Britain faces a weaker economic recovery and higher inflation for longer than previously hoped, the Bank of England forecast today. Economic expansion will peak at 3pc next year, weaker than the 3.6pc the Bank was expecting just three months ago. Today’s Inflation Report also forecast that the level of prices will remain above the Bank’s [...]
The number of people declared insolvent has risen as the credit crisis marks its third anniversary. A total of 34,743 people were declared insolvent during the three months to the end of June, 5 per cent more than during the same period a year earlier, according to the Insolvency Service. The figures are lowered than [...]
Naomi Campbell, the model, admitted that she was given “dirty rocks” by the former Liberian ruler Charles Taylor as she gives evidence at his war crimes trial. She told the court she handed the gems to a colleague and told him to “do something good with them”. She said she had wanted them to be [...]
A proposed limit on contributions could hit even those earning modest salaries. On the same day that BP revealed that its beleaguered chief executive, Tony Hayward, would walk away with a £600,000-a-year pension, the Government unveiled plans to severely restrict the amount of money people can save tax-free into one. The Treasury is proposing an [...]
Middle income families face being £1,000 worse off a year amid “savage” rises in the cost of living and slow wage growth, it was revealed yesterday. The sharp increases in everyday items such as food and clothing means it could get “messy very quickly” for households, experts warned. The warning comes after the cost of [...]
The shortage of country houses on the market has led to more flamboyant barn conversions, says Caroline McGhie . A new Leviathan has arrived in the property market. It was born out of the boom years, funded by the new rich of the Blair era, for whom there were not enough big country houses to [...]
Barclays profits jumped 44pc to £3.95bn in the first six months of the year boosted by a sharp drop in bad debts and its investment banking division. The investment bank, Barclays Capital, once again produced the majority of the profits with a trebling in earnings to £3.4bn. Charges for debts that have turned sour fell [...]
Interest rates will have to rise earlier and more sharply than expected to keep inflation under control, two former Bank of England policy-makers have warned. Sir John Gieve, an ex-deputy Governor, and Charles Goodhart, a previous member of the Monetary Policy Committee, are the most senior economists yet to have opposed the current orthodoxy that [...]
Senior US intelligence officials are bracing themselves for possible dismissal after President Barack Obama delivered a blistering verdict on the “screw-up” that nearly resulted in 289 deaths on Christmas Day. Among those most vulnerable are Admiral Dennis Blair, the Director of National Intelligence (DNI); Michael Leiter, head of the National Counterterrorism Centre (NCTC); and Janet [...]
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