Every detail of the Greek economy is worse than officially forecast just weeks ago. The budget unveiled this morning estimates that public debt will reach 189pc of GDP next year (not 179pc). The budget deficit will be 5.2pc (not 4.2pc). The economy will shrink 4.5pc next year (not 3.8pc). Unemployment is already 25.1pc and 55.6pc [...]
Michael Heseltine kept his cards close to his chest while composing his report on regional growth. The reason has become clear with its publication today. The report is challenging, in the sort of way that civil servants passionately dislike. It calls for an upheaval of their London power base, decentralisation of decision making, and the involvement [...]
Labour has joined the battle over the EU’s next long-term budget. The budget, to run between 2014 and 2020, will be discussed at an EU summit on 22 and 23 November. David Cameron wants a “real terms freeze” (based on the cash that was paid out from the 2011 EU budget), Labour says he should [...]
Taxpayers and other shareholders in Britain’s busted banks may be encouraged to learn that, for the first time, the Parliamentary Commission on Banking Standards has appointed a barrister to quiz failed bankers today, rather than the usual chorus of backbenchers. But awkward questions remain about how and why many millions of pounds of savers’ [...]
According to Paul Krugman, those of us who think it is right for governments to act on burgeoning deficits are hypocrites because we also worry that America's fiscal cliff will, if enacted, push the US back into recession. The only reason for worrying about the cliff, he insists, is if you accept the Keynesian principle [...]
High earners can beat Child Benefit rule changes and other tax hikes due to take effect next year – as confirmed by HM Revenue & Customs today – by a counter-intuitive manoeuvre known as ‘salary sacrifice’. While most parents of young children will need all the cash they can get now, if the alternative [...]
Gardner Denver price 'could top $3 billion', says Reuters
Rejoice, rejoice. Good news Britain is back. The third quarter GDP figures were much better than generally expected, with output up a full one percentage point up on the previous quarter. We've not seen quarterly growth this strong since before the crisis began way back when in 2007. Even taking account of one off factors [...]
The headline news is good. In the third quarter of the year, British GDP grew 1 pc. This is the fastest rate of growth since Q3 2007 when the crisis began. The economy has recovered to a fraction short of where it was in Q3 2011, wiping out three quarters of recession. However, George Osborne [...]
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The IRS just announced the 2013 retirement plan benefit limits and we’re seeing some modest increases from 2012. What does it all mean for employer-sponsored retirement plans? This post analyzes the practical effects for both defined contribution (DC) and defined benefit (DB) plans, followed by a table summarizing the limit changes. Changes affecting both DB [...]