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Spring Statement: Philip Hammond hails better debt and growth forecasts

Spring Statement: Philip Hammond hails better debt and growth forecasts

Media captionPhilip Hammond says economic growth forecasts have been revised. Chancellor Philip Hammond has unveiled upgraded projections for growth and predicted falling inflation, debt and borrowing in his Spring Statement. He claimed the UK economy had reached a turning point and there was “light at the end of the tunnel”. He ruled out an immediate […]

Why is the chancellor so upbeat about the economy?

Why is the chancellor so upbeat about the economy?

Media captionPhilip Hammond says economic growth forecasts have been revised. Chancellor Philip Hammond predicted a bright future for the UK in his first Spring Statement – but why was he in such an upbeat and jovial mood? Well, Mr Hammond predicted a rise in growth in the short term, and a fall in inflation, borrowing […]

Plastics tax eyed in litter crackdown

Plastics tax eyed in litter crackdown

Image copyright Christopher Furlong/Getty Images Chancellor Philip Hammond has called for views on how taxes on some plastics could benefit the environment. Takeaway boxes, disposable cups, plastic wrap and cigarette filters are some of the plastics that the government is consulting on. “Single-use plastics that have been used for only a few seconds can last […]

Spring Statement: Chancellor threatens new tech tax

Spring Statement: Chancellor threatens new tech tax

Image copyright Reuters Chancellor Phillip Hammond has called for a deeper look at how tech giants such as Google and Facebook are taxed. Mr Hammond said there was a need to consider interim measures, such as taxing revenues, rather than profits. He first addressed the topic in the Autumn Budget, amid concerns the current system […]

Part-time DJ David Solomon tipped to be next Goldman Sachs boss

Part-time DJ David Solomon tipped to be next Goldman Sachs boss

Image copyright Getty Images Image caption David Solomon mixes with the stars as well as mixing music Senior figures at investment banks know that regularly working late into the night can go with the territory. But David Solomon, the man tipped to be the next chief executive of Goldman Sachs, does not only spend his […]

Bank raises 2017 UK growth forecasts

Bank raises 2017 UK growth forecasts

Image copyright Reuters The Bank of England has raised its growth and inflation forecasts for 2017 and kept interest rates on hold at 0.25%. It increased its prediction for economic growth from 0.8% to 1.4% for next year, but cut the 2018 forecast from 1.8% to 1.5%. The higher growth forecast for 2017 prompted the […]

Philip Green’s plan for BHS pension falls short by £100m

Philip Green’s plan for BHS pension falls short by £100m

Image copyright AFP Sir Philip Green is offering £100m less than the Pension Regulator is seeking to plug a gap in the BHS pension scheme. The BBC understands that the regulator wants £350m in redress from Sir Philip, who is offering £250m. The regulator launched enforcement action against Sir Philip and other former owners of […]

Bank overdraft cap could be re-examined, says FCA

Bank overdraft cap could be re-examined, says FCA

Image copyright Getty Images A decision by the competition regulator not to recommend a cap on excessive overdraft charges could be re-examined, the Financial Conduct Authority says. In its report on bank accounts published in August, the Competition and Markets Authority (CMA) decided against a cap on charges. However the FCA has now announced that […]

UK service sector ‘moves up a gear’ report says

UK service sector ‘moves up a gear’ report says

Image copyright Chris Ratcliffe The UK service sector “moved up a gear” in October according to a closely watched survey of purchasing managers. The Markit/CIPS services purchasing managers’ index (PMI) rose to 54.5 last month, from 52.6 in September – the highest level since January. However the weaker pound is making life more expensive for […]

Pound jumps in wake of Brexit ruling

Pound jumps in wake of Brexit ruling

Image copyright AFP Sterling has risen sharply following the High Court ruling on Article 50, while the FTSE 100 has fallen back. The pound was up 1% at $1.2421 in the wake of the decision, but the FTSE 100 shed 16 points to 6,821 points. The court ruling has “made triggering Brexit a lot trickier […]

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