Wriglesworth paper summary – 11th April 2013

Economics

The OECD says Britain is on track to return to its long term 2% growth rate this year. Worldwide, the economic recovery looks strongest in the US, but even the troubled Eurozone is seeing gradual improvemenmts, say the OECD. (Telegraph B4)

Regulation

The new FCA (Financial Conduct Authority) will use behavioural economics to target exploitative tactics by firms, says its new head Martin Wheatley. (FT, Companies and Markets, p. 22)

SMEs

The first stage of the government’s state business bank has been launched today, with £300m for small businesses. Business secretary Vince Cable says this will be matched equally by private finance. (Telegraph B5)

Personal finance

The Post Office will start offering current accounts (with help from the Bank of Ireland). (Daily Express p.2, BBC Today Programme)

It emerges that HBOS was duped by former chief executive James Crosby into an extra five years of pensions. He recently gave up 30% of his pension, but the disparity between the company’s accounts and his pension contract means Corsby had 5 extra years to draw the pension anyway. (Telegraph B5)

Property

Julian Bevan of Chelsea illustrates the astronomic rise in prime London property prices over the last 45 years. Having bought his Grade II listed Chelsea home in 1967 for £17,000, it’s now going on the market for £3million. The average price in London is now £388,000 (Daily Mail p.22)

In other news
Nato says Scotland would have to apply as a new state to join the alliance if it were to become independent. (The Guardian, p. 15)

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