Headlines – 22nd March 2013

Economy:
  • Four days to save Cyprus: a bailout deal has to be agreed by end of Monday 25th March or its banks and government face going bust, a potential euro exit and economic collapse. The Cypriot Government has unveiled a fresh rescue plan that would force losses on big depositors, to be debated today in Cyprus.
  • Retail figures surprise as they are 1.8% up in February from January (ONS) – but commentators still urge retailers to do more to drive sales,

Personal Finance:

  • The Budget contained the Coalition’s 413th tax hike, according to the TaxPayers Alliance – who said that it contained 114 tax rises vs 47 cuts. They call for a big cut in public sector pay, such as the 10% cut in the 1930s.

Property:

  • Help to Buy Scheme consternation as it appears it could help large numbers of existing homeowners, or people wishing to buy second homes. Treasury insists it won’t be available to people who want to buy second homes.
 
Recruitment and Employment:
  • MEPs voted to impose the toughest pay rules in the world on fund managers – they have voted to impose the banker bonus cap onto fund mangers. Move seen as most serious attack yet on London’s financial services sector.  
 
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