Iran nuclear deal: From oil prices to GDP, how have sanctions affected the country? July 15, 2015 After nine years of negotiations between Iran and leaders from the snappily-titled "P5 +1" nations – the US, the UK, France, Russia, China and Germany – agreed yesterday to lift sanctions on Iran. But what does that mean for the country's economy? Sanctions were first applied to Iran in 1979, after the storming of the [...]
July Budget 2015: Where does the government spend its money? July 9, 2015 In Wednesday’s budget, George Osborne announced a range of cuts, as he said the biggest mistake Britain could make would be to consider a half-finished recovery a job well done. He announced cuts of £37bn by 2020, including £12bn of welfare cuts and a £20bn reduction in departmental budgets. But where is the fat to [...]
July Budget 2015: As inheritance tax system is set to change where will house prices drop below new threshold? July 7, 2015 Tomorrow, George Osborne is expected to announce changes to the inheritance tax system (IHT) meaning a couple can hand a £1m estate on to their children without being taxed for the privilege. Currently, a couple has a tax-free allowance of £325,000 a person (£650,000 a couple). Although IHT is applied to an entire estate, soaring [...]
CBI says UK economic growth slowed in the second quarter, warns of the effects of Greek debt crisis on UK trade July 4, 2015 UK manufacturing, retail, and services growth was down for the second quarter of the year. According to a survey business lobby group the Confederation of British Industry (CBI), the main reason for the drop was the fast rate of growth reported in the previous quarter. The CBI has said it expects growth to be strong [...]
Greece referendum: Greek banks prepare to trim clients’ savings as fears circulate ATMs could run out of cash next week July 4, 2015 Greece’s banks are preparing the ground for a haircut of deposits over €8,000 in a raid to prevent collapse. According to the Financial Times, sources in the sector said the trimming would be at a rate of “at least 30 per cent” of all deposits above the €8,000 mark, and that such a scenario was [...]
Greek referendum: “What they are doing to Greece is terrorism” says Yanis Varoufakis July 4, 2015 Yanis Varoufakis has injected some more colour into the rhetoric surrounding the Greek referendum tomorrow, labelling the country’s creditors as “terrorists”. Speaking to Spain’s centre-right El Mundo newspaper, Greece’s finance minister was blunt: "What they’re doing with Greece has a name: terrorism." When pushed on whether he would stand by this definition, he continued: It’s [...]
