Bank of England under fire for lack of diversity

Bank of England under fire for lack of diversity

Image copyright BoE Image caption The most recent picture of the Bank of England’s Monetary Policy Committee. Front row (L to R): ​Ben Broadbent; Mark Carney; Minouche Shafik (departed); Sir Jon Cunliffe. Back row: Michael Saunders; Gertjan Vlieghe; Andrew Haldane; Ian McCafferty; Kristin Forbes (departed). The Chancellor has been taken to task by MPs about […]

UK banks exposed to money laundering in South Africa

UK banks exposed to money laundering in South Africa

Image caption Lord Hain was Northern Ireland secretary from 2005 to 2007 UK banks may have been used to launder money stolen from South Africa, a former cabinet minister has alleged in a letter to Chancellor Philip Hammond. Lord Peter Hain said a South African whistle-blower had indicated the banks “maybe inadvertently have been conduits […]

One in four people ‘trapped in low-paid jobs’

One in four people ‘trapped in low-paid jobs’

Image copyright Getty Images Image caption In Britain, a lot of low paid workers are permanently stuck in poorly paid jobs A quarter of low paid workers are permanently stuck in poorly paid jobs in the UK with little chance of earning more, according to new research. The Social Mobility Commission said low pay was […]

Amazon and eBay warned by MPs about VAT fraudsters

Amazon and eBay warned by MPs about VAT fraudsters

Image copyright Getty Images Image caption The problem of online VAT fraud is growing fast, MPs said Amazon and eBay are profiting from sellers who defraud UK taxpayers by failing to charge VAT, according to a report by MPs. The report estimates up to £1.5bn has been lost from third-party sellers on online marketplaces not […]

Bombardier to partner Airbus on C-Series jets

Bombardier to partner Airbus on C-Series jets

Image copyright Reuters Image caption Parts of Bombardier’s C-Series planes are made in Belfast European aerospace firm Airbus is to take a majority stake in Bombardier’s C-Series jet project. Bombardier has faced a series of problems over the plane, most recently a trade dispute in the US that imposed a 300% import tariff. Bombardier’s Northern […]

Vanguard boss warns on stock market highs

Vanguard boss warns on stock market highs

Image copyright Getty Images The boss of Vanguard, one of the world’s biggest investment funds, has expressed concerns about the record highs in stock markets. Bill McNabb, chairman of the US company, told the BBC the markets could be on course for a “decent-sized correction at some point”. US stocks closed at fresh highs on […]

Financial regulator warns of growing debt among young people

Financial regulator warns of growing debt among young people

Image copyright Getty Images The chief executive of the Financial Conduct Authority has warned of a “pronounced” build up of debt among young people. In an interview with the BBC, Andrew Bailey said the young were having to borrow for basic living costs. The regulator also said he “did not like” some high cost lending […]

The seaside towns hit by a rising tide of debt

The seaside towns hit by a rising tide of debt

Seaside towns in England and Wales – and the young families living in them – are suffering the worst levels of debt in the country, new figures reveal. The Isle of Wight has the highest level of insolvencies amongst young adults, according to the Insolvency Service, followed by Torbay and Scarborough. Overall the number of […]

Inflation ‘to cause £300 benefit squeeze’- think tank

Inflation ‘to cause £300 benefit squeeze’- think tank

Image copyright PA Benefit freezes combined with the predicted rise in inflation could set some low-income households back £300 next year, a think tank has warned. September’s inflation data will be released on Tuesday, and some analysts predict the Consumer Price Index (CPI) will be 2.9%. The Resolution Foundation says loss of income due to […]

BCC: ‘Robust’ manufacturing fails to boost UK growth

BCC: ‘Robust’ manufacturing fails to boost UK growth

Image copyright Getty Images Despite progress in the manufacturing sector, the UK economy grew at a muted rate in the third quarter of 2017, says the British Chambers of Commerce (BCC). It says the number of manufacturers reporting improved domestic sales and orders rose in the quarter to their highest level since early 2015. Export […]

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