In the papers today…
A co-ordinated growth push has been planned following higher than expected government borrowing last month. It has been revealed that the government was £557m in deficit in public sector net borrowing in July after a slump in corporate tax receipts. The government will unveil a series of measures to promote jobs and growth as ministers move to show they have a credible economic strategy.
The Guardian, p.1 City A.M., p.1 Daily Mail, p.2 The Times, p.1 Independent, p.1 Daily Telegraph, p.1
Britain’s biggest house-builder has sold just 220 homes in a scheme that was intended to kick-start the housing market. The NewBuy Guarantee scheme was introduced to help 100,000 people buy their dream home with a deposit of just 5 per cent, but participating company Persimmon admitted the scheme was off to a “slow start” after selling just 220.
Daily Telegraph, p.4
Hundreds of thousands of struggling small business owners are braced to pay up to £480 a year for bank accounts that were advertised as free for ever. Customers at high street bank Santander that deposit £1,000 or less a month have been told they must pay a monthly fee of £7.50. The Daily Mail, p.49
Savers are also suffering as banks and building societies continue to cut the fixed-rate deals they offer to new savers willing to tie their money up. The Daily Mail, p.50
Green policies have been accused of putting British jobs in jeopardy. Due to environmental taxes, by 2020 the British industry will be paying twice as much for electricity than other EU countries and China, Russia and the US. This is predicted to lead to job losses as industry figures struggle to cope with rocketing costs.
The Daily Express, p.12