German vice chancellor draws party dividing line by ruling out debt cut in Greece July 25, 2013 Germany’s vice chancellor Philipp Roesler has ruled out another debt cut for Greece, saying it would be more constructive to help the country modernise its energy infrastructure. There are no shortcuts to recovery like "bailouts or haircuts" or printing money, he said. The "right way out" would come from "sound fiscal policy in Greece on [...]
Osborne and Balls react to faster GDP growth – and both seem to miss the point July 25, 2013 Both chancellor George Osborne and shadow chancellor Ed Balls have weighed in on the second quarter GDP figures. If you have want some analyst reaction, we have that too. Chancellor George Osborne: Britain is holding its nerve, we are sticking to our plan, and the British economy is on the mend – but there is [...]
Analyst reaction: GDP at 0.6 per cent in second quarter July 25, 2013 Howard Archer, chief UK & European economist, IHS Global Insight: The GDP data are very encouraging, not only showing the growth rate doubling to 0.6% quarter-on-quarter but also showing positive contributions from all sectors. While the dominant services sector remains very much key to the economy’s performance, it is important that manufacturing and construction grow [...]
UK services output jumps by four times more than expected July 25, 2013 The gross value added in the UK services sector – a key contributor to GDP – rose by a better than expected 0.8 per cent points in the three months to May compared with the previous three months, according to data from the Office for National Statistics (release). The index of services now stands at [...]
Pound falls as growth doubles to 0.6 per cent in second quarter July 25, 2013 The UK economy is heating up, but it's still pretty cold out there, according to the ONS. GDP grew by 0.6 per cent in the second quarter, up from 0.3 per cent in the first. GDP is still 3.3 per cent below its first quarter 2008 peak, and this figure is in line with average [...]
Italian consumer confidence grows across all measures July 25, 2013 Italian consumer confidence grew in July, according to the latest figures from Istat. The confidence climate index rose to 97.3 from 95.8. This growth was consistent across all components, with economic, personal, current and future indices all growing. Meanwhile, the balance concerning expectations on employment decreased to 68 from 78. The balance on inflation perceptions [...]
German businesses more confident about current situation – but less so about the future July 25, 2013 German businesses are more optimistic about their current situation, but less so about their short-term growth prospects, according to new data from the Ifo institute. The institute’s latest business climate index rose for the third consecutive month in July to 106.2 from 105.9 in June, above expectations of 106.1. The current assessment, meanwhile, came in [...]
ScottishPower warns government efficiency schemes could push energy prices up further July 25, 2013 ScottishPower has warned that the rising burden of taxes and levies on energy companies means that further price rises for customers could not be ruled out despite stable energy costs in the market. The company said yesterday that a 137.7 per cent rise in the cost of implementing government efficiency schemes (to €155.8m/£134m) in the [...]
We should welcome the Church’s foray into lending July 25, 2013 Archbishop Justin Welby's announcement that the Church of England could be going head-to-head with payday lenders like Wonga is good to hear. Rather than limiting the options of consumers, Welby is set to expand the choices that the most vulnerable face. In an interview with Total Politics, the former oil executive has said that he [...]
Spanish unemployment falls for first time in two years – but more than one in four are still jobless July 25, 2013 The Spanish unemployment rate has fallen from 27.16 per cent to 26.26 per cent in the second quarter, according to survey data from the National Institute of Statistics. Economists had been forecasting another rise, to 27.3 per cent, so this is some welcome news. It's the first fall in two years, and the largest since [...]