ECB has bright idea for targeted bank-bashing

ECB has bright idea for targeted bank-bashing

 Targeted bank-bashing could be the answer to Mario Draghi’s conundrum. In order to maximise the impact of his plan to ease monetary policy, the European Central Bank president needs to make a big splash in financial markets. But one of the ways of doing this, a chunky cut in the deposit rate, would hurt banks. Cue a bright idea. Officials say the ECB is considering introducing a two-tier penalty charge on banks which hoard cash,…

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Retail sales hit by drop at food stores

Retail sales hit by drop at food stores

19 November 2015 From the sectionBusiness UK retail sales volumes fell in October after a drop in trading at food stores, according to official figures. The Office for National Statistics (ONS) said sales volumes fell 0.6%, which followed a 1.7% rise in September when sales were helped by the Rugby World Cup. The monthly fall in food store sales was the biggest drop since May 2014. Retail sales volumes rose 3.8% compared with a year…

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UK earnings rise at fastest pace in more than six years

UK earnings rise at fastest pace in more than six years

Business News | Wed Sep 16, 2015 10:12am BST Related: BUSINESS REUTERS/NEIL HALL British earnings, excluding bonuses, grew at their fastest rate in more than six years in the three months to July, official data showed on Wednesday. Growth in average weekly earnings, not including bonuses, rose by 2.9 percent in the May-July period, edging up slightly from the three months to June and in line with a median forecast in a Reuters poll of…

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UK market watchdog to launch study of home loan market

UK market watchdog to launch study of home loan market

LONDON | BY HUW JONES Britain’s Financial Conduct Authority (FCA) said on Monday it will study the mortgage market from early 2016, looking at how new, tougher rules are being implemented and affect the ability to buy a home. The inability of many young people to afford their own home has become a major political issue in Britain. Policymakers fear the situation could worsen as house prices increase and the Bank of England warns that…

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Osborne presses ahead with £20bn worth of further austerity

Osborne presses ahead with £20bn worth of further austerity

Britain’s Chancellor of the Exchequer George Osborne. © Suzanne Plunkett / Reuters Details of the government’s plans to slash £20bn from public spending were discussed on Friday, as Chancellor George Osborne pressed ahead with his austerity agenda. Osborne had requested government departments model two scenarios of how the cuts could be implemented in advance of November’s spending review. In the face of sharp cross-party opposition, he asked cabinet ministers to submit their proposals by Friday….

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UK public finances show first July surplus since 2012 as tax receipts swell

UK public finances show first July surplus since 2012 as tax receipts swell

A Union flag hangs across a street of houses in London, Britain June 3, 2015. REUTERS/SUZANNE PLUNKETT LONDON – Britain’s public finances recorded their first July surplus in three years, driven by the strongest tax receipts for the month since records began in 1997. Friday’s official figures will come as welcome reading to finance minister George Osborne, as they showed the 12th successive month of falling year-to-date public sector net borrowing, excluding banks. July traditionally…

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Old pennies come to the rescue of London’s Big Ben

Old pennies come to the rescue of London’s Big Ben

A man looks across the River Thames towards Big Ben and the Houses of Parliament in London, as Britain goes to the polls for a general election May 7, 2015. REUTERS/KEVIN COOMBS Normally the traditional arbiter of precise time-keeping, Britain’s 156-year-old Big Ben raised eyebrows this month by starting its familiar chimes up to six seconds late every hour. The problem with the huge bell that forms part of the clock tower of the British…

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Britain’s women managers “work for free” for nearly 2 hours a day

Britain’s women managers “work for free” for nearly 2 hours a day

LONDON (Thomson Reuters Foundation) – Britain’s female managers work for free for nearly two hours every day, according to a new survey. When the pay of women managers is compared to that of male counterparts, women are shown to earn 22 percent less — meaning they effectively go unpaid for one hour and 40 minutes a day, said the Chartered Management Institute (CMI) on Tuesday. Prime Minister David Cameron in July vowed to end the…

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UK employers raise growth outlook, see earlier BoE rate move

UK employers raise growth outlook, see earlier BoE rate move

Commuters cross the Millennium Bridge in London, Britain August 6, 2015. REUTERS/NEIL HALL Britain’s economy will grow more strongly than previously thought this year and in 2016, an industry group said on Monday, as it also brought forward its prediction for the timing of Britain’s first rate hike in over seven years. The economy will expand by 2.6 percent in 2015 and 2.8 percent in 2016, the Confederation of British Industry said, up from forecasts…

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