What made the nationals: sponsored by PressChoice
CAMERON SEEKS FRESH GROWTH STRATEGY
By George Parker, Political Editor
David Cameron will this week attempt to inject life into Britain’s stagnant economy and fend off growing Tory criticism of his leadership, with a series of measures to boost business lending, support new housing and streamline the planning system. Chancellor George Osborne gave a taste of the package on Sunday when he revealed plans for a small business bank sponsored by the government; the Treasury would also offer guarantees designed to support £10bn on new homes.
DAVID CAMERON VOWS TO ‘CUT THROUGH THE DITHER’
Prime minister promises high-profile initiatives to breathe life into flagging economy. As MPs prepare to return to Westminster on Monday following the summer break, the prime minister promised a series of high-profile initiatives to get the country moving again and breathe new life into the flagging economy. His comments will be seen as a riposte to discontented Tory MPs who have attacked his leadership during the recess, with one senior backbencher suggesting he was a political “mouse”.
DEBT CRISIS: ECB SHOULD LAUNCH ‘UNLIMITED’ BOND BUYING, SAYS OECD
By Jonathan Sibun, Deputy City Editor
The European Central Bank should launch an “unlimited” bond buying programme as part of vital efforts to stem the debt crisis, the secretary-general of the Organisation for Economic Cooperation and Development has warned. Angel Gurria’s warning came as Spanish leader Mariano Rajoy said he would consider asking for extra aid on top of the country’s €100bn (£79bn) bank bail-out but would wait to see what conditions were attached to any rescue package. “If I believe it is good for Europe as a whole, for the euro, and for Spain, I will do it, and if not, not,” he told Spanish daily ABC.
HOLLANDE IS FORCED TO NATIONALISE MORTGAGE LENDER ON DEFAULT FEAR
By Michael Bow
French president Francois Hollande was forced to nationalise France’s second biggest specialist mortgage lender on Saturday night after a cash drought left it unable to pay its debts, meaning the government could be on the hook for up to €20bn in guarantees. Credit Immobilier de France (CIF), which has around four per cent of the French mortgage market, was handed a state guarantee by French finance minister Pierre Moscovici, in part to help it pay a €1.75bn (£1.39bn) covered bond debt, which is due to mature next month.
SAVERS ‘FACING CATASTROPHE’ IF RATES ARE CUT SAYS NATIONWIDE BOSS
By Stephen Womack
The boss of Britain’s largest building society has warned that any further cuts in the base rate would be catastrophic for savers. The Bank of England’s Monetary Policy Committee will discuss rates this week, with savers already facing declining returns. Graham Beale, chief executive of Nationwide, said: ‘I am very concerned at the impact that a base rate reduction would have on the UK’s savers.
UK FIRMS SQUEEZED AS SLOWDOWN HITS EXPORTS
By David Shand
Britain’s manufacturers are battling the toughest trading conditions in nearly three years as the eurozone debt crisis and a slowdown in the economies of emerging markets put the squeeze on exports. Output and orders have fallen away more sharply than expected over the past three months, according to a survey today by the manufacturers’ organisation EEF and business advisers BDO, with demand dropping both at home and overseas.
HAGUE: HEATHROW ELECTION PROMISE WILL STAND
Heathrow, as reports emerged of plans for a new four-runway airport which could be submitted as a solution to the aviation capacity crisis. Speaking to Sky News’ Dermott Murnaghan, Mr Hague said the Government did not intend to break its election promise about not building a third runway. Mr Hague’s comments came after The Independent on Sunday revealed that a world-leading infrastructure firm is assessing potential sites to the west and north-west of London.
….AND FINALLY …
HERE IS A LITTLE GUIDE TO THE BEST PAID POLITICAL LEADERS IN THE WORLD
1: Prime Minister Of Singapore
Annual Salary- US $2.8m
2: Chief Executive of Hong Kong
Annual Salary- US $513,245
3: Prime Minister of Kenya
Annual Salary- US $427,886
4: President Of United States
Annual Salary- US $400,000
13: The British Prime Minister $225,000
PRESSCHOICE DIARY OF BUSINESS/ECONOMIC EVENTS TODAY
First-Time Buyer Report for September 2012. It will show that 27% of those planning to buy a home in the next 12 months will be doing so for the first time – up from 23% a year ago, though still well below the 40% pre-credit-crunch norm.
Lending research from Syscap claims that radical shake up of Enterprise Finance Guarantee scheme fails to revive performance. Lending under the flagship small business lending scheme, the Enterprise Finance Guarantee has continued to fall despite the Government throwing the scheme open to larger businesses says Syscap.