In These New Times

A new paradigm for a post-imperial world

Archive for the ‘UK economy’ Category

Britain’s fragile finances are a political no-go area

Posted by seumasach on May 3, 2015

Liam Halligan


2nd May, 2015

Aren’t financial assets “simply pumped up by printed money?” Don’t share prices “need to adjust downward by something like 50pc?” Is it “really the case that if Greece leaves monetary union, other countries won’t follow?” It must “surely be wrong to try solving a debt problem by taking on even more debt?”

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China ploughs £1bn into Docklands

Posted by seumasach on April 14, 2015

“The investment is a strategically important beginning for our exploration in the European market,” Li Huaizhen, Minsheng’s CEO, said in Shanghai


15th February, 2015

A Chinese investment firm has announced it is to invest £1bn in a homegrown development project to create a third financial district in east London.

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Crippling PFI deals leave Britain £222bn in debt

Posted by seumasach on April 12, 2015


12th April, 2015

Every man, woman and child in Britain is more than £3,400 in debt – without knowing it and without borrowing a single penny – thanks to the proliferation of controversial deals used to pay for infrastructure such as schools and hospitals.

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Let’s clear away the Trident delusion

Posted by seumasach on April 6, 2015

Dan Plesch


19th September, 2010

‘Britain’s ability to continue with nuclear weapons without US support becomes very slim to the point of invisibility”, the Conservative defence specialist Dr Julian Lewis MP admitted in 2005 when addressing a conference in Whitehall. Indeed, British nuclear weapons rely on “American goodwill” according to Colin Gray, a strategist favoured by both President Bush Snr and Mrs Thatcher.

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A look at the new China-led financial institutions

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

Deutsche Welle

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.

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UK snubs US to join China-led Asian bank

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.

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RBS posts seventh straight annual loss

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.

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UK’s oil industry close to collapse

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.

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UK energy firms go under as oil price tumbles

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.


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UK sees Chinese growth at record rate

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.

China Daily

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.


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Outsourced and unaccountable: this is the future of local government

Posted by seumasach on December 16, 2014


15th December

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.

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