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infowars.com / By Paul Joseph Watson / March 19, 2013 Former British Chancellor of the Exchequer Alistair Darling has warned that the raiding of people’s saving accounts in Cyprus could trigger bank runs across Europe. Darling said that the unprecedented step of looting banks account of those with 100,000 euros or less could lead to a collapse in confidence because it “blows apart” the notion that such sums are protected. “They have [...] The ongoing Eurozone crisis has endangered Britain’s economy once again as a new prediction suggests that the UK could face a triple-dip-recession next year. The London-based Sunday Times reported that the British Chancellor of the Exchequer George Osborne was pressured by his political opponents to rethink Britain’s austerity strategy as economists warned that the country may plunge into financial chaos next spring. This comes as the Euro crisis threatened Greece’s position in [...] LONDON—U.K. economic output collapsed in the second quarter of 2012, official data showed Wednesday, raising questions about the wisdom of Chancellor of the Exchequer George Osborne’s austerity drive when the economy remains in recession. In its preliminary estimate, the Office for National Statistics said gross domestic product contracted 0.7% between April and June—the biggest quarterly contraction since the first quarter of 2009. On an annual basis the economy shrank 0.8%. The contraction [...] Britain had a bigger budget deficit than economists forecast in June, casting fresh doubt on whether Chancellor of the Exchequer George Osborne can meet his full- year fiscal goals. The shortfall, which excludes government support for banks, was 14.4 billion pounds ($23 billion) compared with 13.9 billion pounds a year earlier, the Office for National Statistics said inLondon today. The median forecast of 20 forecasts in a Bloomberg News survey was for a deficit of 13.4 billion pounds. [...] The UK government must make deeper cuts or raise more money in the future to keep public finances in check, the Office for Budget Responsibility says. In its annual look at the government’s finances, the OBR says in 2017-18 public spending needs to be cut by another £17bn or the same amount raised in taxes to stop debt ballooning. The OBR says this change would bring total debt back to 40% [...] The International Monetary Fund said Britain requires further monetary easing to boost the economy and Chancellor of the Exchequer George Osborne should consider budget stimulus including temporary tax cuts. “Fiscal easing and further use of the government’s balance sheet should be considered if downside risks materialize and the recovery fails to take off,” the Washington-based lender said in its annual review of the U.K. published today. “In particular, if growth does [...] LONDON (AP) — Britain’s finance minister is cutting the top income tax rate from 50 percent to 45 percent effective next year but has imposed additional taxes to raise more money from the wealthiest 1 percent.
George Osborne, the chancellor of the Exchequer, said in his budget speech Wednesday that the top tax rate had raised less money than expected. He also announced higher tax rates on homes worth more than 2 million pounds ($3.2 [...] I’ll trade you my 10 year for some of that 100 year paper ….plus an autographed Ben bernanke rookie dollar bil……. http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/03/14/bloomberg_ar… (Updates with pension-fund, strategist’s, opposition comments starting in sixth paragraph.)
March 14 (Bloomberg) — Britain is proposing to revive “perpetual gilts,” first used in the wake of the 1720 South Sea Bubble crisis, to allow the government to borrow for as long as possible at record-low rates, according to two people [...] Press TV interviews Rodney Shakespeare, professor of Binary Economics. The short video corroborates UK Chancellor of the Exchequer, George Osborne’s claim that Britain is “out of money,” yet doubts there is a positive motive to this recent news item. From our perspective, cutting spending is good and taxation is bad, and Osborne speaks of both. The only reason to propagate interest in the insolvency of the UK, now, is to [...] Ft.com IBM and Procter & Gamble have sold bonds with the lowest interest payments on record for US marketed corporate issues, as investors accept low returns for the safety of owning debt from secure companies, http://ftalphaville.ft.com/thecut/2012/02/02/864831/highly-rated-us-indu…
Britain faces spending cuts “almost without historical or international precedent” over the next few years and, painful as the squeeze has been so far, it amounts to less than a 10th of what is planned by the [...] China buys part of Thames Water that is the supplier to London and the South East of England: China Investment Corporation (CIC), the country’s sovereign wealth fund, has bought 8.68% of the company behind UK utility group Thames Water. It is the fund’s first major share purchase in the UK, after Chancellor George Osborne visited China this week. Thames Water is owned by Kemble Water, a consortium of investors led by [...] The UK Treasury has announced plans to make London the leading international centre for trading China’s currency, the yuan, also known as the renminbi. “London is perfectly placed to act as a gateway for Asian banking and investment in Europe,” said UK Chancellor George Osborne. Bankers say the plans could bring billions of pounds into the City. China has been gradually relaxing strict controls on the value of its currency and on flows [...] Andreas Whittam Smith When Poland’s Foreign Minister refers to German tanks and Russian missiles, as Radoslaw Sikorski did on Monday, one sits up. Poland suffered repeated invasions by Germany and Russia from the late 18th century until the last Soviet troops withdrew in 1993. Poland was truly independent only between 1918 and 1939. However, in a remarkable speech, by turns passionate and frank, Mr Sikorski was not breathing [...] BBC Business Editor says the bailout of Greece has just failed: UK Chancellor George Osborne has said the eurozone debt crisis is a “real danger” to all of Europe as a summit in Brussels continued. All of Europe’s finance ministers are meeting to try to find a solution to the bloc’s ongoing economic problems. The eurozone has already approved the next tranche of Greek bailout loans, potentially saving the country from a [...] telegraph.co.uk With gold prices hitting a record high on Wednesday, here are the 10 countries holding all the cards when it comes to gold reserves, according to the World Gold Council.
Photo: AP The United Kingdom lags well behind in 17th place in the world league table. Britain currently holds 310.3 tonnes of gold, valued at $13.8bn. As Chancellor of the Exchequer, Gordon Brown sold 395 tonnes of UK reserves between [...] In the U.S. the debate over how to cut the long-term budget deficit is just getting under way. But in Britain, one year into its own controversial austerity program to plug a gaping fiscal hole, the future is now. And for the moment, the early returns are less than promising. Retail sales plunged 3.5 percent in March, the sharpest monthly downturn in Britain in 15 years. And [...] They report the Irish Prime minister is refusing to resign amidst calls for him to resign, even though part of the coalition has already called for a General election in January. They interviewed some Irish citizens, who were saying how they felt about economic developments and in it soaring unemployment many Irish young people were talking of emigrating to find work, something that’s about to [...] by LFM His analysis on the developments in Ireland’s financial and economic crisis includes an interview with Ireland’s central bankster with business editor interpreting it as indicating the Irish central bank has already had to supply money to the banks to keep them afloat and a large proportion of the bailout is to give a big chunk directly to the banksters. He also goes on to say that Portugal and Spain [...] |
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