United Kingdom

Pendragon urges govt to widen “cash for bangers” scheme

Pendragon, the UK's largest operator of franchised motor dealerships, has urged the govt. to widen its “cash for bangers” scheme as it has encouraged the car-market and the careworn auto-industry has started taking a U-turn.

Cash-for-bangers scheme provides a rebate worth £2,000 on the purchase of new cars to those buyers who scrap their more than 10-year old cars. 

Michael Page posts 49% profits for first half

Michael Page, UK's second-biggest recruitment agency has registered a 49 per cent fall in profits to £43.2 million for the first six-month of the current year.

Michael Page's revenue plunged 27 per cent to settle at £364.7 million.

Michael Page showed a profit worth £43.2 million for the first half of 2009, down from £84.1 million for the same period in 2008.

The agency has trimmed down its workforce by 26 per cent to 1,220 in the England.

ONS data reveals UK inflation rate remained unchanged at 1.8% in July

According to the official data revealed by the Office for National Statistics (ONS), the 12-month inflation rate in Britain stood unchanged at 1.8 percent in July, thereby holding below the Bank of England's target level of percent.

The unchanged inflation rate, which also surprised the economists expecting the July Consumer Price Index (CPI) to fall to 1.5 percent, indicates that inflationary pressures on the UK economy may be easing.

Left-wing think tank: Wages should be capped by ‘High Pay Commission’

Recently, establishment of a "high pay commission" was called for by 100 politicians, academics and campaigners with the aim of dealing with the gap between rich and poor workers.

A list of public figures has been made by left-wing think tank Compass. The list includes names of those who agree the financial crisis was "significantly caused by greed" and support a review of salaries of top executives.

They compared it to the Low Pay Commission, which was set up in 1997 to advice on the minimum wage.

‘Scrappage’ scheme demanded by retailers for domestic appliances

As per the media reports, a 'scrappage' project is being sought by the retailers for domestic appliances like fridges.

It was forwarded by the British Retail Consortium (BRC) that a plan same as the "cash for bangers" scheme for the car trade would protect jobs, which will aid Britain to hit carbon emission targets by motivating people to switch to more energy-efficient white goods. Furthermore, it is also mulling for tax relief on energy efficient items.

Arrival of tourists increases business for Shaftesbury

It was today forwarded by Landlord Shaftesbury that the business for its tenants across the West End has increased due to a boost in overseas and domestic tourists to the capital.

The firm specified that with the arrival of visitors, healthy demand was maintained for its shops and restaurants in Covent Garden, Chinatown and Carnaby Street, since tenants continued to rake in profits despite the recession.