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Daily HeadlinesBack

UK industry in recession for third time in eight years

UK industry fell back into recession as it shrank for the second quarter in a row, according to the Office for National Statistics (ONS). It is the third time UK industry has been in recession in eight years.

Although industrial production rose 0.3% from February to March, it fell 0.4% both in the first three months of 2016 and in the last three of 2015. Compared with a year ago, manufacturing production in the first quarter fell 1.9%, the biggest fall since 2013.

Record low rates mean savers are worse off than ever

Interest rates for savers have fallen to new record lows, after hundreds of cuts in recent months and more than 1,000 in the past year. New analysis for BBC News shows that many people relying on their savings income are worse off than ever before. Savings rates plummeted after the Bank of England slashed its base rate in the financial crisis.

Since last autumn, as the economic outlook has worsened, they have fallen again.

Toyota reports record profits but warns next year’s will fall 35%

Japan’s Toyota Motor made a record profit of 2.31trn yen ($21bn, £14.6bn), its third in a row, but warned profits would fall sharply next time. Toyota is forecasting a 35% drop in net profit to $1.5tn yen. Toyota, the world’s biggest selling motor company, has done well out of a weak yen, which has made its goods cheaper in other countries. Last year, one US dollar would buy 120 yen, but over next year is expected to buy just 105 yen.


The Financial Times

Treasury makes Brexit contingency plans

The Treasury has started contingency planning in case it needs to shore up Britain’s financial system in the event of a vote to leave the EU, George Osborne told MPs on Wednesday. The Treasury had previously denied making formal plans for a Brexit vote but Mr Osborne said his department was working with the Bank of England to counter what could be extreme volatility in the event of a Leave vote. The chancellor refused to be drawn on the details but told the Treasury committee: “I think there would be very significant financial volatility around a vote to leave. “The Bank of England and the Treasury are doing quite a serious amount of contingency planning for the impact on financial stability in the aftermath of a vote to leave.”

Volkswagen managers set to secure frozen bonuses

Volkswagen has been strongly criticised after it emerged that the company’s executive pay plan makes it easy for top managers to secure bonuses that were withheld after the diesel emissions scandal — and they could even double their money. Share price performance hurdles set by VW’s supervisory board for senior managers to recoup the withheld bonuses — or double the frozen payments — are not difficult to clear, according to experts.


The Daily Mail

The car scam that will drive you crackers: As the Lottery con grandmother is given this £20,000 car, we reveal how thousands are driving off in brand new vehicles paid for by YOU – by pretending they’re disabled

  • Susanne Hinte, who tried to bag a Lottery jackpot, is apparently immobile
  • Ms Hinte, 48, received a £20,000 car and is in receipt of a range of benefits
  • She also receives a payment of £57.45 per week to help her get around
  • This is known as PIP and is designed to help those with serious disabilities
  • Motability Scheme has received abuse allegations, and costs £2bn a year

Posted by Lois Hardy on 12/05/2016