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Archive for the ‘UK economy’ Category

EU to end tax evasion and bank secrecy

Posted by seumasach on May 25, 2013

“At a time when finances are tight and taxpayers are squeezed, it’s only right that we crack down on those who pursue illegal means to avoid making any contribution to public coffers, and who put smaller competitors at a disadvantage,” said Conservative MEP Martin Callanan, in a direct challenge to British PM David Cameron to make tax evasion a priority in the UK

RT

22nd May, 2013

In a period of record recession and unemployment, the EU has decided to recover a reported €1 trillion in tax revenue lost in loopholes and fraud, and has set a one year deadline to end banking secrecy.

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Austrian finance minister compares Britain to Cyprus

Posted by seumasach on April 13, 2013

The Austrian finance minister has described Britain as “the island of the blessed for tax evasion and money laundering”, comparing British offshore banking to the Cypriot financial sector that is to be forcibly restructured as part of a eurozone bailout.

British offshore banking under fire in EU tax haven battle

Telegraph

12th April, 2013

Europe’s finance ministers meeting in Dublin today are pushing Austria hard to follow Luxembourg’s example in agreeing to reveal information on European banking depositors to EU tax authorities.

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Falling exports confirm demise of UK economy

Posted by seumasach on April 9, 2013

“The volume of total UK exports fell again in February 2013 from January, so that export volumes have fallen by 7.5pc since the start of the year,” the ONS said.

It started badly and has now fallen away. Since the wealth supposedly generated by the financial sector will turn out to be a mirage only the real economy really matters. But falling exports despite a low pound confirms its near non-existence. Meanwhile imports hold up since we are completely dependant on them for our everyday survival.

Manufacturing rebound calms triple dip fears

Telegraph

9th April, 2013

Manufacturing output rose by 0.8pc, double economists’ forecasts, following January’s disastrous, weather-affected 1.5pc collapse.

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Time bomb to the next crash

Posted by seumasach on April 2, 2013

Time bomb to the next crash is ticking as debt sales surge

Telegraph

1st April, 2013

When dotcoms crashed, sub-prime imploded and banks collapsed it was not hard to find the markets’ Cassandras who had spotted the problem and either made millions betting against the bubble or written a book explaining how it was all going to go wrong.

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Egan-Jones downgrades UK to A+ from AA-

Posted by seumasach on March 29, 2013

Nasdaq

27th March, 2013

FXstreet.com (San Francisco) – Egan-Jones, the independent agency, has decided to cut down its United Kingdom sovereign debt rating from AA- to A+.

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UK: a balance of payments crisis looms

Posted by seumasach on March 28, 2013

Britain resembles Cyprus in many ways. It is also dependent on its financial sector and its financial sector is also bankrupt and as what’s left of the real economy implodes the accumulation of bad debt accelerates. The solution is also similar: write down most of the debt and renegotiate Britain’s international status with a view to rebuilding the real economy through incoming investment.

Fasten your seat belts – a balance of payments crisis looms

Jeremy Warner

Telegraph

27th March, 2013

Whatever happened to the holy grail of a more balanced UK economy? Britain has been living substantially beyond its means for more than thirty years now. Spending more than we earn long pre-dated the Labour years. And it’s getting worse, not better.

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Euroland breaks definitively with QE

Posted by seumasach on March 26, 2013

It’s either the banks or the real economy and Europe has just outlined a new approach completely divergent from that of the Anglosphere. In US/UK the survival of the banks is a categorical imperative and the means to achieve this is bailout without end via QE or money-printing. This statement from Europe signals that the banks are to allowed to go under or rather, implicitly,  a new banking system, Euroland regulated and subordinate to general economic development is to created. This is a welcome development and any Anglo-Saxon schadenfreude regarding the inevitable pain accompanying it will prove to be misplaced. The QE approach is painless only to the banks: it has already seriously depleted deposits and can only lead to falls in both the pound and the dollar with devastating consequences for economies based on importing essential goods.

Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chief

Telegraph

25th March, 2013

The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy.

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Posted in Battle for Europe, Financial crisis, UK economy | Tagged: , , , | Leave a Comment »

Bank of England warns QE could hit sterling

Posted by seumasach on March 20, 2013

Telegraph

20th March, 2013

Bank of England policymakers have warned that more quantitative easing could lead to “an unwarranted depreciation of sterling” if markets interpreted the move as evidence that the central bank was abandoning its commitment to low inflation.

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Ignore their howls of protest

Posted by seumasach on March 6, 2013

If bankers leave the country, it would be no loss

Simon Jenkins

Guardian

6th March, 2013

The peasants are revolting across Europe. They want bankers’ blood and mean to get it. Until now, public response to the credit crunch has been one of general bafflement and wrist-slapping. The banks persuaded the world it was all an act of fate. As it was, they were too big to fail and their leaders too saintly to atone for it. For four years, British banks were showered with nearly half a trillion pounds of public and printed money. They duly recovered and stayed rich, while everyone else went poor.

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Negative interest rates – a ruse to ease QE fears?

Posted by seumasach on March 4, 2013

“While American QE has so far amounted to 14pc of annual GDP, with the eurozone’s at 4pc, the Bank of England has made asset purchases (overwhelmingly gilts) out of money created ex nihilo to the tune of 26pc of our national income”.

Liam Halligan

Telegraph

2nd March, 2013

‘I’m sorry Liam, we’re losing you,” said John Humphrys on BBC Radio 4’s Today programme last week. “Oh what a shame, we can’t hear him,” the grand inquisitor continued. “It’s a very bad line.”

Explaining the implications of “negative interest rates” on the UK’s most influential news bulletin is tough at the best of times. Doing so when the communication link between you and the studio drops out, making you incommunicado 15 seconds after you’ve started speaking, makes the task more difficult still

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Is Europe tearing apart the City?

Posted by seumasach on March 3, 2013

We will fight them on the beaches, we will protect our “banking talent” and continue to bail them out, we will oppose outrageous tax impositions and FTT— we will never surrender!

Telegraph

2nd March, 2013

As the British are often first to point out, Europe is responsible for some pretty odd rules. Brussels has banned bendy bananas, said water can’t be promoted as a rehydration product and even outlawed marketing prunes for the “maintenance of normal bowel function”.

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