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....The organisation was the creation of the Treasury; more particularly it was the creation of the then chancellor, George Osborne, and it was not designed to question his policies. This situation became stark in the last years of Osborne’s tenure as he manipulated his tax and spending plans to conjure a smooth path of deficit reduction, knowing the OBR would be forced to follow his lead and simply calculate the impact of Treasury policies. ... [Read full article on Guardian ]
Sunday 24th of September 2017 02:39:44 PM
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.... As even people who voted Leave are beginning to realise, the recent referendum-induced devaluation is having a very noticeable impact on the prices of the vast number of imported goods and food items that we now take for granted. Yet – unlike, it seems, the recent devaluation – the 1967 one, thought disastrous for the reputation of the government, was a success from the point of view of (eventually) correcting the trade deficit. ... [Read full article on Guardian ]
Sunday 24th of September 2017 06:00:37 AM
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. Britain’s public sector spending deficit dropped to its lowest August total since 2007 after an increase in VAT revenues and a squeeze on local authority borrowing. ... [Read full article on Guardian ]
Thursday 21st of September 2017 10:40:03 AM
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....Dominic Chappell, who headed Retail Acquisitions which bought BHS for £1 from Topshop entrepreneur Sir Philip Green about a year before the department store fell into administration, has been accused of failing to provide information to the pensions regulator. The regulator is investigating the sale of the retailer, which had a pension deficit of as much as £571m when it collapsed last year. ... [Read full article on Guardian ]
Wednesday 20th of September 2017 04:59:34 PM
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Latest Finance News related to Deficit

Britain's growing debt problem demands a fresh set of eyes | Phillip Inman image
Source : Guardian [Read Article] Sunday 24th of September 2017 02:39:44 PM
....The organisation was the creation of the Treasury; more particularly it was the creation of the then chancellor, George Osborne, and it was not designed to question his policies. This situation became stark in the last years of Osborne’s tenure as he manipulated his tax and spending plans to conjure a smooth path of deficit reduction, knowing the OBR would be forced to follow his lead and simply calculate the impact of Treasury policies. ...
Brexit isn’t a new Black Wednesday. It’s far darker than that image
Source : Guardian [Read Article] Sunday 24th of September 2017 06:00:37 AM
.... As even people who voted Leave are beginning to realise, the recent referendum-induced devaluation is having a very noticeable impact on the prices of the vast number of imported goods and food items that we now take for granted. Yet – unlike, it seems, the recent devaluation – the 1967 one, thought disastrous for the reputation of the government, was a success from the point of view of (eventually) correcting the trade deficit. ...
Treasury criticises Moody's after UK credit rating is downgraded image
Source : Guardian [Read Article] Saturday 23rd of September 2017 01:03:01 PM
....Moody’s, which was the first major credit ratings agency to strip Britain of its top-notch AAA rating in 2016, said plans to ease austerity measures and lift the public sector pay cap would put pressure on the public finances while slower growth over the next four to five years was likely to reduce tax receipts. Britain has cut its budget deficit from about 10% of economic output in 2010 to 2. ...
UK budget deficit narrows as shoppers boost VAT receipts image
Source : Guardian [Read Article] Thursday 21st of September 2017 10:40:03 AM
. Britain’s public sector spending deficit dropped to its lowest August total since 2007 after an increase in VAT revenues and a squeeze on local authority borrowing. ...
Former BHS owner didn't get summons as was 'on a boat' image
Source : Guardian [Read Article] Wednesday 20th of September 2017 04:59:34 PM
....Dominic Chappell, who headed Retail Acquisitions which bought BHS for £1 from Topshop entrepreneur Sir Philip Green about a year before the department store fell into administration, has been accused of failing to provide information to the pensions regulator. The regulator is investigating the sale of the retailer, which had a pension deficit of as much as £571m when it collapsed last year. ...
Former BHS owner could face fine if the charges stick image
Source : Guardian [Read Article] Sunday 17th of September 2017 09:31:18 AM
.... Chappell, who bought BHS for £1 from Sir Philip Green in 2015, faces three charges of neglecting or refusing to provide information and documents without a reasonable excuse – a criminal offence which can result in a fine. A year after Chappell bought the chain, it collapsed with the loss of 11,000 jobs and a pension deficit of as much as £571m. ...
The Guardian view on the economy: the City is now too big for Britain | Editorial image
.... The topography of the economy features some very low valleys: as a nation, the UK is not generating rising prosperity for a majority; a high employment rate masks an increasingly insecure “casualised” labour force; and Britain remains a pretty unequal place. The UK is damned as a low productivity economy, investing less than our rivals, with an overall current account deficit that ranks the largest of all the G7 countries. ...
Labour to force vote in Commons on scrapping public sector pay cap image
Source : Guardian [Read Article] Sunday 10th of September 2017 11:26:31 AM
....The announcement of the motion comes after a former top Treasury official labelled the cap unsustainable in the long term. Nicholas Macpherson, who spent a decade as permanent secretary to the Treasury until 2016, said any failure to properly cost the lifting of the 1% cap would leave the deficit unacceptably high. ...
Tax cuts for the rich don't help the rest. Don't take my word for it, ask the IMF | Greg Jericho image
....This year, the only income-tax cut delivered was similarly targeted at high-income earners – in this case the very high. The end of the deficit levy, which delivered a 2% tax cut to those earning more than $180,000, combined with the 0. ...
UK exports outside EU fall despite weak pound image
Source : Guardian [Read Article] Friday 8th of September 2017 10:42:19 AM
. Britain’s efforts to expand trade in goods beyond the European Union’s border took a knock in July after official figures showed the UK’s deficit with the rest of the world widened following a drop in exports. ...
Richard Desmond poised to sell Express and Star to Trinity Mirror image
Source : Guardian [Read Article] Friday 8th of September 2017 07:32:26 AM
....The two companies held talks about a potential deal over two years ago. The negotiations fizzled out, however, over disagreements about price and the pension deficit at Desmond’s paper. ...
British Airways risks strike action over plans to curb pension benefits image
Source : Guardian [Read Article] Thursday 7th of September 2017 06:31:34 PM
....The airline is proposing an overhaul that would limit retirement payouts from its defined benefit scheme (Naps). It blamed low interest rates and rising life expectancy for an increase in the scheme’s deficit to £3. ...
Look under the bonnet and the US economy is in for a rough ride | Phillip Inman image
....It is a global phenomena that this group have steadfastly refused to pay the tax needed to keep their governments and economies afloat. The Japanese government regularly runs 10% budget deficits and now has a debt-to-GDP level approaching 250% after the middle class switched to loaning its government funds rather than gifting a higher proportion of its income through tax. ...
The great Saudi sell-off: why bankers and lawyers are flocking to the Gulf image
Source : Guardian [Read Article] Saturday 2nd of September 2017 03:00:17 PM
....The sell-off programme is the central part of the economic transformation plan envisaged under the Vision 2030 strategy. With oil stuck around the $50 mark, Saudi budgets are creaking and deficits are widening. ...
Sir Philip Green threatening legal action against Frank Field MP image
Source : Guardian [Read Article] Thursday 31st of August 2017 08:44:05 PM
....The war of words between the pair has continued to rumble in recent months. According to this latest letter, seen by the Guardian, Green now considers the pensions inquiry closed and the deficit resolved. ...
Refund for table shattering and rise in personal borrowing cools image
Source : Guardian [Read Article] Thursday 31st of August 2017 01:44:19 PM
....Rapid rise in personal borrowing is cooling, says Bank of England. Pension deficit of UK’s leading companies equivalent to 70% of their profits. ...
UK faces £7 billion annual deficit in elderly care funding image
Source : Independent [Read Article] Wednesday 30th of August 2017 08:13:00 AM
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Private firms poised to make another £1bn from building NHS hospitals image
Source : Guardian [Read Article] Tuesday 29th of August 2017 11:01:11 PM
....Large sums that could have been used for patient care have instead gone into the pockets of a handful of PFI companies at a time when the health service is starved of funding, according to the Centre for Health and the Public Interest. Its analysis, published on Wednesday, found that if the NHS had not been paying pre-tax profits on PFI schemes between 2010 and 2015 inclusive, the deficits in its hospitals would have been reduced by a quarter. ...
Pension deficit of UK's leading companies equivalent to 70% of their profits image
. The combined pension deficit of FTSE 350 companies has risen to £62bn, accounting for 70% of their profits. ...
British trains 'up to four times slower outside the south-east' image
Source : Guardian [Read Article] Monday 28th of August 2017 08:35:07 AM
....Many of the slowest routes featured in the analysis, which featured trains operating on Fridays, are served only by trains with multiple stops. Steve Rotheram, the mayor of the Liverpool city region, claimed the figures highlighted the “investment deficit that is seriously undermining growth potential in the north”. ...
Trump's trade policy on China won't win its help on North Korea | Jeffrey Frankel image
....For years, Americans have misunderstood the nuclear threat from North Korea, misjudging how to address it. They have also misunderstood the bilateral trade deficits with China, overestimating their importance. ...
Sir Philip Green's retail empire agrees to pay £30m to BHS creditors image
Source : Guardian [Read Article] Friday 25th of August 2017 01:05:05 PM
....Chappell headed Retail Acquisitions, the company that acquired BHS. A year later, it collapsed with the loss of 11,000 jobs and a pension deficit of £571m. ...
'Growth is slowing in the UK, but picking up elsewhere' – experts debate Brexit data image
....There was other related bad news, including a worsening of the UK’s trade performance. Despite a boost in exports from the lower pound, this was matched by the trade in goods deficit widening unexpectedly to £12. ...
UK is briefly in the black – but fixing the public finances will take time | Larry Elliott image
....This, though, was a classic case of one swallow not making a summer. For a start, the deficit in the first four months of the financial year – a much better guide to the trend than a single month’s figures – was higher this year than last. ...
Ex-BHS owner Dominic Chappell prosecuted by pensions regulator image
Source : Guardian [Read Article] Tuesday 22nd of August 2017 11:38:09 AM
....Chappell headed Retail Acquisitions, the company that acquired BHS for £1 from Sir Philip Green in 2015. A year later, it collapsed with the loss of 11,000 jobs and a pension deficit of as much as £571m. ...
UK public finances notch up first July surplus since 2002 image
Source : Guardian [Read Article] Tuesday 22nd of August 2017 09:50:40 AM
....Public sector net borrowing last month, excluding the nationalised banks, was in surplus by £184m, the first surplus in that month since 2002, the Office for National Statistics (ONS) said on Tuesday. City economists had expected the government to record a £1bn deficit. ...
Councils need 12,000 more women to close gender gap image
Source : Guardian [Read Article] Saturday 19th of August 2017 11:05:27 PM
....A gender imbalance across local government has been exposed in a damning report that suggests councils – especially the new mayoral authorities – are lagging behind even Westminster in taking steps to improve equality. The study, published on Sunday by the Institute for Public Policy Research, reveals that only 33% of councillors and 17% of council leaders in England are women, something the thinktank suggests is causing a “democratic deficit”. ...
South Korea's thirst for craft beer helps food and drink exports top £10bn image
....The FDF said positive growth was reported in 18 of the UK’s top 20 export markets, with only Japan and Spain in decline. However, that did not stop the UK’s food and drink trade deficit increasing by 16% to £12. ...
The fallout from Trump closing down his advisory panels is just beginning | Nils Pratley image
.... That solidity made a rights issue avoidable and allowed Quinn to go about his derisking work without short-term pressures. Carillion, by contrast, has a much smaller investment portfolio and is towing a much bigger pension fund deficit, £587m at the last count, plus borrowings that averaged £695m in the first half of this year. ...
Brexit pain for holidaymakers as pound expected to fall further against euro image
....The pound’s collapse has been used by Brexiters to herald a new dawn of trading that would span beyond Europe. However, official figures on Thursday showed the trade deficit widened as a fillip to UK trade again failed to materialise. ...
10 years after the crash, alternatives are emerging | Letters image
Source : Guardian [Read Article] Thursday 10th of August 2017 06:12:03 PM
....When he writes “there is not some magic bullet”, it resonates with the now discredited “myth” that “there is no magic money tree”, employed by Thatcher, Cameron and May. After all, from his time in the department he must surely have been aware that in 2013, tucked away in the bundle of Treasury documents tabled by the then chancellor, George Osborne, on budget day, was one with this paragraph: “For example, it is theoretically possible for monetary authorities to finance fiscal deficits through the creation of money. ...
UK trade deficit widens as fall in sterling fails to improve export sales image
Source : Guardian [Read Article] Thursday 10th of August 2017 03:13:41 PM
....Britain’s trade position with the rest of the world worsened in June as the sharp fall in the value of the pound since the Brexit vote failed to lift sales of UK-made goods abroad. The trade in goods deficit widened unexpectedly to £12. ...
Markets jittery over North Korea as UK trade deficit widens - as it happened image
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We let the 2007 financial crisis go to waste | Torsten Bell image
Source : Guardian [Read Article] Wednesday 9th of August 2017 05:00:01 AM
.... But there are many other areas where despite knowing exactly what needs to be done, we still haven’t taken action. Britain’s public finances have been the centre of political debate over the past 10 years, but where has that left us? With the national debt more than doubling since 2007 and the deficit set to be with us well into the 2020s. ...
Minority ethnic families earning up to £8,900 less than white Britons image
....The report found that typical Bangladeshi household incomes were £8,900, or 35%, lower than the white British median. For Pakistani households, the deficit was £8,700 and typical black African households earn £5,600 less. ...
How Britain fell out of love with the free market image
Source : Guardian [Read Article] Friday 4th of August 2017 05:00:34 AM
.... So, increasingly, did Glasman, who became controversially preoccupied by the idea that a reformed British capitalism would involve drastically less immigration. At that year’s general election, after an internal struggle that Cruddas and Miliband lost, Labour presented a manifesto that emphasised cutting the national deficit in language little different from that used by the Tories. ...
Can Bozoma Saint John repair Uber's troubled image? image
Source : Guardian [Read Article] Friday 28th of July 2017 12:00:21 PM
....“Uber is feeling the dramatic effects of HR negligence. This deficit has slowly chipped away at the core values of the company so that tech workers no longer want to work there, and drivers think twice about driving for Uber,” Gascoigne said. ...
Revealed: the insidious creep of pseudo-public space in London image
Source : Guardian [Read Article] Monday 24th of July 2017 06:30:29 AM
....Her words were echoed by Daniel Moylan, a Conservative councillor in London who served as a senior adviser to Boris Johnson during his time as mayor. “It’s extremely worrying,” said Moylan, who has warned of a “democratic deficit” in the governance of pseudo-public space. ...
Brexit economy: sterling fall hits public finances and fails to boost trade image
. The sharp fall in sterling triggered by the EU referendum result is having an adverse effect on Britain’s already weak public finances but has yet to bring about the expected improvement in the trade deficit, a Guardian analysis of the economic news of the past month shows. ...
While Hammond looks for a magic money tree, Labour has found one | Larry Elliott image
....The chancellor’s thinking is clear enough. Ten years ago, when the financial crisis broke, the UK was running an annual budget deficit – the shortfall between what the state raises in revenue and what it spends – of around 2. ...
Ecuador risks Opec split by increasing oil output image
Source : Guardian [Read Article] Tuesday 18th of July 2017 05:25:11 PM
. Ecuador has become the first country to publicly admit it will not meet Opec’s production curbs, saying it needs to pump more oil to address its fiscal deficit. ...
Now we find out the real cost of austerity – our lives cut short | Owen Jones image
....Let us take a moment to reflect on what the Tories have done to this country. They made apocalyptic warnings of what would happen if they did not eliminate the deficit by 2015; they didn’t get close, and now that target has vanished off to the distant mid-2020s. ...
Karren Brady to chair firm that owns Philip Green's Arcadia group image
Source : Guardian [Read Article] Monday 17th of July 2017 02:40:37 PM
....Grabiner, a barrister, insisted to MPs that he had been a “responsible” chairman, despite not being invited to a key board meeting that discussed the sale of BHS to a group led by Dominic Chappell, a former bankrupt, for £1. About a year later the department store group collapsed with the loss of 11,000 jobs and leaving a multimillion pound pension deficit. ...
Aramco may be big, but fawning to Saudis diminishes London image
Source : Guardian [Read Article] Sunday 16th of July 2017 06:00:14 AM
.... Wages are growing at a sluggish pace and business investment has almost evaporated. To make matters worse, the fall in the pound that has generated much of the increase in prices, particularly for food and clothes, has done little to improve the trade deficit. ...
The Tories have failed to fix the roof – and now storms are brewing | Larry Elliott image
.... The UK has had a recession once in every decade since the 1970s and there is a 50% chance of there being another one in the next five years. Recessions play havoc with the public finances: three of those since the 1970s have seen the budget deficit – the difference between what the government spends and its income in any one year – rise to 6% or more. ...
UK public finances face twin threat from Brexit and downturn, says OBR image
Source : Guardian [Read Article] Thursday 13th of July 2017 12:07:53 PM
.... “Even a small deterioration in growth could mean billions of pounds less funding for our public services in the long term,” he said. The OBR noted that Brexit was not the only threat to the government’s aim of eliminating the UK’s budget deficit. ...
Carillion has 'no future without rights issue of at least £500m' image
Source : Guardian [Read Article] Thursday 13th of July 2017 06:20:18 AM
....All of which means that City analysts are now speculating that the company could run out of cash – with those at Liberum wondering if it might breach a banking “facility”, effectively the company’s overdraft. Carillion also has a pension deficit of £587m to deal with. ...
Chancellor needs to find an extra £33bn a year to end austerity, says IFS image
....Philip Hammond would need to spend an extra £33bn a year to “end austerity” according to a leading tax and spending watchdog. The Institute for Fiscal Studies (IFS) said the chancellor could use his autumn budget to reverse major cuts scheduled to hit public spending and still keep the government’s spending deficit at 2. ...
Pearson picks up $1bn from Penguin – but no treat for investors | Nils Pratley image
.... But, if humanly possible, Cochrane should try to go faster. The deficit in the pension fund was £587m at the last count and those pensioners deserve to hear even an outline of a recovery plan as soon as possible. ...
Carillion has paid a heavy price for too many risky contracts | Nils Pratley image
....Stand-in boss Keith Cochrane, well-regarded former chief executive of Weir Group, is a good man to have a crisis but, as the share price plunge suggests, fixing the balance sheet may mean asking shareholders for fresh funds. Borrowings averaged £695m in the first half and Carillion is towing a deficit in its pension funds of £587m at the last count. ...
The UK economy must take a long, hard look at itself | Larry Elliott image
.... They had arrived in office promising a different economic model that would be less dependent on private and public debt, and the result was that taxes were raised and public spending was cut to rid Britain of its budgetary incontinence. Businesses would be encouraged to invest by the commitment to reduce the budget deficit, while the Bank of England’s easy money regime would ensure that the economy kept growing at a reasonable pace. ...
Ending austerity means increasing taxes or deficit, warns thinktank image
Source : Guardian [Read Article] Saturday 8th of July 2017 07:00:02 AM
. Philip Hammond will have to rip up the government’s deficit reduction plan or increase taxes for most of the population if he decides to end seven years of austerity by sanctioning higher public sector pay, reversing welfare cuts and providing extra cash for Whitehall departments, a thinktank has said. ...
Theresa May defends public sector pay cap under pressure from Labour image
Source : Guardian [Read Article] Wednesday 5th of July 2017 07:23:29 PM
. Theresa May raised the spectre of a Greek-style economic collapse if Britain fails to press ahead with tackling the deficit on Wednesday, as she was challenged repeatedly by Jeremy Corbyn over the public sector pay cap. ...
Russia's future looks bleak without economic and political reform | Kenneth Rogoff image
.... With oil prices well over $100 a barrel, the government’s coffers were bursting. So Putin could proudly contrast Russia’s government budget surplus with the large recession-driven deficits across the west. ...
Poorest students will finish university with £57,000 debt, says IFS image
Source : Guardian [Read Article] Tuesday 4th of July 2017 11:01:12 PM
....Jack Britton, one of the IFS report’s authors, said that changes in recent years have been “heavily focused on further reducing the cost to central government” and that it had made the system more unequal. “Replacing maintenance grants with loans reduces the government deficit but results in students from low-income families graduating with the highest debt levels,” he added. ...
Green's 'main purpose' in BHS sale was to avoid pension liability, says watchdog image
....The Pension Regulator on Tuesday published its report into a deal under which Green agreed to hand over £363m in cash to rescue the BHS pension scheme, and settle one of the biggest City rows of recent years. The department store collapsed in April 2016 leading to the loss of 11,000 jobs and leaving a pension deficit assessed at up to £571m. ...
Extra £1bn for Northern Ireland will barely dent public finances image
Source : Guardian [Read Article] Tuesday 27th of June 2017 05:04:26 PM
....A £1bn saving, if that is what was planned, was not priced into the Treasury’s forecasts and therefore its loss is academic. And yet the money would have come in handy this year, when Hammond has conceded that the budget deficit will increase for the first time since 2010. ...
Almost half of highly skilled EU workers 'could leave UK within five years' image
....“But overseas workers, especially those from the EU, tell us they are more likely to leave the UK than before. That points to a short- to medium-term skills deficit that can be met in part by upskilling our domestic workforce but which would also benefit from an immigration system that is attuned to the needs of the economy. ...
Brexit economy: UK faces slowdown amid living standards squeeze image
Source : Guardian [Read Article] Thursday 22nd of June 2017 11:01:36 AM
....Wages are now falling in real terms – adjusting for inflation – and the squeeze on household budgets has hurt consumer-facing businesses. But unemployment remains at a 42-year low, a drop in imports has narrowed Britain’s trade deficit and the pound’s renewed weakness has boosted the FTSE 100 by flattering the performance of companies that operate overseas and report their earnings in dollars. ...
Bank of England says interest rates should be kept on hold amid Brexit uncertainty image
....Mark Carney said he would want to see how businesses, financial markets and consumers reacted to the reality of the UK’s looming departure from the EU before changing his view. The governor, who attracted criticism from Conservative MPs for the recession warnings he issued before last summer’s referendum, said the Brexit talks would have a significant bearing on whether the UK’s historically high balance of payments deficit would become more sustainable. ...
Pain without gain: the truth about austerity | Phillip Inman image
Source : Guardian [Read Article] Sunday 18th of June 2017 04:54:09 PM
.... Together with April’s shocker, when government borrowing was higher than the same month last year, the first two months of this financial year are forecast to show the borrowing requirement for the year is on track to be higher, not lower than last year. When David Cameron and George Osborne were in Downing Street, bringing down the deficit was the main aim of domestic policy. ...
Philip Hammond hints government will ease up on austerity image
Source : Guardian [Read Article] Sunday 18th of June 2017 09:51:43 AM
....In interviews in which he also criticised Theresa May’s team for sidelining him during the election campaign, Hammond said that he accepted that “people are weary of the long slog”. But he also insisted that, with the deficit still at 2. ...
Whole Foods, then a whole industry? Amazon sinks teeth into supermarkets image
.... An Amazonian attack – when it arrives – threatens to be similarly relentless. News stories about the future of pensions tend to come under the category of “we’re all doomed”, peppered with references to deficits and timebombs. ...
Brexiters have voted for a poverty even worse than austerity image
Source : Guardian [Read Article] Sunday 18th of June 2017 06:00:04 AM
.... Under Cameron and Osborne the Conservatives got away with blue murder in blaming the world financial crisis on Labour in general and Gordon Brown in particular. Their obsession with “the deficit” hoodwinked people who do not understand that a nation is not a household, and that cuts in public expenditure are the reverse of what is required in a time of depression. ...
Philip Hammond under pressure to spend to lure voters back to Tories image
Source : Guardian [Read Article] Saturday 17th of June 2017 03:00:41 PM
....Hammond has already eased the pace of austerity since moving into the Treasury almost a year ago but is opposed to the idea that his planned planned autumn budget should result in far higher borrowing to fund new spending pledges. The pressure to ease up comes just as Hammond can trumpet some progress on cutting the deficit – which is the gap between what the government receives in income, such as through taxes, each year and what it spends. ...
The eurozone must reform or die | Kenneth Rogoff image
Source : Guardian [Read Article] Friday 16th of June 2017 05:00:00 AM
.... And make no mistake: the election of Emmanuel Macron is a landmark event, raising hopes that France will re-energise its economy sufficiently to become a full and equal partner to Germany in eurozone governance. Macron and his economic team are full of promising ideas, and he will have a huge majority in the national assembly to implement them (though it will help if the Germans give him leeway on budget deficits in exchange for reform). ...
Moody's warns election result will complicate Brexit talks image
Source : Guardian [Read Article] Monday 12th of June 2017 11:01:40 PM
.... The rating agency downgraded the outlook on the rating to negative from stable on 24 June last year, the day after the EU referendum. In Monday’s update, it said recent political developments were “credit negative” given that the government was likely to put plans to cut the deficit on hold. ...

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