Growth, Plan B and the eurozone
The government is wrestling with a package of growth measures it would like to announce before the Summer recess. There are internal battles over the scale of all this and some of the content.
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The Cypriot parliament votes against plans to tax people’s bank deposits to secure a bailout from the EU and IMF. Meanwhile, the RAF flies 1 million euros in to keep British forces there in cash.
Eurozone finance ministers agree on a bailout for Cyprus, marking the fifth international rescue package in three years of the debt crisis.
Police fire tear gas and stun grenades at demonstrators in Athens who are protesting about Angela Merkel’s trip to the country.
The UK economic forecast is cut and the global recovery shows further signs of weakness, the International Monetary Fund said in its World Economic Outlook today.
Spanish Economy Minister Luis de Guindos issues a dire warning about the future of the euro, as new figures show 66bn euros ($82bn) of money left the country in March.
More than 100 people protesting against government austerity cuts descend on the London home of Deputy Prime Minister Nick Clegg.
Home Secretary Theresa May says the government is drawing up contingency plans for an influx of economic migrants from Greece and other European countries if the eurozone breaks up.
The government is wrestling with a package of growth measures it would like to announce before the Summer recess. There are internal battles over the scale of all this and some of the content.
Britain should cut interest rates and consider quantitative easing to stimulate growth, the IMF says, on the back of reports showing 3 per cent inflation and predicting the recession is almost over.
As Greece heads towards rerun elections, Channel 4 News Economics Editor Faisal Islam considers whether Europe is heading for a stormy political and economic earthquake
“The chancellor is adamant that this is not a further back-door bailout of the eurozone.”
Chancellor George Osborne agrees to lend the IMF an extra £10bn, despite backbench Conservative concerns.
Greece is successful in offering a bond swap to private creditors, after the deadline expired on a deal needed to avoid a debt default.
It was a far bolder speech than I expected from the PM to the capital of capitalism. He described himself as a “monetary radical”, which is a reference to the £275 billion of QE, and presumably the soon-to-be launched credit easing policy. It was a contrast with the European Central Bank and its lack of bazooka.
As official figures show that growth declined at the end of last year, Channel 4 News analyses what has happened to the British economy since the 2008-09 recession and what is in store.