Key Quotes - Money

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Last update: Wednesday 25th March




Chancellor George Osborne wishes he had done more to help Britain’s economy when the coalition first came to power. Mr Osborne told youngsters in a question and answer session, he regretted attempts to reform the economy had not gone far enough.
Money	The Sentinel, July 4, 2014



The supermarket price war drove food and drink costs to their first fall since 2006 last month as inflation dipped to a four-and-a-half-year low. The Consumer Prices Index (CPI) measure of inflation dropped more steeply than expected to 1.5% in May – the lowest level since October 2009 – from 1.8% in April. Shoppers experienced a year-on-year decline of 0.6% in food and non-alcoholic drinks prices, the first for more than eight years and the heaviest since October 2004. It came amid a sustained push by the major supermarkets to combat the threat of discounters Aldi and Lidl.
Money	The Sentinel, June 18, 2014



The next phase of a church response to payday lenders was launched on Tuesday – a network of “Credit Champions” to promote responsible lending and saving. The Church Credit Champions Network (CCCN) was unveiled at St Martin-in-the-Fields, in central London, by Sir Hector Sants, the former investment banker and financial regulator who is leading the Archbishop of Canterbury’s taskforce on finance. The taskforce was set up last year, after Archbishop Welby’s run-in with Wonga.
Money	Church Times, 30 May 2014



Bank of England Governor Mark Carney has signalled he is ready to take action to cool Britain’s surging housing market amid fears that a new property price bubble could derail the economic recovery. Mr. Carney said the Bank could adopt a range of measures – including imposing a new “affordability test” for borrowers and advising the Government to rein in its Help to Buy scheme.
Money	The Sentinel, May 19, 2014



Inflation rose for the first time in 10 months in April, stalling hopes for a pick-up in real terms wages. The Consumer Prices Index (CPI) measure of inflation increased to 1.8% after hitting a four-year low of 1.6% the month before. Latest figures show annual wage increases were stuck at 1.7% meaning a hoped-for sustained period of pay rising faster than the cost of living has yet to materialise. Earnings have not consistently been improving at a higher rate than the cost of living since 2008 but appear to have caught up in recent months.
Money	The Sentinel, May 21, 2014



Digger-maker JCB delivered earnings of £313 million last year after seeing a resurgence of sales in the UK and Ireland. The business weathered global issues, such as an economic slowdown in emerging markets, political uncertainty and adverse movements in the exchange rate, to turn over £2.68 billion in 2013, about the same as the previous year.
Money	The Sentinel, May 12, 2014



A respected international think-tank has upgraded its growth forecast for the UK to 3.2% this year – but warned that action may be needed to cool the housing market. The Organisation for Economic Co-operation and Development (OECD) revised its estimate from 2.4%, saying it believed the recovery has now ‘taken hold’. But it cautioned that consumer spending remained the main driver of growth, and urged the Government to consider measures to ensure ‘balanced’ house price rises.
Money	The Sentinel, May 7, 2014



An MEP has labelled a European carbon tax ruling which threatens the pottery industry as ‘perverse’. Lib Dem West Midlands MEP Phil Bennion is calling on the Government to respond swiftly to the EU’s decision on Britain’s carbon price floor compensation scheme. Brussels ruled that the scheme, which helps ceramics and glass producers, contravened state rules.
Money	The Sentinel, May 8, 2014



Interest rates have been kept at their historic low of 0.5 per cent as mounting pressure to cool the housing market failed to persuade the Bank of England to change course. The announcement was widely expected as policymakers have said they would rather utilise other tools to curb any property bubble before acting on rates, which would only be deployed as a ‘last line of defence’. The decision came as latest figures from the Halifax showing a second consecutive month-on-month fall in house prices in April – though they were 8.5 per cent year-on-year – looked likely the ease concerns about an overheating market. The Bank rate has been at the historic low of 0.5 per cent for more than five years to nurse the economy back to health. With the recovery gathering pace, policymakers have made clear they want to see more of the ‘spare capacity’ in the economy taken up before any hike, leading to expectations of a first rise next spring.
Money	The Sentinel, May 9, 2014



A campaign has been launched for Stoke-on-Trent to be named the country’s first ‘City of Football’. Politicians and clubs are joining forces to win £1.6 million to invest in the grassroots game across the Potteries. Sports England is inviting bids for the cash with Liverpool, Hull and Northampton among the other areas hoping to take the title. Stoke-on-Trent City Council is now to see whether the city qualifies for the funding.
Money	The Sentinel, May 1, 2014



Ceramics firms will not receive compensation to offset crippling energy costs after a ruling by EU ministers. Support for energy-intensive industries with the cost of UK’s Carbon Price floor – a tax on fossil fuels used to generate electricity – was announced by Chancellor George Osborne in 2011 and expanded on in the Budget this year.
Money	The Sentinel, April 23, 2014



Britain’s big four supermarket chains have surrendered more ground to their discount rivals in the wake of a record quarter of growth for Aldi. All the main chains posted declining sales in the 12 weeks to March 30. The share held by market leader Tesco fell to 28.6% from 29.7% a year earlier, Asda’s market share was 17.4% against 17.6% a year ago, Sainsbury’s dropped to 16.5% from 16.9% and Morrisons’ fell to 11.1% from 11.6%. In contrast, Aldi achieved its highest growth in sales yet of 35.3% as its market position jumped from 3.4% a year ago to 4.6%.
Money	The Sentinel, April 9, 2014



Britain’s Big Six energy suppliers face the threat of being broken up after regulators said they planned to refer the sector for a full-scale competition probe. Ofgem said soaring household bills and intensifying public distrust highlighted the need for an investigation to determine if the companies are making excess profit – after they quadrupled to more than £1 billion in three years.
Money	The Sentinel, March 28, 2014



The national minimum wage will increase by 19p an hour to £6.50. The new rates will be implemented in October and will benefit a million workers. Business Secretary Vince Cable said he had accepted a recommendation from the Low Pay Commission that the minimum wage should increase by three per cent. The rate for 18 to 20-year-olds will go up by 10p to £5.13 an hour, a two percent increase. The rate for those aged 16 and 17 will rise by 7p to £3.79, also a two percent rise. Apprentices will earn an extra 5p an hour, taking their wages to at least £2.73.
Money	The Sentinel, March 13, 2014



Barclays has defied calls for pay restraint as it announced a 10 per cent hike in its staff poll to £2.4 billion – while confirming plans to cut up to 12,000 jobs this year. The group said around 7,000 jobs would go in the UK – including some branch-based roles – under plans to slash costs, adding that around half of the affected employees had already been informed. It fuelled anger over City pay following a controversial bonus increase on last year’s £2.2 billion haul, which comes despite a 32 per cent drop in underlying annual profits to £5.2 billion. The bumper payout will see its 26,200 investment banking employees share out a £1.6 billion bonus pot for 2013, up 13 per cent on 2012, giving as average pay-out of £60,100 employee in the division.
Money	The Sentinel, February 12, 2014

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