In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘bankrupt Britain’

Is it game over for UK retail?

Posted by seumasach on January 18, 2013

The bizarre privilege of consuming the world’s produce in exchange for a fiat currency whilst producing precious little in return has fallen to ourselves and the USA over the last forty years or so. Now we are moving towards non-consumer status as well as non-producer status, towards the collapse of the British economy such as it is. Accompanying this will be the fall of the pound and an inflationary spiral which will see essential goods priced out of the market.

Guardian

18th January, 2013

As far as the City is concerned, it is game over. The depressed state of retail sales – not just in December but in the previous two months as well – means the UK’s national output shrank in the fourth quarter. That leaves the economy halfway towards a triple-dip recession and, with the snow falling, at the mercy of the weather in the first quarter of 2013.

Read more

Posted in UK economy | Tagged: | Leave a Comment »

UK government monthly borrowing rises more than expected to £8.6bn

Posted by seumasach on November 21, 2012

Guardian

21st November, 2012

George Osborne‘s chances of meeting his deficit reduction targets this year took another blow on Wednesday with the news that the government borrowed much more than expected last month.

Read more

Posted in UK economy | Tagged: | Leave a Comment »

UK government borrowing rises to record August high

Posted by seumasach on September 21, 2012

Blow for George Osborne as latest figures mean deficit has widened 22% so far this year – compared with target of 4.6% reduction

Guardian

21st August, 2012

George Osborne’s debt reduction plans took another blow last month as government borrowinghit its highest on record for any August.

Read more

Posted in UK economy | Tagged: | Leave a Comment »

Lloyds in further loan sale turmoil

Posted by seumasach on July 23, 2012

Telegraph

23rd July, 2012

Lloyds Banking Group faces the indignity of another cut price sell off as buyers walk away from its £1.2bn Project Lundy auction. The state-backed bank has had to cut the price of the loans from a proposed 70p in the £1 to just 50p after failing to attract viable interest in a sale

Read more

Posted in UK economy | Tagged: | Leave a Comment »

PFI will ultimately cost £300bn

Posted by seumasach on July 6, 2012

Guardian

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.

Read more

Posted in UK economy | Tagged: , | Leave a Comment »

Services sector slumps to eight-month low, raising prospect of more Bank of England stimulus

Posted by seumasach on July 4, 2012

Telegraph

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.

Read more

Posted in UK economy | Tagged: | Leave a Comment »

Libor manipulation scandal engulfs 16 top banks

Posted by seumasach on July 4, 2012

WSWS

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.

Read the rest of this entry »

Posted in UK economy | Tagged: , , | Leave a Comment »

Top Tories dragged into banking scandal

Posted by seumasach on July 4, 2012

Independent

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.

Read more

Posted in UK economy | Tagged: , , | Leave a Comment »

Will we see City bankers behind bars?

Posted by seumasach on July 4, 2012

Independent

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.

Read more

Posted in UK economy | Tagged: , | Leave a Comment »

No guarantee £140bn emergency funding plan will kickstart economy, warn experts

Posted by seumasach on June 15, 2012

I’m prepared to go further- I guarantee that it won’t kickstart the economy

Telegraph

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.

Read more

Posted in UK economy | Tagged: | Leave a Comment »

UK exporters face tough year as trade gap widens to £10.1bn

Posted by seumasach on June 15, 2012

Guardian

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: | Leave a Comment »

 
%d bloggers like this: