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Sep 30, 2014

UK economy picks up in second quarter, recovery pace revised higher

LONDON (Reuters) – Britain’s economy grew more quickly than previously thought in the second quarter and its recovery from the financial crisis has been less sluggish than first estimated, according to official figures that use a new way of calculating data.

Britain’s gross domestic product (GDP) rose 0.9 percent in the three months from April to June this year, the fastest increase since the third quarter of 2013.

Sep 30, 2014

Osborne targets welfare for cuts in tough message to voters

BIRMINGHAM, England (Reuters) – Chancellor George Osborne spelled out plans for more spending cuts on Monday, betting that voters will accept his tough approach to fixing the economy and give an election victory to his Conservative Party next year.

Osborne announced a two-year freeze on a wide range of welfare payments as he sought to regain the initiative following a split within the party of Prime Minister David Cameron’s over Britain’s membership of the European Union.

Sep 29, 2014

UK’s Osborne vows crackdown on tax-avoiding tech firms

LONDON, Sept 29 (Reuters) – British finance minister George
Osborne said on Monday he was examining changes to clamp down on
tax avoidance by multinationals which the government says are
depriving Britain’s public coffers of hundreds of millions of
pounds each year.

“Some technology companies go to extraordinary lengths to
pay little or no tax here,” Osborne told an annual conference of
his Conservative Party.

Sep 29, 2014

Britain’s Osborne pitches welfare cuts to voters ahead of election

BIRMINGHAM, England, Sept 29 (Reuters) – British finance
minister George Osborne sought on Monday to deflect voter
attention from a Conservative party split over Europe by
pledging more spending cuts to help the government’s finances
back to surplus.

The Conservative party’s schism over Europe has marred Prime
Minister David Cameron’s last major party conference before the
2015 election, overshadowing Osborne’s pitch of economic growth,
fiscal prudence and tougher rules for welfare claimants.

Sep 28, 2014

UK’s Osborne launches Conservative election pitch with pension tax cut

BIRMINGHAM, England, Sept 28 (Reuters) – British finance
minister George Osborne will announce on Monday that he will
scrap a tax on inherited pension savings as he lays out the
Conservative Party’s pitch to win the next election on the back
of its economic policies.

Ahead of what is expected to be a close-run ballot next May,
Osborne will use a key speech to try to persuade voters that
only the Conservatives can be trusted to keep Britain’s economic
recovery on track.

Sep 28, 2014

Global Economy Weekahead: While ECB struggles, Fed sees recovery

LONDON (Reuters) – On one side of the Atlantic they’re trying to refill the punchbowl. On the other they’re getting ready to take it away. This week, investors may get a clearer idea why.

The European Central Bank will spell out on Thursday its latest attempt to steer the euro zone away from the prospect of damaging deflation, following the latest snapshot of consumer price pressures on Tuesday.

Sep 28, 2014

While ECB struggles, Fed sees recovery

LONDON (Reuters) – On one side of the Atlantic they’re trying to refill the punchbowl. On the other they’re getting ready to take it away. This week, investors may get a clearer idea why.

The European Central Bank will spell out on Thursday its latest attempt to steer the euro zone away from the prospect of damaging deflation, following the latest snapshot of consumer price pressures on Tuesday.

Sep 23, 2014

UK August public finances show further slippage, income tax weak

LONDON (Reuters) – Britain’s public finances deteriorated again in August after a weak start to the financial year, posing a challenge for Chancellor George Osborne as next year’s national election approaches.

The Office for National Statistics said public sector net borrowing, excluding state-controlled banks, totalled 11.6 billion pounds in August, up 6.1 percent from a year earlier, broadly in line with economists’ expectations in a Reuters poll.

Sep 23, 2014

Eyeing 2015 election, Labour says it can be trusted to revive the economy

MANCHESTER England (Reuters) – The Labour party promised on Monday to keep a firm grip on spending if it wins next year’s election, seeking to persuade voters with tough budget talk that the recovering economy will be safe in its hands.

It was an early broadside in a campaign shaken up by disputes over powers for the United Kingdom’s regions following Scotland’s No” to independence vote.

Sep 22, 2014

Eyeing 2015 vote, Britain’s Labour says it can be trusted to revive the economy

MANCHESTER England (Reuters) – Britain’s opposition Labour party promised on Monday to keep a firm grip on spending if it wins next year’s election, seeking to persuade voters with tough budget talk that the recovering economy will be safe in its hands.

It was an early broadside in a campaign shaken up by disputes over powers for the United Kingdom’s regions following Scotland’s No” to independence vote.