funding from China. These vary from the low carbon sector to 5-star tourism destination developments. SDI will build relationships with Chinese investment companies and entrepreneurs, utilising cultural opportunities, to fully promote these and help create further investment opportunities in Scotland.
15th October, 2014
A major investment that will see Glaisnock House in Cumnock transformed into a language and cultural centre for Chinese students and entrepreneurs has been welcomed today.
Posted in UK economy | Leave a Comment »