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....5bn surplus that is recycled by the government to provide financial help to Britain’s less well-off regions, according to an official breakdown of the public finances. The first attempt by the Office for National Statistics to break down the UK’s budget deficit by region has demonstrated the importance of the capital and highlighted how taxes and public spending are used to narrow the north-south divide. ... [Read full article on Guardian ]
Tuesday 23rd of May 2017 10:26:10 AM
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....Emmerson dismissed Theresa May’s plans to reduce benefits to the elderly by means testing the winter fuel payment and scrapping the pensions triple-lock as offering “wholly trivial” savings. And he said the manifesto U-turn over a cap on care costs would result in “presumably increasing public spending overall”. ... [Read full article on Guardian ]
Friday 26th of May 2017 08:37:33 AM
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....It hardly counts as news that the UK is really two economies but here are the hard numbers to demonstrate the point. London, the south-east and the east of England recorded net fiscal surpluses in 2016 – in order words, tax receipts exceeded public spending on a per-head basis. ... [Read full article on Guardian ]
Tuesday 23rd of May 2017 04:14:39 PM
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....The IMF continues to insist anything higher than a 1. 5% surplus is not credible: its officials are urging the eurozone to be realistic about Greece’s ability to keep a tight cap on public spending over decades. ... [Read full article on Guardian ]
Tuesday 23rd of May 2017 07:05:04 AM
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Latest Finance News related to Public Spending

IFS makes damning assessment of Tory and Labour manifestos image
Source : Guardian [Read Article] Friday 26th of May 2017 08:37:33 AM
....Emmerson dismissed Theresa May’s plans to reduce benefits to the elderly by means testing the winter fuel payment and scrapping the pensions triple-lock as offering “wholly trivial” savings. And he said the manifesto U-turn over a cap on care costs would result in “presumably increasing public spending overall”. ...
If London subsidises the rest of the UK, where does that leave Scotland? | Nils Pratley image
....It hardly counts as news that the UK is really two economies but here are the hard numbers to demonstrate the point. London, the south-east and the east of England recorded net fiscal surpluses in 2016 – in order words, tax receipts exceeded public spending on a per-head basis. ...
London economy subsidises rest of UK, ONS figures show image
Source : Guardian [Read Article] Tuesday 23rd of May 2017 10:26:10 AM
....5bn surplus that is recycled by the government to provide financial help to Britain’s less well-off regions, according to an official breakdown of the public finances. The first attempt by the Office for National Statistics to break down the UK’s budget deficit by region has demonstrated the importance of the capital and highlighted how taxes and public spending are used to narrow the north-south divide. ...
No bailout funds for Greece as eurozone finance chiefs fail to agree deal image
....The IMF continues to insist anything higher than a 1. 5% surplus is not credible: its officials are urging the eurozone to be realistic about Greece’s ability to keep a tight cap on public spending over decades. ...
Theresa May is creating an epidemic of poverty. Don’t give her a free hand | Gordon Brown image
....In 1974, when Edward Heath attempted a single-issue election, he put a simple question to the voters: “Who governs Britain?” The answer he got was equally simple: “Not you. ” Heath was reminded of an age-old lesson of politics: that British elections are always about jobs, the NHS, tax, public spending, fairness and security. ...
The German economy is unbalanced – but Trump has the wrong answer image
.... Extending investment tax credits to German firms might be more effective in boosting spending, but doing so would be politically problematic in a country where labor’s share of national income is already declining. Martin Schulz’s Social Democrats, on the other hand, favour raising public spending, by investing in infrastructure in particular. ...
Smirnoff owner Diageo to pay HMRC £107m in 'Google tax' crackdown image
Source : Guardian [Read Article] Wednesday 10th of May 2017 06:54:14 PM
....Last year Google agreed a deal with the British tax authorities to pay £130m in back taxes and increase its future tax burden. But the tax deal was criticised by parliament’s public spending watchdog for being secretive and “disproportionately small when compared with the size of Google’s business in the UK”. ...
Euro slips after Macron wins French presidency image
Source : BBC [Read Article] Sunday 7th of May 2017 09:50:10 PM
....The biggest of them is Germany. It is easy to portray integration as putting German taxpayers' money at risk to pay for irresponsible public spending policies in less prudent eurozone countries. ...
The Guardian view on the Bank of England: independence and accountability | Editorial image
.... Willem Buiter, one of the original interest-rate setters from 1997, says central banks should “stick to their knitting” and confine themselves to setting interest rates and acting as a lender of last resort. At the other end of the spectrum, Adair Turner has argued that in certain circumstances the government should instruct the Bank to print money for public spending or tax cuts. ...
UK needs £15bn in cuts or tax rises to clear deficit by 2022, says IFS image
....It will take an extra £15bn of spending cuts or tax rises to eliminate the budget deficit by the time of the 2022 election, a leading thinktank has said as it laid bare the damaging legacy of the financial crisison UK living standards and public finances. The Institute for Fiscal Studies said that despite “two parliaments of pain”, the Conservative-led austerity drive had made little difference to public spending when measured as a share of national income and compared with pre-downturn levels. ...
German finance minister hails progress in Greek economic reforms image
Source : Guardian [Read Article] Sunday 30th of April 2017 04:21:39 PM
....Schäuble’s words of encouragement follow official figures in April showing that Greece managed to comfortably beat its creditors’ budget demands last year. In 2016 it posted a primary budget surplus – where government income exceeds expenditure once debt interest payments are excluded – mostly as a result of a higher tax take and cuts in public spending. ...
General election 2017: May says Tories would not raise VAT image
Source : BBC [Read Article] Sunday 30th of April 2017 09:26:03 AM
....Plaid Cymru leader Leanne Wood told the Sunday Politics show any Brexit plan that threatened Welsh jobs would be "extreme" and "unacceptable". Former SNP leader Alex Salmond said his party would provide "real opposition" to the Tories on public spending cuts. ...
Theresa May weighing up cheaper 'double lock' for pensions image
Source : Guardian [Read Article] Wednesday 26th of April 2017 09:00:47 PM
.... Senior Tories argue that the policy has become increasingly unaffordable, and that reform could be presented alongside a more generous system of funding social care for the elderly – a key concern for many older voters. Lord Willetts, the Conservative former cabinet minister, said: “If you look at any pictures of where public spending is going in the future, the protections for pensions are pushing up the share of public spending that is going on pensions, and then that means when resources are limited, other areas of spending will suffer. ...
The Guardian view on the IMF: a global institution in an age of protection | Editorial image
....The problem is that the policy response to these trends – including that of the IMF itself – has been inadequate. While the IMF’s macro-economic department has been urging a softer line on austerity, the teams sent in to sort out crisis countries have prescribed the same old medicine – cuts in wages and public spending, with a diminished role for collective bargaining. ...
The Ronald, the Donald – and a hamstrung Hammond image
Source : Guardian [Read Article] Sunday 19th of March 2017 06:59:01 AM
.... The US was in recession and unemployment and inflation were high. Reagan’s cabinet spent much of its time talking about tax cuts and a radical overhaul of corporate and labour laws to set business free, but, as Oxford Economics point out, they mostly switched on the public spending taps. ...
Tax credit 'rape clause' becomes law without parliamentary vote image
Source : Guardian [Read Article] Thursday 16th of March 2017 12:10:57 PM
.... The DWP announced in January that it was to go ahead after the consultation. The department has described the changes to tax credits as “a key part of controlling public spending”, and has pledged to implement the exemptions in “the most effective, compassionate way”. ...
Brazil's recession worst on record image
Source : BBC [Read Article] Tuesday 7th of March 2017 01:00:14 PM
....Also there could be tailwinds from the global economy, with prices of commodities on the rise again and possible growth coming from the US. But much of Brazil's recovery still depend on whether government reforms in public spending are successful. ...
‘Housing should be seen as a human right. Not a commodity’ | Patrick Butler image
....But on the whole, governments have been “too deferential” in the rise of financialised housing, she says. Many subsidise it through tax breaks and bank bailouts, while simultaneously slashing public spending on social housing programmes. ...
We are unlikely to spot next financial crisis, Bank of England official says image
....Official figures have shown that, far from slowing, the UK became one of the best-performing economies in the developed world and the fastest growing in the G7 in the second half of 2016. Governor Mark Carney said actions by the Bank itself, which cut interest rates weeks after the Brexit vote, and Chancellor Philip Hammond, who lifted constraints on public spending in November’s autumn statement, had helped to boost the economy in the wake of the Brexit vote. ...
Calling the latest Greek deal a sticking plaster does disrespect to the Elastoplast image
....Rather than demanding reforms upfront before handing over another wodge of cash, Brussels is prepared to wait and see how the leftist Syriza government handles the next stage. Only when it has failed to reduce public spending will EU officials apply another financial squeeze. ...
Scotland needs publicly funded bank, says thinktank image
Source : Guardian [Read Article] Monday 6th of February 2017 07:00:20 AM
....The motion from an SNP branch in Angus near Dundee says leaving economic growth and environmental protection “solely in the hands of our private banking and financial sector will be detrimental to present and future living standards of our citizens”. Common Weal said its concerns were heightened after an investigation by the Guardian and the Ferret, an investigative website, revealed the Scottish government would lose about £932m in low-cost public borrowing because its private financing deals had broken EU rules on public spending. ...
UK inflation: now it's the pound in your pocket being devalued image
Source : Guardian [Read Article] Tuesday 17th of January 2017 12:25:44 PM
....It was 2011 and William Windsor had married Kate Middleton, adding some colour to a country still in shock from the financial crash. But the year was also characterised by public spending cuts, wage freezes, a crisis in Europe and riots across most of Britain’s major cities. ...
Five things economists can do to regain trust image
Source : Guardian [Read Article] Friday 6th of January 2017 11:49:04 AM
.... Rather than lambasting experts, Gove and his like would do well to shake up the UK education system so that people leave school better equipped to make their own judgments about economic forecasts, the financial system and the government’s tax and spending decisions. Financial education has become part of the secondary school curriculum in England and budgeting and public spending are now taught in citizenship. ...
Observer business agenda’s review of the year image
Source : Guardian [Read Article] Sunday 1st of January 2017 09:00:02 AM
....Somehow the judges overlooked the claims of the Leave campaign in June’s referendum for “We send the EU £350m a week: let’s fund our NHS instead” as well as its rivals in the Remain camp for all sorts of far-fetched plots in its entry, Project Fear. Pages from that tome included IMF boss Christine Lagarde’s “We have done our homework and we haven’t found anything positive to say about a Brexit vote”; JP Morgan chief Jamie Dimon’s warning he could cut 4,000 UK jobs if Britain voted to leave the EU; plus, of course, then chancellor George Osborne’s warning that he’d have to slash public spending and increase taxes in an emergency budget to tackle a £30bn “black hole”. ...
Five-minute guide to the rising cost of care homes image
Source : Daily Express [Read Article] Sunday 18th of December 2016 12:01:00 AM
....Just over one in four think they will be lucky enough to pick and choose the care services they need, without worrying about the cost. Many still believe the state should provide, the research shows, although the ageing population and continuing squeeze on public spending makes this unaffordable. ...
Scottish auditors to investigate £9bn private finance bill image
Source : Guardian [Read Article] Wednesday 14th of December 2016 07:00:19 AM
. Scotland’s public spending watchdogs are planning to investigate a multibillion-pound scheme to build privately funded roads, schools and hospitals after serious doubts emerged about its value for money. ...
Bermuda is world's worst corporate tax haven, says Oxfam image
Source : Guardian [Read Article] Monday 12th of December 2016 12:01:40 AM
....UK corporation tax is due to fall to 17% by 2020 from its current level of 20%, and the prime minister has suggested there could be further cuts to attract businesses. Oxfam warned that governments that cut corporate tax balance their books by reducing public spending or by raising taxes such as VAT that fall disproportionately on the poorest. ...
We need to rethink workers’ rights in today’s gig economy | Matthew Taylor image
Source : Guardian [Read Article] Wednesday 30th of November 2016 09:28:58 AM
.... If two people are doing the same task and earning the same basic remuneration on average earnings, the total tax paid to the state for the employee is about £2,000 a year more than for a self-employed contractor, or as much as £3,000 if they are working through their own company. Yet, apart from some particular entitlements such as paternity pay, the self-employed access exactly the same share of public spending per head as employees. ...
Of course the forecasts are bad: no one has a plan for Brexit image
Source : Guardian [Read Article] Sunday 27th of November 2016 07:00:54 AM
.... Thanks to the combined impact of the financial crisis and the austerity programme, the OBR had already revised downwards its estimates of the country’s productivity and the growth of productive potential; this revision took place between last November’s autumn statement and the March budget. Then came the referendum, and the net result of feverish work going on at the OBR since then is that the fallout from Brexit – indeed, from the very prospect of Brexit – is that the outlook for productivity growth has been revised downwards again, with all that this implies for living standards and the tax revenues that go to finance public spending. ...
Reality Check: image
Source : BBC [Read Article] Friday 25th of November 2016 04:05:27 PM
. The claim: The Office for Budget Responsibility forecasts include an extra £10bn each year from 2019-20 for public spending as a result of leaving the EU - this could be spent on the NHS. ...
Autumn Statement: Workers' pay growth prospects dreadful, says IFS image
Source : BBC [Read Article] Thursday 24th of November 2016 12:07:43 PM
...."While top earners were hit the hardest following the financial crisis, the big difference looking forward is that the biggest losers are lower income families, with the entire bottom third of the income distribution set to see incomes fall in the years ahead," the Foundation said. The Treasury's own analysis, published alongside the Autumn Statement, shows that the poorest 30% of households will see a negative impact on incomes from tax, welfare and public spending measures by 2019-20. ...
Brexit will blow £59bn hole in public finances, admits Hammond image
Source : Guardian [Read Article] Wednesday 23rd of November 2016 08:39:09 PM
....“As we look ahead to the next parliament, we will need to ensure we tackle the challenges of rising longevity and fiscal sustainability,” Hammond said. “And so the government will review public spending priorities and other commitments for the next parliament in light of the evolving fiscal position at the next spending review. ...
Chancellor spreads giveaways thinly for Britain's 'Jams' image
Source : Guardian [Read Article] Wednesday 23rd of November 2016 03:40:30 PM
....In one area, Hammond was curiously quiet. Pensioners, the bedrock of Conservative support, were barely mentioned, despite the fact that the state pension is a giant component of public spending. ...
How will the autumn statement change Britain? Our panel’s views | Matthew d’Ancona, Martin Kettle, Gaby Hinsliff, Aditya Chakrabortty and Polly Toynbee image
....Hammond’s other big problem is that the tax take is falling. All those references in his speech to sustaining the tax base are Treasury code for the fact that Britain has continued to become a low wage, tax avoiding and increasingly unequal economy since 2010, in which there’s not enough public money to pay for public spending. ...
Philip Hammond admits Brexit vote means £122bn extra borrowing image
Source : Guardian [Read Article] Wednesday 23rd of November 2016 01:36:07 PM
....He added: “But as we look ahead to the next parliament, we will need to ensure that we tackle the challenges of rising longevity and fiscal sustainability. “So the government will review public spending priorities and other commitments for the next parliament in the light of the evolving fiscal position at the next spending review. ...
Donald Trump's economic policies could go badly wrong – but not soon enough image
Source : Guardian [Read Article] Saturday 19th of November 2016 04:04:24 PM
.... Tax cuts and spending increases will lead to bigger budget deficits – a doubling from 3% to 6% of GDP, according to independent estimates – and an increase in the national debt, which is already above 100% of national output. But Trump’s belief is that the tax cuts and additional public spending will lead to faster growth, and eventually an improvement rather than a deterioration in the US public finances. ...
UK investment in tech and transport among world's worst, says TUC image
Source : Guardian [Read Article] Wednesday 16th of November 2016 06:01:11 AM
....The EU referendum result has added to business concerns that the economy will slow next year and that investments in new equipment might be wasted. Hammond has played down the likelihood of extra public spending on new infrastructure projects, preferring to focus on tax allowances and other incentives to encourage business investment. ...
UK austerity policies 'amount to violations of disabled people's rights' image
Source : Guardian [Read Article] Monday 7th of November 2016 05:49:14 PM
....Austerity policies introduced into welfare and social care by the UK government amount to “systematic violations” of the rights of people with disabilities, a UN inquiry has concluded. It says a range of measures aimed at reducing public spending since 2010, including controversial changes such as the bedroom tax, and cuts to disability benefits and social care budgets have disproportionately and adversely affected disabled people. ...
The legacy of leaving old industrial Britain to rot is becoming clear | Larry Elliott image
....Labour had a different approach between 1997 and 2010. It took the tax receipts from asset-price booms in the south and recycled them into higher public spending in the north. ...
Economic woes create anti-establishment movements around the world image
Source : Guardian [Read Article] Saturday 5th of November 2016 04:00:51 PM
.... The International Monetary Fund warned recently that the economy may not fully recover until the mid-2020s. Scope for Matteo Renzi’s centre-left government to use tax cuts or increases in public spending to boost growth has been limited by low productivity, high unemployment and rising national debt. ...
HMRC chasing £1.9bn tax from UK's richest people image
Source : BBC [Read Article] Tuesday 1st of November 2016 02:11:03 AM
. HMRC is chasing almost £2bn that is potentially owed in taxes by the UK's richest people, according to the public spending watchdog. ...
Is government spending on roads and railways a good idea? image
Source : BBC [Read Article] Monday 3rd of October 2016 03:52:55 PM
....So what about improving the economic capacity of the economy, long term?. "It is possible to work out roughly what the right level of public spending is to sustain the growth of the economy and prevent bottlenecks," he says. ...
Yanis Varoufakis hits out at 'inept' George Osborne image
Source : BBC [Read Article] Wednesday 28th of September 2016 09:45:09 AM
....George Osborne will be remembered as a "particularly inept" chancellor whose pursuit of austerity in an attempt to rein in Britain's deficit was doomed to failure, according to Yanis Varoufakis. He told Radio 4's Today that Philip Hammond, Mr Osborne's successor, should change tack and raise public spending. ...
UK government borrowing falls in August image
Source : BBC [Read Article] Wednesday 21st of September 2016 08:58:40 AM
....Chancellor Philip Hammond has said he may have to reset fiscal policy to offset any negative outcome from the vote. However, he has dampened down talk that he might reveal an increase in public spending when he reveals his Autumn Statement in November. ...
Nama: Irish government to set up investigation into biggest ever NI property deal image
....The Nama deal is already the subject of an inquiry by the Northern Ireland Assembly's finance committee. The Irish government's decision comes after the publication of a report from the country's public spending watchdog that concludes the deal had shortcomings. ...

Former SNP Cabinet minister warns Nicola Sturgeon against second independence referendum based on Brexit
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....The former Cabinet minister said Ms Sturgeon should examine “alternative scenarios” to a separate Scotland being an EU member, once the terms of the Brexit deal are known. He argued that staging a referendum before questions about Scotland’s large public spending deficit have been addressed “would be a high risk strategy” and a “sustained period of campaigning” was required to build support to well in excess of 50 per cent, including winning over pensioners. ...

BBC to deploy detection vans to snoop on internet users
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Source : Telegraph [Read Article] Friday 5th of August 2016 09:00:00 PM
....The broadcaster included the NAO report in a list of documents that it claimed to have published alongside its annual report last month, but never distributed the review or uploaded it to its website. It has now been placed online by the public spending watchdog. ...

Labour avoided paying tax on £4.3 million worth of profits last year
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Source : Telegraph [Read Article] Friday 5th of August 2016 09:41:22 AM
....The figures came to light as the Labour leader set out his vision for a "progressive" tax system so highest earners are “fairly taxed”. He also pledged to find £500 billion for public spending funded "through expanding the economy and driving down tax evasion". ...

£78 billion: The cost to the taxpayer of poverty in the UK 
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Source : Telegraph [Read Article] Monday 1st of August 2016 08:02:39 AM
....The research, commissioned by the Joseph Rowntree Foundation, estimated an extra £69. 2 billion - or £1 in every £5 of public spending - went on areas including healthcare, schooling and policing. ...

Pension freedoms under threat for millions of final salary savers
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Source : Telegraph [Read Article] Sunday 31st of July 2016 09:00:00 PM
....Jonathan Isaby, Chief Executive of the TaxPayer's Alliance said: "This policy may be a sure-fire vote winner but it is unjustifiable and devoid of any economic rationale. If this continues the state pension will end up consuning the entirety of public spending, so it's clearly unsustainable as well. ...

Labour leadership contest: Owen Smith says party should ‘smash Theresa May back on her heels’
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....In recent weeks there have been calls to tone down political rhetoric after female Labour MPs suffered death threats and abusive messages on social media. Mr Smith has previously had to apologise for comparing the Government’s public spending cuts to domestic violence. ...
Philip Hammond: Financial markets 'rattled' by Leave vote image
Source : BBC [Read Article] Thursday 14th of July 2016 07:27:04 AM
.... " . In the run up to the EU referendum Mr Hammond's predecessor George Osborne said he would have to slash public spending and increase taxes in an emergency Budget to tackle a £30bn "black hole" if the UK voted to leave the European Union. ...
London pays almost a third of UK tax, report finds image
Source : Guardian [Read Article] Wednesday 6th of July 2016 11:01:28 PM
....”. The findings are likely to intensify debate about government plans to devolve powers and public spending to regional centres based around cities in the Midlands, the north and the west. ...
Osborne abandons 2020 budget surplus target image
Source : BBC [Read Article] Friday 1st of July 2016 11:02:21 AM
....For the UK economy, one of the most important passages of Theresa May's speech yesterday was when she signalled that George Osborne's "fiscal rule" (to produce a budget surplus by 2020) was for the Treasury shredding machine. "While it is absolutely vital that the government continues with its intention to reduce public spending and cut the budget deficit, we should no longer seek to reach a budget surplus by the end of the parliament," Mrs May said. ...
Pension savers told 'DON'T PANIC' amid market carnage but follow THESE key steps image
....5 per cent. "This assertion was made on the basis that the economy would take a down-turn and that public spending might not be able to sustain the expense of this policy. ...
China and Japan help ranks of the super-rich swell to more than 15m image
Source : Guardian [Read Article] Thursday 23rd of June 2016 04:43:08 PM
.... Despite the financial crisis, the millionaires’ wealth has expanded almost fourfold over the last 20 years. Ricks called on governments to reverse cuts to public spending, privatisation, tax breaks for the wealthy and “the race to the bottom on human rights”. ...
The Guardian view on the Land Registry sell-off: hands off this national asset | Editorial image
.... This one, however, was announced by Sajid Javid just before the Easter break, and has been given minimal publicity by his department since. Why should the Land Registry be sold? The consultation document makes it very clear that the government has a default policy of selling whatever public assets it can – “to reduce public debt or fund other public spending”. ...
IFS warns Brexit would extend austerity for two more years image
Source : Guardian [Read Article] Tuesday 24th of May 2016 11:01:23 PM
....”. Boris Johnson and the Vote Leave campaign have made the £350m claim a key campaign issue and have argued strenuously that it is legitimate to say the money can be used for extra public spending or tax cuts following a vote for Brexit. ...
NHS in England reveals £2.45bn record deficit image
Source : Guardian [Read Article] Friday 20th of May 2016 10:29:20 AM
....”. Hopson pointed out that Britain spent a lower percentage of its national wealth on health than France, Germany, Sweden or Greece, and that investment as a proportion of overall public spending would fall even further over the next few years to less than 7% by 2020. ...
Brexit 'unlikely to mean deep migration cuts but may lead to 2p tax increase' image
....Portes says that a highly restrictive immigration policy might have a small impact on the wages for low-skilled workers but little or none for medium- and highly skilled workers. However, this impact on unskilled wages would be more than offset by higher taxes or public spending cuts so real post-tax incomes would fall. ...
Greece's latest financial emergency is both tragic and absurd image
Source : Guardian [Read Article] Monday 9th of May 2016 03:48:51 PM
.... One is to conclude that Greece needs to find a way of paying off the money it has borrowed, and so set stiff repayment terms. Under pressure last summer, when its banks were closed and the country was running out of cash, Greece agreed it would run a primary budget surplus (an excess of tax receipts over public spending once debt repayments have been excluded) of 3. ...
Osborne's 'cocktail of threats' excuse for the UK's ills has lost its fizz image
.... Never before has the UK sustained 10 years of restrained, if not shrinking, government expenditure. Without the multiplier effect of public spending on new infrastructure and cash to maintain the existing roads and public amenities, the private sector has pulled in its horns. ...
Scottish economy grows far more slowly than UK as a whole image
Source : Guardian [Read Article] Wednesday 4th of May 2016 05:56:15 PM
.... At the same time, public sector revenues also fell for the fourth year in a row, by nearly 12% in real terms. Scottish public spending is currently £1,400 a head higher than the UK average. ...
Has the global economic growth malaise become the 'new normal'? image
Source : Guardian [Read Article] Monday 2nd of May 2016 10:31:29 AM
....Meanwhile, growth remains below the diminished potential. A painful de-leveraging process implies that private and public spending need to fall, and that savings must rise, to reduce high deficits and debts. ...
Has the global economic growth malaise become the 'new normal'? image
Source : Guardian [Read Article] Monday 2nd of May 2016 10:31:29 AM
....Meanwhile, growth remains below the diminished potential. A painful de-leveraging process implies that private and public spending need to fall, and that savings must rise, to reduce high deficits and debts. ...
Europe's liberal illusions shatter as Greek tragedy plays on image
Source : Guardian [Read Article] Sunday 1st of May 2016 10:46:01 AM
....5% of gross domestic product by 2018 and in every year thereafter. This means that once Greece’s debt payments are excluded, tax receipts have to exceed public spending by 3. ...
Europe's liberal illusions shatter as Greek tragedy plays on image
Source : Guardian [Read Article] Sunday 1st of May 2016 10:46:01 AM
....5% of gross domestic product by 2018 and in every year thereafter. This means that once Greece’s debt payments are excluded, tax receipts have to exceed public spending by 3. ...
Could Italy be the unlikely saviour of Project Europe? image
Source : Guardian [Read Article] Friday 29th of April 2016 04:00:43 PM
.... In EU councils and again at this month’s International Monetary Fund meeting in Washington, DC, Pier Carlo Padoan, Italy’s finance minister, presented the case for fiscal stimulus more strongly and coherently than any other EU leader. More important, Padoan has started to implement fiscal stimulus by cutting taxes and maintaining public spending plans, in defiance of German and EU commission demands to tighten his budget. ...
The bad smell hovering over the global economy image
Source : Guardian [Read Article] Sunday 17th of April 2016 11:00:54 AM
.... The fact that economists at Deutsche Bank published a helpful cut-out-and-keep guide to helicopter money last week is a straw in the wind. As the Deutsche research makes clear, the most basic variant of helicopter money involves a central bank creating money so that it can be handed to the finance ministry to spend on tax cuts or higher public spending. ...
UK housebuilding booms but construction sector flags image
Source : Guardian [Read Article] Friday 15th of April 2016 12:00:58 PM
. Housebuilding in Britain picked up to a record high in February but the rest of the construction sector struggled amid signs that uncertainty over the EU referendum and public spending cuts are denting activity, according to official figures. ...
Labour: PM losing trust over shares row image
Source : BBC [Read Article] Friday 8th of April 2016 04:33:43 AM
....Mr Corbyn said the PM must give a "full account of all his private financial dealings and make a statement to Parliament next week". He also accused the government of "connivance with tax havens and refusal to take serious action against tax avoidance and evasion", leading "directly" to public spending cuts. ...
Angola seeks financial help from IMF image
Source : BBC [Read Article] Wednesday 6th of April 2016 09:52:58 PM
.... . The ministry's statement emphasised the role of "fiscal reforms" in addressing its problems, which means tax reform and controlling public spending. ...

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