Posted by seumasach on July 6, 2012
6th 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, financial fraud | Leave a Comment »
Posted by seumasach on July 4, 2012
4th July, 2012
Activity in the sector, which accounts for three quarters of Britain’s economy, came to a virtual standstill according to the Markit/CIPS services PMI, reinforcing expectations that the Bank of England will announce on Thursday £50bn of fresh stimulus to boost the ailing economy.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on July 4, 2012
4th July, 2012
The Libor scandal, thus far focused on British-based Barclays bank, has revealed that global capitalism functions not as a free market, but as a rigged market controlled by contending groups of corporations, cartels and multi-billionaire speculators.
Posted in UK economy | Tagged: bankrupt Britain, financial fraud, libor scandal | Leave a Comment »
Posted by seumasach on July 4, 2012
1st July, 2012
Senior Tories were dragged into the interest rate-fixing scandal last night as fresh evidence emerged that the banking industry denied there were any problems with “the integrity” of Libor five years ago.
Posted in UK economy | Tagged: bankrupt Britain, financial fraud, libor scandal | Leave a Comment »
Posted by seumasach on July 4, 2012
3rd July, 2012
The bankers at the heart of the Barclays interest rate-rigging
scandal could be prosecuted for fraud, an offence that usually
carries a prison sentence, it was disclosed yesterday.
Posted in UK economy | Tagged: bankrupt Britain, libor scandal | Leave a Comment »
Posted by seumasach on July 4, 2012
Revenge of a fallen titan: Ousted Barclays boss makes damning claims Bank of England and Labour ministers were involved in rigging interest rates
4th July, 2012
Bob Diamond last night implicated large parts of the Establishment in the rate-fixing scandal.
In a spectacular act of revenge, the fallen financial titan turned on the Bank of England, Whitehall officials and the last Labour government.
Read more
Posted in UK economy | Tagged: libor scandal | Leave a Comment »
Posted by seumasach on June 15, 2012
I’m prepared to go further- I guarantee that it won’t kickstart the economy
15th June, 2012
The coordinated action by the Bank of England and Treasury will see billions offered to banks on condition they pass it on to businesses and households in the form of cheaper loans and mortgages.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on June 15, 2012
15th June, 2012
A drop in sales of chemicals and cars left Britain’s goods trade gap wider than expected in April, cementing concerns that exporters face a tough year ahead.
Posted in UK economy | Tagged: bankrupt Britain | Leave a Comment »
Posted by seumasach on June 15, 2012
Effectively, another bail-out of the banks. Instead of facing the reality of the bankruptcy of the banks, their dodgy assets are to serve as “security’ for further funding from the Bank of England. Thjs will eventually lead to run on pound and hyperinflation.
15th June, 2012
GEORGE Osborne unveiled a £140bn (€173bn) emergency scheme to try to avoid a second credit crunch caused by the ongoing chaos in the eurozone.
Posted in UK economy | Leave a Comment »
Posted by seumasach on June 13, 2012
Most disturbing of all are the long-term trends highlighted by Tuesday’s ONS report. Manufacturing is 8% below its pre-recession peak and shows no sign whatsoever of being the engine for economic rebalancing sought by ministers. In the recoveries of the 1980s and 1990s, a big fall in the value of sterling led to a strong, if temporary, rebound in manufacturing output. Despite a 25% reduction in the value of the pound since 2007, that has not happened this time. This suggests that the UK’s problems are deeply structural: there is insufficient manufacturing capacity, ageing plant and machinery and a tendency for cash-strapped firms to use a cheaper currency to increase margins on their existing export sales rather than as a way of breaking into new markets.
Larry Elliot
13th June, 2012
A combination of the crisis in the eurozone and weak domestic demand is putting the skids under the UK’s manufacturing sector once again.
Posted in UK economy | Leave a Comment »
Posted by seumasach on June 13, 2012
The black hole in British companies’ final salary pension schemes has grown to a record £312 billion as stock market turmoil and the Bank of England’s policy of printing money have massively increased pension deficits.
13th June, 2012
In the last month alone, the collective deficit of the country’s 6,430 remaining private sector final salary funds has grown by almost 50 per cent or £95 billion, according to official figures from the Pension Protection Fund (PPF)
Posted in UK economy | Tagged: pension funds go broke | Leave a Comment »
In These New Times 