The UK Government will have to hike basic rate of income tax by 3p after the general election, or the citizens will have to face record cutbacks in public services, a reputable think-tank warned.
The Institute for Fiscal Studies (IFS) said the hikes would virtually be inevitable to avoid further cuts in public services due to a big hole in the country's finances.
Poor public finances will force the government either to hike the rate of income tax or cut most departmental budgets by as much as 35 per cent.
Axing the controversial air passenger duty (APD) would boost British GDP by 0.45 per cent within twelve months and could help generate as many as 60,000 jobs by the year 2020, a new report commissioned by various airlines said.
According to the report, British Airways, easyJet, Virgin Atlantic and Ryanair argued that APD had been acting as a major barrier to tourism as well as potential investment in the country as the duty makes the flights costlier.
Following Monday's drop, the euro tumbled once again against major currencies of the world on Tuesday due to political uncertainty in Italy and Spain.
The 17-nation currency dropped against the Japanese Yen and the US dollar in Tokyo. The euro slipped 0.2 per cent to 124.55 Yen as of 12:34 p. m. in Tokyo. Yesterday, the euro had tumbled 1.4 per cent, the most since 25th of June. It declined 0.2 per cent at US$1.3490.
The Japanese currency remained little changed at US$92.35, following yesterday's falling to as low as 93.18 a dollar.
Nuclear storage clean-up will cost nearly £70 billion to British taxpayer, according to a Parliamentary inquiry into the country's failing nuclear-reprocessing industry.
Britain is storing an enormous legacy of harmful nuclear waste in outdated facilities at the Sellafield complex in Cumbria.
The Public Accounts Committee (PAC) said in its highly critical report that of the fourteen major nuclear waste storage projects at the Sellafield complex in Cumbria, twelve are behind schedule.
A total of ten lending giants, including Bank of America and JPMorgan Chase, on Monday hit an $8.5 billion mortgage foreclosure settlement deal with federal banking regulators.
The settlement, which concluded weeks of negotiations between the federal regulators and lenders, is intended to put an end to a troubled foreclosure review of several thousand of loan files that was directed by the regulators.
Prime Minister David Cameron is all set to launch `Big Society Bank' on Wednesday, April 4, to help savers invest in charitable and social causes.
The £600 million institution will use money from dormant accounts to support charities and community groups.
As per extracts released by the Prime Minister's office, Mr. Cameron will say in a speech that the new financial institution will supply capital to help society expand.
Britain's construction sector showed the strongest sings of improvement last month in more than four years, according to fresh figures.
In March, the country enjoyed growth across all construction areas, viz. civil, commercial as well as housing. An overall improvement in market activity provided a strong boost to tenders and builders saw new orders closed rising at their sharpest pace since September 2007.
The Markit/Cips PMI (purchasing managers' index) showed construction output jumping from 54.3 February to 56.7 in March. It was the sharpest jump in the last twenty-one months.
With the announcement of reduction of the number of seats in Parliament of the UK, political parties are a bit insecure about their position. The proposal of reducing the seats to 600 in the Parliament of the UK has been made by Boundary Commission.
As per report prepared by the Boundary Commission, there will be a reduction of seven seats in Scotland from the total of 59 seats. The seats SNP-held Western Isles and Lib Dem-held Orkney and Shetland have been excluded from proposal because of geographical differences.
According to reports, UK's biggest five banks, recently announced that in the past three months, they have extended their plans to provide loan to UK companies.
However, all the five bank’s officials declared that the main aim behind this move was that they strongly wanted the UK’s economy to come back on the right track, as the current monetary problems extension problems, forced the government targets to become still.
After registering an over-whelming growth in the last fiscal year, Waitrose, supermarket arm of the John Lewis Partnership, is all set to open two brand new stores in Scotland.
Last year Waitrose manage to acquire a hefty margin that allowed its staffs to take home a bonus worth nine weeks salary. The employee owned firm would soon be sharing a whooping 5.1 million pound worth of bonus with its 2900 partners. Each partner will get a payout of 1800 pounds.
According to a study conducted by London's Chatham House think-tank, 60 % of middle class Britons is most likely to face squeezed income at the time of their retirement.
The earning of 35 million people from 15 million households ranges between 18,000 pounds to 44,000 pounds, and the income as well as eminence of life is set to face a negative rebound during retirement compared to the lowest and highest 20 % earners.
There has been an increase in the property prices in China although there was an intensified campaign led by the government.
The housing inflation has gone up in the month of January and on Friday official data has been revealed. As per the recent data, the property prices are on a high in most of the cities of the country.
The rise in inflation was seen in January after almost one year. It was marked by the National Bureau of Statistics that out of 70 major cities, 68 cities had been affected by this hike. Only 2 cities were unaffected by this rise. Even in
The rise in the consumer price in the U. S. is becoming swifter following a period of dormancy for several months.
However, a tug of war of the goods cost with the services cost going below the surface might just be able to control the inflation from churning into the kind of worry and big issue it is in China, Europe and most of the other emerging markets.
Altogether, the prices were higher by 1.6% last month than what it was one year ago, and according to the government, it was the highest rise in the prices in last eight months.
While the figures were not as strong as the Wall Street had predicted and anticipated, the consumers continued with their spending and the sales went up a bit. Besides that, the fact that the festive season just ended also did its bit and reduced the demands.
As soon as the news came out, the stock market fell. The data was provided by the Commerce Department and they said that sales at the retailers and the restaurants just inched up by 0.3 per cent during the month.