Friday 15 June 2012
Economics
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Middle–class incomes at 2005 levels due to inflation and taxes
Middle-class households last year suffered the biggest fall in living standards since 1981 as inflation and rising taxes ate into wages.
15 Jun 2012
| CommentsMansion House 2012 speeches: reaction
Plans to kick-start Britain's ailing economy with a £140bn emergency injection were largely welcomed on Thursday. Here's how the speeches were received.
14 Jun 2012
| CommentsUK economy so depressed there may be little demand for credit
The devil is always in the detail, but on the face of it, news of an extra £140bn of cheap funding for the banks – worth close on 10pc of annual GDP – comes in the nick of time.
14 Jun 2012
| CommentsSir Mervyn King's speech: in full
Banks across Europe urgently need a "major recapitalisation" to rebuild their solvency buffers, the Governor of the Bank of England said. Here is his speech in full.
14 Jun 2012
| CommentsBanking reform is a costly waste of effort
As the latest financial storm looms, the last thing we need is more political posturing, says Jeremy Warner.
14 Jun 2012
| CommentsSir Mervyn King says banks must urgently rebuild buffers
Banks across Europe urgently need a "major recapitalisation" to rebuild their solvency buffers, help ease the eurozone crisis, and kick-start the recovery, the Governor of the Bank of England said.
14 Jun 2012
| CommentsGeorge Osborne's speech: in full
George Osborne announced a £140bn emergency scheme to try to avoid a second credit crisis caused by the ongoing chaos in the eurozone. Here is his speech in full.
14 Jun 2012
| CommentsDebt crisis: ECB last hope as dam breaks in Spain
Spain's borrowing costs have surged to record highs and are perilously close to the point of no return, threatening a full-blown sovereign crisis unless the European Central Bank comes to the rescue.
14 Jun 2012
| CommentsDebt crisis: as it happened, June 14
Spanish borrowing costs hit record high of 7pc, a level widely-believed to be unaffordable, while the ECB says it can do no more to help debt-laden eurozone nations.
14 Jun 2012
| CommentsYears of recession take toll in Greece as election looms
It was not just his freshly laundered "I Love London" t-shirt that distinguished Vangelis from the throng of people queuing for free food in central Athens on Thursday. It was his place of work.
14 Jun 2012
| CommentsDebt crisis: the cost of default - rioting, sieges and death
In late December 2001, the streets of Buenos Aires descended into anarchy. Thirty-nine people died in violent protests, which forced president Fernando De la Rúa to resign, fleeing in a helicopter as the riots intensified.
14 Jun 2012
| CommentsHollande and Monti call for more action to fight crisis
The French and Italian leaders warned more must be done to fight the eurozone debt crisis, in a show of unity which marks a growing Latin revolt against the austerity advocated by Germany.
14 Jun 2012
| CommentsMerkel: Germany cannot save euro on its own
Germany cannot save the euro single-handedly, Angela Merkel has warned, expressing her growing anger over British, American and G20 demands that she does more to tackle the eurozone debt crisis.
14 Jun 2012
| CommentsDebt crisis: Switzerland vows to defend 'safe-haven' franc
Switzerland's central bank warned it is determined to stop its “safe-haven” currency from rising further amid the eurozone turmoil, hinting at capital controls.
14 Jun 2012
| CommentsHMRC cleared over 'sweetheart' tax deals
The taxman has been cleared of agreeing “sweetheart” deals with big business but been told to clean up its processes to remove the suspicion of unhealthy relationships with companies.
14 Jun 2012
| CommentsIMF approves €1.4bn Irish bail-out loan
The International Monetary Fund has approved a €1.4bn (£1.13bn) disbursement to Ireland under a three-year IMF-EU rescue loan and cautioned that the broader euro-zone debt crisis could dampen the country's export-led recovery.
13 Jun 2012
| CommentsSpain could be cut to junk within three months
Spain could be downgraded to 'junk’ within three months, rating agency Moody’s has warned, as it slashed the country’s credit rating by three notches.
13 Jun 2012
| CommentsSpain faces 'junk' status within three months: full statement
Moody's has warned it could cut Spain to "junk" within three months, as it slashed the country's credit rating by three notches, citing the increased debt burden linked to its bank bail-out. Here is the rating agency's statement in full.
13 Jun 2012
| CommentsGermany signals shift on €2.3 trillion redemption fund for Europe
The German government has begun opening the door to shared debts for the first time in a profound change of policy, agreeing to explore proposals for a €2.3 trillion (£1.9 trillion) stabilization fund in order to stop the eurozone’s crisis escalating out of control.
13 Jun 2012
| CommentsDebt crisis: as it happened, June 13, 2012
Syriza leader Alexis Tsipras says EU will do all it can to keep Greece in the eurozone and supply funding to the country even if he is elected and rejects austerity measures.
13 Jun 2012
| CommentsDebt crisis: Greeks pulling €800m a day from banks
Greeks are withdrawing up to €800m a day from their banks and stocking up on basic food supplies ahead of the election on Sunday that many fear will result in the country being forced out of the euro.
13 Jun 2012
| CommentsWeak manufacturing points to eurozone slump
The eurozone is edging closer to a deep recession, economists warned after official figures showed that manufacturing in the region slumped in April to its lowest level in almost two years.
13 Jun 2012
| CommentsEU in 'social emergency', warns Barroso
The head of the European Commission has warned governments to grasp the gravity of the eurozone crisis now threatening Italy and urged greater EU integration, after a rescue for Spanish banks fell flat.
13 Jun 2012
| CommentsItaly will not need bailout if it continues austerity, says Schaeuble
There will be no danger of Italy succumbing to the debt crisis if it continues to implement structural reforms and growth measures, German Finance Minister Wolfgang Schaeuble said.
13 Jun 2012
| CommentsOsborne: It could take Grexit to convince Germany to take action
A Greek exit from the eurozone may be needed in order to persuade Germany to sign up to the measures needed to secure the survival of the single currency, George Osborne said on Tuesday.
12 Jun 2012
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