Gordon Brown under pressure from European Commission
The UK government will tomorrow be dealt a severe blow by the European Commission which will make public its grave concerns about UK finances, the UK budget deficit and the UK government's attempts to repair the country's balance sheet. As with many investors and experts, the European Commission is concerned about a lack of credible planning to address financial issues in the UK at a time when investment markets are crying out for further information.
Indeed only today we saw a suggestion from a member of the MPC that the UK could see a reduction in GDP for at least one quarter in 2010. If this were to extend to 2 months in succession then technically we will be back in recession and the alarm bells would begin to sound in the UK and around the world. At a time when Gordon Brown must be willing his EU counterparts and worldwide allies to step forward in support of his fiscal policies it would appear he has been left to his own devices and hung out to dry.
The comments from the European Commission, detailed in a draft report issued today, will play into the hands of George Osborne and the Conservative party at a time when their lead in the polls is under enormous pressure. Is David Cameron's luck about to change?
Share this..
Related stories
Alistair Darling challenged to curb city remuneration
The last few days have seen the Chancellor of the Exchequer Alistair Darling move out of the shadows and take up the mantle regarding excessive pay in the city and huge bonuses. However, Alistair Darling was today challenged to rubberstamp the creation of a new "High Pay Commission" which would effectively oversee the City of London and regulate remuneration packages and bonuses. So how did the Ch...
Read MoreGoldman Sachs announces startling turnaround
US banking giant Goldman Sachs has today revealed that the firm generated around $38 million in profits per day in the first half of 2009. However, the company has been allocating a startling $74 million a day for the compensation and benefits pot which will ultimately be shared out among staff. When you also consider that this performance in the first six months of 2009 was "nothing spectacular"...
Read MoreCalls for cut in UK rates go unanswered
The cry for interest rate cuts in the UK has now reached fever pitch with all areas of the economy suffering in some shape or form. While it is more of a confidence issue which has put us in this mess, with Christmas coming it looks as though the future is bleak for many this year. The retail trade is expecting its worst festive period for many years, banks are literally having to bail each othe...
Read MoreIMF changes opinion on UK economy
The International Monetary Fund (IMF) has today issued a change in opinion with regards to the UK economy with a suggestion that recovery will happen sooner than previously expected. While the IMF is of the opinion that GDP (gross domestic product) will fall by a worse than expected 4.2% in 2009 (against a former estimate of 4.1%) the news in relation to the economy as a whole is much more upbeat....
Read MoreYoung fraudsters on the rise
28/07/2014 The cost of fraud committed by people aged 26-35 increased by 285% during the first half of 2014, according to a report by accountancy company KPMG. Fraudsters in this age group conned their victims out of £62m in the six months to July 2014, meaning there could be a shift in who the stereotypical con artist is. The research suggested that fraudsters are getting younger due to...
Read More