Spain suffers cut from Standard and Poor's
Credit rating agency Standard and Poor's has today reduced the credit rating on Spanish national debt from AAA to AA. This is a major blow for the Spanish economy and the Spanish government and comes amid signs that the Greece debacle is now affecting other European economies. Yesterday we saw Portugal suffer the indignity of a credit rating downgrade and experts believe more downgrades are on the way.
The ongoing problems within the Eurozone have impacted upon the euro itself which has come under significant selling pressure over the last few days. Despite the fact that only a few days ago it looked highly unlikely that any European country would default on its national debt, the chances of this happening have increased dramatically over the last 48 hours. There is also concern that the global economy could be impacted by the debt problems within Europe and we could move back towards another worldwide economic downturn.
Even though the UK stock market was fairly steady today, compared to yesterday, we did see significant falls in France, Germany and Spain and there is growing concern amongst investors. Despite the fact that the German authorities appear to have been dragging their heels regarding a solution for the Greek debt problem, it was the German government who today called for a "speeding up" of negotiations between the Greek government, the IMF and the European Union.
UK employment market starting to wobble
The UK employment market, while still showing growth in September, has seen the number of additional jobs available fall to its slowest rate of growth for 11 months. There are now major concerns that the UK employment market could itself be on the verge of a "double dip" challenge which could be further exacerbated by the forthcoming reduction in employment numbers in the public sector. The sig...Read More
Critics lining up to attack Irish authorities
Critics are this weekend lining up to attack the Irish government amid signs that the economy is weakening further and the financial strength of the Irish authorities is under real pressure. A number of people believe that austerity measures currently ongoing are nowhere near enough to rein in the budget deficit and try to at least put the Irish finances on a sounder footing. There are now accusat...Read More
Alistair Darling copies US policy on bank nationalisation
Alistair Darling has this evening come out and suggested that the vast majority of UK banks should retain a percentage of private investors so that a return to the private sector can be completed as and when the time is right. The UK government currently has significant holdings in a number of leading UK banks and there has been a suggestion that the likes of Lloyds TSB and possibly Royal Bank of...Read More
High street shop closures reach 16 a day
09/10/2014 High streets are losing their number of shops dramatically, a study by PwC and the Local Data Company has shown. The study shows that 16 stores a day were closing in the first half on this year, and the rate of store openings fell to 15%. 400 stores have been left empty as Britain’s high street struggles to compete with online retailers. The stores hardest hit are women’s fa...Read More
Alistair Darling calls the end of the recession
Chancellor Of The Exchequer Alistair Darling will tomorrow call the end of UK recession confirming his belief that the economy will move into positive territory around the turn of the New Year. He will make his forecast in a Guardian article to be published ahead of the G20 meeting in which he will appreciate there are still risks to the worldwide economy, but he believes the UK will follow the li...Read More