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Midweek News UpdateBack

Mark Carney: UK rates to remain low ‘for some time’

interest ratesBank of England governor Mark Carney has said that UK interest rates are likely to remain low “for some time”. His comments came as he spoke to MPs on the Treasury Committee. UK rates have been held at 0.5% since March 2009. Most economists are not expecting the Bank to raise rates until mid-2016 at the earliest. Mr Carney said that “even with limited and gradual rate increases it still will be a relatively low interest rate environment”.

New Jaguar Land Rover jobs in Wolverhampton factory expansion

Jaguar Land Rover is set to hire hundreds of new workers as the car manufacturer announces plans to double the size of its site near Wolverhampton. It will invest £450m in its engine manufacturing centre, doubling its size to 200,000 sq ft (18,581 sq m). The plant, on the i54 business site in south Staffordshire, employs 700 people, a number it expects to double. A rise in global demand had led to the centre’s expansion, the company said.

Spending Review: George Osborne to pledge housing cash amid cuts

George Osborne is to set out government spending plans up to 2020 later, which will include billions of pounds in cuts but also new money for housebuilding. The Autumn Statement and Spending Review will detail £20bn of cuts to Whitehall budgets and £12bn to welfare. But the chancellor will pledge almost £7bn to make housebuilding a priority, with more than 400,000 “affordable homes” to be built in England. Plans to mitigate the effect of tax credit cuts have also been promised.


The Financial Times

Volkswagen faces probe over suspected tax evasion

German prosecutors have launched an investigation into suspected tax evasion by Volkswagen linked to the emissions scandal that has engulfed the carmaker. However, the company’s share price rose nearly 5 per cent on Tuesday after its chief executive said that the cost to repair diesel engines equipped with cheating software would be lower than expected.


The Guardian

UK retailers stock up and hope for the best as Black Friday approaches

Britons are expected to spend £3.49bn over the four days commencing with Black Friday, with online sales alone predicted to rise 16 per cent. Some 14.7 million shoppers will spend £1.19bn on credit cards, with “peak chaos” set for 1–2pm on Friday. On this occasion however, the high street is split between retailers welcoming the bargain hunters and those sending a clear message that they will no longer be part of the rampage.


The Independent

EU referendum: Majority of UK public wants ‘Brexit’, poll reveals

More than half of the public now want to leave the European Union, according to an opinion poll for The Independent – the first time our monthly survey has shown a majority for “Brexit” The survey of 2,000 people by ORB, conducted last Wednesday and Thursday in the wake of the Paris terrorist attacks, will be seen as a reflection of public anxiety about the EU’s migration crisis.


The Daily Express

George Osborne set to raise petrol prices in the Autumn Statement, fear experts

DRIVERS could be in the Chancellor’s firing line in today’s Autumn Statement, according to industry experts. George Osborne has kept fuel duty frozen for four years but is now desperately looking to reduce Britain’s budget deficit after a shock increase in October.  Chancellor needs to increase the amount of tax the Government receives while cutting spending to balance the books – and is set out his plans in today’s Autumn Statement and Spending Review.

Mr Osborne promised to keep fuel duty on hold until 2015 and now the recent diesel emissions crisis could provide him with an excuse to slap an additional levy on to fuel, say experts. The recent drop in fuel costs, thanks to falling oil prices, could also makes fuel duty a soft target.

Posted by Lois Hardy on 25/11/2015