The UK is officially into recession

The UK economy suffered its worst and biggest slump on record between April and June due to coronavirus lockdown measures, shrinking as much as 20.4 per cent compared with the first three months of the year. The UK is officially into recession. Household spending plunged as shops were ordered to close, while factory and construction…

Government debt stands at £1.98 trillion

  The UK government borrowed £127.9bn between April and June for tackling the coronavirus pandemic, taking the total government debt to £1.98 trillion. The difference between spending and tax income was more than double the £55.4bn borrowed in the whole of the previous year.  The borrowing in June was lower in May at £35.5bn, as…

Promoting the elite at the expense of the workers

Trade conflicts caused by governments promoting the interest of the elite at the expense of workers. Across the world, the rich have prospered while workers can no longer afford to buy what they produce have lost their jobs, or have been forced into higher levels of debt. The class wars of rising inequality are a…

Corruption at the Deutsche Bank

There is a scandal in the Wealth Management division of Deutsche Bank which paid £1.1m to secure the wealth management business of a senior Saudi Royal financial adviser, whose wife was paid according to an internal probe that led to two former employees being reported to criminal prosecutors. The money transfers were arranged in 2011…

Help to. Buy significant market risk

Help to Buy was introduced by David Cameron’s coalition government in 2013, with the aim of helping more people to get on the property ladder, instead  63 per cent of people using the Government’s Help to Buy scheme could have purchased their properties without it, and 19  per cent were not first time buyers. According…

Chinese farmer sets up a fake bank

Zhang,  a Chinese farmer set up a fake branch of one of the world’s largest banks was caught when he stopped customers withdrawing money. He created the China Construction Bank in Shandong  a fake branch  with card readers, passbooks and three teenage girls as bank tellers and ran for over a month and swindled thousands of…

Budget 2015: Osborne unveils National Living Wage

George Osborn delivered his 7th budget as Chancellor, the first for a Conservative government since November 1996, unveils millions in tax cut but surprises with a compulsory national wage of £9 an hour by 2020.  *New national living wage will be introduced for all workers aged over 25, starting at £7.20 an hour from April…

Short sellers trigger Shanghai stocks rout

Shanghai Index and the Shenzhen composite were both down 5.8 per cent and 5.4 per cent respectively. The two indices have fallen 30 per cent since June 2015 and is destabilising the Chinese economy at a time when it shows signs of slowing down.  China’s Securities Regulatory Commission said it had opened a probe into…