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....Sir Philip has found himself in the headlines over the collapse of BHS. Earlier this year, he agreed with the Pensions Regulator to pay £363m to help cover the deficit in the BHS pension's scheme. ... [Read full article on BBC ]
Wednesday 29th of March 2017 11:21:38 AM
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....”. However councils still struggle with the national political restraint on local authority borrowing to build homes because it counts towards public sector deficit and national debt figures. ... [Read full article on Guardian ]
Saturday 25th of March 2017 07:00:02 AM
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.... . Setting out the stress test scenarios, the Bank of England said: "As highlighted in recent financial stability reports, the United Kingdom's large current account deficit creates a vulnerability to a reduction in foreign investor appetite for UK assets and increases in funding costs for real-economy borrowers. ... [Read full article on BBC ]
Monday 27th of March 2017 11:43:00 AM
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....Connecticut has a $1. 8bn budget deficit. ... [Read full article on Guardian ]
Monday 27th of March 2017 10:00:04 AM
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....The second is that the president’s ambitions may well have to be scaled down. Trump wants to use the savings from replacing Obamacare with something cheaper to fund his fiscal boost, but the Congressional Budget Office said last week that the impact on the budget deficit would be substantially less than originally estimated: a reduction of $150bn (£120bn), rather than $336bn. ... [Read full article on Guardian ]
Sunday 26th of March 2017 07:02:24 AM
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....If there is one reason to have sympathy for Morrison it is that the conservative side of both politics and the media still believe that the style of budgets delivered by Howard and Costello during a mining boom remain good politics and policy. As such, he is set the task of cutting taxes and spending, reducing the deficit and also delivering a political win. ... [Read full article on Guardian ]
Saturday 25th of March 2017 09:00:12 PM
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Latest Finance News related to Deficit

Topshop loses managing director to The White Company image
Source : BBC [Read Article] Wednesday 29th of March 2017 11:21:38 AM
....Sir Philip has found himself in the headlines over the collapse of BHS. Earlier this year, he agreed with the Pensions Regulator to pay £363m to help cover the deficit in the BHS pension's scheme. ...
UK banks given new stress test scenarios image
Source : BBC [Read Article] Monday 27th of March 2017 11:43:00 AM
.... . Setting out the stress test scenarios, the Bank of England said: "As highlighted in recent financial stability reports, the United Kingdom's large current account deficit creates a vulnerability to a reduction in foreign investor appetite for UK assets and increases in funding costs for real-economy borrowers. ...
Wall Street’s love affair with Trump cools as healthcare bill sows welcome doubts image
....The second is that the president’s ambitions may well have to be scaled down. Trump wants to use the savings from replacing Obamacare with something cheaper to fund his fiscal boost, but the Congressional Budget Office said last week that the impact on the budget deficit would be substantially less than originally estimated: a reduction of $150bn (£120bn), rather than $336bn. ...
Why Scott Morrison needs to ignore armchair treasurers before the budget | Greg Jericho image
....If there is one reason to have sympathy for Morrison it is that the conservative side of both politics and the media still believe that the style of budgets delivered by Howard and Costello during a mining boom remain good politics and policy. As such, he is set the task of cutting taxes and spending, reducing the deficit and also delivering a political win. ...
How one council is beating Britain's housing crisis image
Source : Guardian [Read Article] Saturday 25th of March 2017 07:00:02 AM
....”. However councils still struggle with the national political restraint on local authority borrowing to build homes because it counts towards public sector deficit and national debt figures. ...
Government borrowing falls in February image
Source : BBC [Read Article] Tuesday 21st of March 2017 11:02:34 AM
.... . "Furthermore, an appreciable budget deficit is still seen existing in 2021-22 so there is still work to be done then on getting the public finances back to full health. ...
Sir Philip Green 'could get £15m refund from £363m BHS payout' image
Source : Guardian [Read Article] Tuesday 21st of March 2017 06:30:06 AM
.... The pension settlement was agreed with the regulator, the PPF and the BHS trustees, they added. The collapse of BHS last year led to the loss of 11,000 jobs and left a £571m pension deficit. ...
Lord King: Scotland 'could be independent' image
Source : BBC [Read Article] Monday 20th of March 2017 09:34:16 PM
....But he said it could be a challenge to borrow on the international markets. On Brexit, he said his "biggest worry" was "obsessed" politicians ignoring the trade deficit and NHS funding. ...
No major currency problem for Scotland, says Mervyn King image
Source : BBC [Read Article] Monday 20th of March 2017 09:16:47 PM
....The former governor of the Bank of England, Lord Mervyn King, says "Scotland certainly could be an independent country" and he does not see any major problems in terms of its currency. Speaking to BBC Newsnight, Lord King said the cost of borrowing for Scotland would go up if it decided to run a large budget deficit. ...
The Observer view on George Osborne as editor of the Evening Standard image
Source : Guardian [Read Article] Sunday 19th of March 2017 12:05:01 AM
. Being “editor” of the Daily This, Evening That or Weekly Whatever is a most fuzzily flexible concept: one quite unlike George Osborne’s old deficit reduction targets. ...
Aberdeen wrestles with hard choices as independence looms again image
Source : Guardian [Read Article] Saturday 18th of March 2017 03:59:43 PM
.... In that time the UK’s GDP growth has outstripped that of most of the developed world. That’s a blow to Holyrood, which is struggling with a budget deficit nearing 10% before Nicola Sturgeon even thinks about the implications of leaving the UK. ...
Trump budget to cut foreign aid to pay for defence boost image
Source : BBC [Read Article] Thursday 16th of March 2017 12:07:20 AM
....The budget, known as a "skinny budget", will be limited to the $1tn portion of the $4tn annual federal budget that pays for US agencies and departments. The remainder of Mr Trump's budget, which will include proposals on taxes, mandatory spending and deficits and projections on the economy, will not come out until May. ...
Hammond's NICs U-turn is a political disaster for the government | Larry Elliott image
....That said, there was no real need for Hammond to announce the NICs change. It was going to raise a tiny amount of money – only about £2bn over the course of this parliament – and was set to make no noticeable difference to the size of the budget deficit. ...
Public sector workers first to face cut in real pay, says thinktank image
Source : Guardian [Read Article] Wednesday 15th of March 2017 07:32:43 AM
....“Pay is now actually falling and, worse, is expected to continue for the rest of the parliament, with levels at the end of the parliament dropping back to levels last seen in 2004. “Although public sector pay restraint is important to the government’s deficit reduction plans, falling real pay is likely to see increasing recruitment strains. ...
Channel 4 chief executive David Abraham to stand down image
Source : Guardian [Read Article] Tuesday 14th of March 2017 03:30:33 PM
....When Abraham, the former chief executive of Gold and Dave owner UKTV, was appointed chief executive in 2010 Channel 4 was facing something of a crisis. His predecessor Andy Duncan, now chief executive of National Lottery operator Camelot, had predicted that Channel 4 would face a funding deficit of as much as £150m a year by 2012. ...
Budget deficit beyond 2025 warns spending watchdog image
Source : BBC [Read Article] Monday 13th of March 2017 09:26:55 PM
. The Government may struggle to meet its target of clearing the deficit in public finances by 2025 according to the official spending watchdog. ...
The Scottish economy has strengths – but could it make a success of independence? | Larry Elliott image
.... To make the sums add up, those advocating independence assumed an oil price of $100 a barrel, double today’s level. According to estimates made last year by the Institute for Fiscal Studies, Scotland will have a budget deficit of more than 9% of GDP this year, more than three times as big as that for the UK. ...
Does BT's Openreach deal mean faster broadband or higher prices? image
Source : Guardian [Read Article] Friday 10th of March 2017 01:21:25 PM
....This is a saga that has gone on for years. One problem is BT’s pension scheme, which suffers from a mammoth deficit, and a forced separation would likely have provoked lengthy legal battles. ...
UK manufacturing output falls in January image
Source : BBC [Read Article] Friday 10th of March 2017 10:30:57 AM
....8%. Meanwhile the UK's deficit in goods and services remained at £2bn in January, the same as in December. ...
Trump faces formidable institutional obstacles – so what can he do? | Barry Eichengreen image
....But, to be politically viable, significant tax cuts for the wealthy would have to be accompanied by at least token tax cuts for the middle class. And broad-based tax cuts would blow a hole in the budget and excite congressional deficit hawks, of whom there are still a few. ...
Why is John Lewis tightening its belt? image
Source : Guardian [Read Article] Friday 10th of March 2017 07:16:34 AM
.... It now offers a cheaper hybrid scheme based on a mix of staff contributions and final salary and has pumped more than £300m in additional contributions into the scheme in the past year. But low interest rates have delivered lower returns for the scheme’s investments and it had a deficit of £479m in March this year. ...
Machines v hackers image
Source : BBC [Read Article] Friday 10th of March 2017 12:33:10 AM
....Currently, the global security industry is lacking about one million trained workers, suggests research by ISC2 - the industry body for security professionals. The deficit looks set to grow to 1. ...
Trump's border tax could damage the US a lot more than a wall | Kenneth Rogoff image
.... But they like it anyway. First, the US imports a lot more than it exports, so it runs a large trade deficit, with the broadest measure (the “current account”) at about 2. ...
John Lewis slashes staff bonus to 6% – the lowest in 63 years image
Source : Guardian [Read Article] Thursday 9th of March 2017 09:28:42 AM
....6m. Mayfield said John Lewis had pumped money into reducing its debts, including its pension deficit, as the economic outlook remained “volatile and uncertain” because of difficulties in the wider UK economy and in the retail market. ...
Budget 2017: Squeeze on family finances 'extended until 2020s' image
Source : BBC [Read Article] Thursday 9th of March 2017 07:40:05 AM
....According to its analysis of the Budget, the Resolution Foundation, which says its goal is to improve lives for people on low and modest incomes, predicts that average earnings are only set to return to their pre-crisis peak by the end of 2022. On public finances, it said that despite the downward revision to borrowing forecasts, the UK was only on course to meet the government's objective of eliminating the deficit in 2025. ...
Budget 2017: manifesto row clouds chancellor's attempt at low-key package image
....7bn stimulus to an economy Hammond said had continued to “confound the commentators with robust growth” but he hinted at further measures in the autumn statement. “The deficit is down but debt is still too high,” the chancellor said as he banked a one-off windfall from stronger-than-expected tax receipts since the EU referendum. ...
Hammond was a picture of relaxed swagger – because he was in the ring alone image
....And that was far from the only gap. When George Osborne gave these speeches, he would sweat over every number predicting future borrowing, desperate to show that the deficit was coming down year-on-year. ...
UK growth forecast for 2017 revised up image
Source : BBC [Read Article] Wednesday 8th of March 2017 02:12:25 PM
....4bn from its November forecast and £4bn lower than the 2016 Budget figure. By 2021-22 the deficit is forecast to fall to £16. ...
China sees first monthly trade deficit in three years image
Source : BBC [Read Article] Wednesday 8th of March 2017 09:19:40 AM
. China has reported its first monthly trade deficit in three years, after imports surged and a slowdown during the Lunar New Year holidays hit output. ...
Theresa May must give Vauxhall assurances over Brexit, says Labour image
Source : Guardian [Read Article] Monday 6th of March 2017 08:03:56 PM
....There are concerns about the pensions of Vauxhall workers, who could face a cut of between 10% and 15% to their pay and benefits. The Vauxhall pension scheme is estimated to have a deficit of £1bn. ...
Peugeot-Citroën chief vows to save jobs in Vauxhall/Opel takeover image
Source : Guardian [Read Article] Monday 6th of March 2017 12:35:46 PM
.... It appears that all Vauxhall pensions will be kept under GM. Vauxhall’s pension plan has a deficit of £1bn while the Opel pension deficit is estimated at nearly €7bn. ...
Trump could end global trade and force choice between US and China, says economist image
....“Free trade as we understand it is under extreme pressure,” he told Guardian Australia. “If the US doesn’t run a huge trade deficit, the world trade system as we understand it today breaks down. ...
Topshop owner to double contributions to plug pension deficit image
Source : Guardian [Read Article] Sunday 5th of March 2017 03:28:55 PM
. Sir Philip Green has agreed a deal to pump as much as £50m a year into the pension fund behind his fashion business, Arcadia, to plug a growing deficit, just days after reaching a settlement over the BHS pension scandal. ...
Budget 2017: Hammond to tell us the Brexit vote could have been worse image
....In other words, when the chancellor presents what is to be the last spring budget before it moves to the autumn, he will be in the rare position of unveiling an improvement in the public finances. That is quite a contrast to the recent trend of confessing on budget day that the deficit will be higher than previously thought. ...
Peugeot owner PSA close to deal to buy Vauxhall and Opel image
Source : Guardian [Read Article] Saturday 4th of March 2017 07:26:55 AM
....7bn) in annual costs by combining Peugeot and Citroën with Opel and Vauxhall. The deal between PSA and GM is likely to include a plan for Vauxhall and Opel’s growing pension deficit. ...
Mike Ashley firm buys lingerie firm Agent Provocateur image
Source : BBC [Read Article] Thursday 2nd of March 2017 04:27:32 PM
....It has been reported that the firm linked to Mr Ashley paid around £25m after seeing off competition from private equity firm Lion Capital. The lingerie firm was sold via a so called "pre-pack deal" - that means a buyer is lined up to buy the assets of a company, but crucially not its liabilities, such as its debt and pension deficit. ...
Dominic Chappell to fight legal action forcing him to pay BHS pensions image
Source : Guardian [Read Article] Wednesday 1st of March 2017 06:44:02 PM
.... Retail Acquisitions (RAL) received payments of up to £25m from BHS despite owning the department store chain for just 13 months until it collapsed. A spokesman for Retail Acquisitions said: “Any action brought by the Pensions Regulator will be robustly defended because RAL did not cause or add to the pension deficit, that shortfall was built up during the previous ownership. ...
Sir Philip Green's reputation 'still stained' despite BHS pension deal image
.... You might try to sell a business. You might try to flog it off on the cheap because you don't want to deal with the pension deficit, but the pension regulator said we'll come after you and we'll make you pay big money in order to safeguard the interests of pensioners and that can only be a good thing," the MP said. ...
Sir Philip Green hasn't pushed the boat out with his BHS pensions deal | Nils Pratley image
....The trouble at BHS began, remember, when Green sold the business in 2015 to Dominic Chappell, a thrice-bankrupt individual lacking the experience or cash to execute a turnaround at a business employing 11,000 people. The sale was absurd and it should now be obvious that the Pensions Regulator must be armed with greater powers to intervene in takeovers when pension schemes are in deficit or when the would-be new owner is a danger to pensioners. ...
Philip Green agrees to pay £363m into BHS pension fund image
Source : Guardian [Read Article] Tuesday 28th of February 2017 02:42:06 PM
....Sir Philip Green has agreed to hand over £363m in cash to rescue the BHS pension scheme, and settle one of the biggest City rows of recent decades. The deal with the Pensions Regulator, which is likely to help the billionaire keep his knighthood, follows the controversial collapse of the BHS department store chain last April, which led to the loss of 11,000 jobs and left a pension deficit assessed at £571m. ...
Trump lays out hike in military spending image
Source : BBC [Read Article] Monday 27th of February 2017 09:03:25 PM
....Keeping both of his campaign promises - boosting the military and protecting welfare - will put the president in a tough bind. If he wants to boost the defence budget by $54bn without adding to the deficit, that money will have to come from somewhere - and mandatory spending on welfare and debt interest takes nearly 70% of the budget off the table. ...
Welfare funds must serve 'really disabled' people, says MP image
Source : Guardian [Read Article] Sunday 26th of February 2017 06:35:35 PM
....The Conservative party chair, Patrick McLoughlin, signalled on Sunday that the government was also not considering any row-back on the planned £3bn cuts to in-work benefits. “We’ve got to reduce the deficit,” McLoughlin said. ...
Vauxhall pensions 'won't be hit by PSA Group deal' image
Source : BBC [Read Article] Friday 24th of February 2017 12:40:52 PM
....8bn and liabilities of about £2. 6bn, leaving a deficit of £840m. ...
RBS leads FTSE 100 lower as losses mount image
Source : BBC [Read Article] Friday 24th of February 2017 09:10:51 AM
....Shares in RBS fell 4. 5% after the bank reported a £7bn loss for 2016, far worse than the £2bn deficit posted in the previous year. ...
Royal Bank of Scotland losses more than treble to £7bn image
Source : BBC [Read Article] Friday 24th of February 2017 07:32:39 AM
....Royal Bank of Scotland has reported a £7bn annual loss as past problems continue to dog its performance. The deficit is more than treble 2015's loss of £2bn. ...
Brexit economy: can consumers keep shoring up the UK? image
Source : Guardian [Read Article] Wednesday 22nd of February 2017 10:41:44 AM
....House prices also beat economists’ expectations in January, as growth rebounded following a December slowdown. Finally, in a boost to Philip Hammond ahead of his first budget as chancellor next month strong tax receipts helped improve the public finances in January and left him on track to bring the deficit down more than previously hoped over the full financial year. ...
UK government surplus gives Philip Hammond pre-budget boost image
Source : Guardian [Read Article] Tuesday 21st of February 2017 01:33:43 PM
....The rise in tax income generated a surplus of £9. 4bn, the highest January gain since 1999, prompting the Treasury’s independent forecaster to say the government was on track to undershoot the £68bn deficit target at the end of the financial year. ...
Fears grow for Vauxhall jobs as government vows to do all it can image
Source : Guardian [Read Article] Monday 20th of February 2017 07:31:35 PM
....Greg Clark told the House of Commons the government would “do everything we can” to protect Vauxhall and had held constructive talks with the bosses of GM and PSA. Vauxhall employs 4,500 people across its UK production sites and has a pension deficit of as much as £1bn, which pensions experts say could scupper the proposed deal. ...
Pension changes could cost 11m Britons thousands of pounds image
Source : Guardian [Read Article] Monday 20th of February 2017 01:42:09 PM
....The paper makes it clear that the shift from RPI to CPI is only under discussion and, in a surprise rebuke to the pensions industry, says Britain’s final salary schemes are more affordable than widely believed. It notes that deficits in pension schemes have narrowed from a peak of £400bn to £196bn and “the evidence that DB schemes are unaffordable is far from being conclusive and should be considered with caution”. ...
A stock market crash is a way off, but this boom will turn to bust | Larry Elliott image
.... That means stock market records will continue to be broken over the months ahead. Until the moment comes when traders get spooked by rising interest rates, burgeoning budget deficits, protectionism or a combination of all three. ...
European commission upgrades growth forecast for UK economy image
Source : Guardian [Read Article] Monday 13th of February 2017 06:07:26 PM
....“With inflation picking up from low levels, we cannot expect current monetary stimulus to last forever. Therefore countries with high deficit and debt levels should continue bringing them down to become more resilient to economic shocks,” Valdis Dombrovskis said. ...
Trump means happy days are here again for the UK’s arms exporters | Paul Rogers image
.... It is not just the appointment of senior ex-generals to head the Pentagon and department of homeland security and to the post of national security adviser: more significant still is the plan for a substantial increase in military spending, even if the US defence budget is already not far short of 45% of the world total. Trump is even prepared to increase the budget through deficit financing if necessary, and his recent visit to the Pentagon was a prelude to receiving new ideas for destroying Isis. ...
Golf diplomacy: Japan's Abe hopes for strokes of genius to seal Trump trade pact image
....Demonstrating a commitment to American jobs is “part of Japan’s efforts to explain to Trump that it is a friendly nation” in both security and trade, according to Mikitaka Masuyama, a politics professor at the National Graduate Institute for Policy Studies. But having smoothed his path to the White House with repeated promises to put “America first”, Trump’s protectionist instincts will not have been calmed by new data showing that the US trade deficit with Japan grew to $68. ...
Voting for Brexit hasn’t saved us from secretive trade deals image
Source : Guardian [Read Article] Saturday 4th of February 2017 04:00:33 PM
.... It was Navarro, an economics professor and close pal of Ross, who hit the headlines last week after he accused Germany, Japan and China of being currency manipulators. In a paper with Ross before the presidential election, he argued strongly for tougher measures on imports to bring down Washington’s ballooning trade deficit. ...
Trump’s honeymoon with the stock market will soon be over | Nouriel Roubini image
.... As Ronald Reagan and George W Bush showed, Republicans can rarely resist the temptation to cut corporate, income and other taxes, even when they have no way to make up for the lost revenue and no desire to cut spending. If this happens again under Trump, fiscal deficits will push up interest rates and the dollar even further, and hurt the economy in the long term. ...
Saudi Arabia signals end of tax-free living as oil revenues slump image
Source : Guardian [Read Article] Tuesday 31st of January 2017 01:51:14 AM
....Saudi Arabia is the world’s biggest oil exporter and the largest economy in the Arab region. It froze major building projects, cut cabinet ministers’ salaries and imposed a wage freeze on civil servants to cope with last year’s record budget deficit of $97bn. ...
Retreat from globalisation will destabilise the world economy | Mohamed El-Erian image
....First, because they issue the world’s main reserve currencies, the advanced economies get to exchange bits of paper that they printed for goods and services produced by others. Second, for most global investors, these economies’ bonds are a quasi-automatic component of portfolio allocations, so their governments’ budget deficits are financed in part by other countries’ savings. ...
Brexit has allowed the banks to get off Britain's naughty step image
Source : Guardian [Read Article] Sunday 29th of January 2017 04:00:28 PM
....A forthcoming paper for the Robin Hood Tax campaign by the former City banker Avinash Persaud says the government could build on an existing financial transaction tax – stamp duty on share trades – to create a more broadly-based levy that would raise an additional £5bn a year. For a Treasury still running a hefty budget deficit, that is a tidy sum. ...
Well-paid bosses should not get knighthoods – says Sir Philip Hampton image
Source : Guardian [Read Article] Tuesday 24th of January 2017 06:22:08 PM
....Green’s family received £580m in dividends, interest on loans and rent from BHS before he sold the ailing business for £1. Just 13 months later BHS collapsed with the loss of 11,000 jobs and a £571m pension deficit. ...
BT shareholders will remember profit warning for years | Nils Pratley image
Source : Guardian [Read Article] Tuesday 24th of January 2017 05:47:06 PM
.... But it wouldn’t take much for the numbers to look horribly tight. Pension contributions are set to rise substantially next year and the pension trustees, overseeing a fund with a deficit of £6. ...

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