Key Quotes - Money

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Last update: Wednesday 25th March




Financial secrecy is intensifying in the world despite pledges made by powerful nations to tackle it, according to an index compiled by Christian Aid and the Tax Justice Network. The Financial Secrecy Index ranks 72 leading countries and jurisdictions offering financial services according to the amount of international business they enjoy and the secrecy given to their clients. Switzerland is placed as the ‘most harmful’ country. ‘Tax haven secrecy is hugely damaging and facilitates crimes such as money-laundering, corruption and tax evasion. It also has a grave impact on the economies of developing countries.’
Money	The War Cry, 15 October 2011



Prime Minister David Cameron has challenged claims the Government’s austerity measures will increase child poverty and hit the poorest hardest. Official figures in Chancellor George Osborne’s statement on Tuesday show child poverty is set to swell by 100,000 over the coming years, while the Institute for Fiscal Studies thinktank suggested lower income groups are bearing the brunt of the Government’s cuts, but Mr Cameron said the rich were bearing a much larger share of the burden than the poor.
Money	The Sentinel - December 2 2011



Britain has already entered a period of recession which will last until the spring and will be followed by months of stunted growth, a respected global economic think-tank has forecast. The bleak prediction, for the last quarter of this year and the first quarter of 2012, from the Organisation for Economic Co-operation and Development (OECD) came on the eve of Chancellor George Osborne’s Autumn Statement.
Money	The Sentinel - November 29 2011



Medical students from low-income backgrounds are graduating more than £13,000 more in debt than their better-off peers, a new report has said. The British Medical Association (BMA) survey also shows the number of students from the lowest income brackets in medical school has declined in the past 12 months. The findings are revealed in the BMA’s Medical Student Finance Survey 2010/11, which quizzed more than 2,800 students. The BMA said the results raise concerns about the Government’s plans to widen access to careers in medicine for low-income groups.
Money	The Sentinel - November 2 2011



The United Reformed Baptist and Methodist Churches have called on the House of Lords to oppose the government’s plans to cap benefit payments at £500 per week. The Charity claims that some 27,000 adults and 82,000 children will be made homeless as a consequence of the proposed cap.
Money	Reform – November 2011



Higher food bills kept the rate of shop price inflation unchanged last month, despite falls for clothing and footwear as retailers stepped up clearance sales to entice shoppers. Food prices rose 5 per cent in September, unchanged from August and up 0.1 per cent over the month, even though the price of some commodities eased back, according to the British Retail Consortium. Overall, the rate of shop price inflation was 2.7 per cent in September, unchanged from August, but mounting pressures on the high street meant non-food prices rose 1.3 per cent.
Money	The Sentinel 5th October 2011



A Government minister has called on councils to stop employing full-time union officials at taxpayers` expense. The national bill is estimated to stand at more than £30 million. Staffordshire County Council and Stoke-on-Trent City Council are both among the top 10 biggest-spending authorities in the county for employing dedicated union staff, as revealed by The Sentinel in July.
Money	The Sentinel - 4th October 2011



Fears of a double-dip recession were fuelled yesterday as the International Monetary Fund (IMF) slashed the UK’s growth forecast and warned the global economy is in a “dangerous new phase”. The UK will see gross domestic product (GDP) grow 1.1 per cent in 2011, compared with the IMF’s latest World Economic Outlook report in April of 1.7 per cent, and by 1.6 per cent in 2012, compared with 2.3 per cent. The forecasts for the UK in 2011 fall behind projections for Germany, France, the Eurozone, U.S. and Canada.
Money	The Sentinel, Wednesday September 21, 2011



Soaring energy bills and record increases in clothing prices helped push the rate of inflation to near a three-year high last month. The consumer prices index (CPI) rate of inflation rose to 4.5 per cent in August, up from 4.4 per cent in July, the Office for National Statistics (ONS) said. This was equal to the CPI rate in May and was last higher in September 2008. Housing, water, electricity and gas prices increased by 5.1 per cent year-on-year, the ONS said; the highest annual increase since July 2009.
Money	The Sentinel, Wednesday September 14, 2011



The euro is heading for collapse because of the crisis in Greece, and a speedy demise may be better than a “slow death” for the single currency, former foreign secretary Jack Straw warned yesterday. Mr Straw urged ministers in the House of Commons to prepare Britain for “alternatives” to the European Single Currency. His comments came as EU finance ministers refused to hand the Greek government a second bailout package of 12 billion euro (£10.6 billion) unless it agrees to implement a 28-billion euro (£24.8 billion) set of austerity measures.
Money	The Sentinel June 21 2011



The Government has criticised an inflation-busting EU budget rise in the face of UK demands for a freeze in line with national austerity measures. The European Commission is proposing a 4.9 per cent increase in EU spending next year, boosting the euro-budget by £5.5 billion to £117 billion. A Government spokesman said the UK would fight the plan, insisting: “We want the best deal for the UK taxpayer. We’ll be working with member states to drive the hardest possible bargain.”
Money	The Sentinel April 21, 2011



Four disabled adults have won a landmark legal challenge after a court ruled council plans to slash its adult social care budget were unlawful. High Court Judge Mr Justice Walker passed an interim judgement that Birmingham City Council’s budget failed to comply with Section 49a of the Disability Discrimination Act, requiring the needs of disabled people to be considered. The authority was proposing to cut care for disabled adults whose needs had not been assessed as “critical”.
Money	The Sentinel April 21, 2011



Fears over the strength of Britain’s economic recovery were fuelled after figures showed only a tepid turnaround from the snow-bound end to 2010. Gross domestic product, a broad measure for the total economy, grew by 0.5 per cent between January and March, reversing a decline of 0.5 per cent in the final quarter of 2010, the office for National Statistics (ONS) said. But while the UK escaped a double-dip recession, the ONS warned underlying growth was broadly flat.
Money	The Sentinel April 28, 2011



Britain's banks are to face a once-in-a-generation shakeup designed to give consumers a better deal and protect tax¬payers from ever having to bail them out again. A landmark report by the Independent Banking Commission will today call for sweeping changes, which could result in the sale of up to 1,000 High Street branches. It will stop short of ordering the break-up of the major lenders, an idea raised by Business Secretary Vince Cable.
Money	The Mail April 11th 2011



Households disposable income fell for the first time in almost 30 years, official figures revealed. The figures overshadowed news that the economy shrank by less than previously thought. Consumers disposable income fell by 0.8 per cent in the final quarter of 2010, the Office for National Statistics said, providing further evidence of the squeeze on consumer spending. The first decline in spending power since 1981 came as wages failed to keep up with rising inflation at 4.4 per cent.
Money	The Sentinel - March 30 2011

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