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Chancellor admits road to recovery will be tougher

Chancellor George Osborne has warned that the economic recovery will be longer and harder than previously thought.

He told MPs in the House of Commons last week that recoveries from debt-driven recessions are always difficult, adding that people need to be realistic in their expectations for the future.

He said: “The world has now realised the huge overhang of debt means the recovery will take longer and be harder than had been hoped. Markets are waking up to that fact. That is what makes this the most dangerous time for the global economy since 2008.”

His comments came in a tumultuous week for global markets and European governments with Italy, France and Spain all taking emergency measures to address budget deficits. Osborne claimed that was “vindication” for his deficit reduction programme.

He blamed global instability for the recent string of downgrades to UK growth projections.

But Shadow Chancellor Ed Balls accused Osborne of being either “deeply complacent or in complete denial”, saying Government cuts have slowed growth further.

In a week when share prices in European banks tumbled, Osborne said UK banks are adequately capitalised and hold enough liquidity to cope with the current turbulence, adding “well rehearsed contingency plans” have been put in place if UK banks do come under threat.


Barings hires head of Indian equities

Baring Asset Management has appointed Ajay Argal as head of Indian equities. He reports to Asia chief investment officer Wilfred Sit and will be based in Hong Kong when he joins the firm in September. Argal has more than 17 years of experience in the fund management industry and joins Barings from Birla Sunlife AMC […]

Hawksmoor to stand by off-form managers

Hawksmoor Investment Management says it is standing by managers with good longterm track records who are struggling to find their form. Some funds held by Hawksmoor in its vanbrugh fund of funds are run by managers with solid track records but have produced poor returns this year. Hawksmoor believes it is dangerous to sell out […]

HSBC branch head to become Yorkshire BS chief

Yorkshire Building Society is to appoint current HSBC head of branch network Chris Pilling as its new chief executive. Pilling will join the society on December 31 and will take over from current chief executive Iain Cornish, who announced his intention to step down in February this year. In 2006, Pilling joined HSBC as chief […]

Castlestone chief Murray stands down as firm liquidates four Dublin funds

Castlestone founder and chief executive Angus Murray stepped down last week as the firm liquidated its four Dublin-based funds. Director for global sales Jerry Devlin replaced Murray, who will continue to provide assistance to the board during the handover. Murray will now focus on his role as the firm’s chief investment officer in the British […]

What triggers the MPAA?

Jim Grant – Senior Product Insight & Technical Support Analyst There’s sometimes confusion around what triggers the money purchase annual allowance. Find out what does and what doesn’t trigger the MPAA. The money purchase annual allowance (MPAA) is a reduced annual allowance that can apply to contributions to defined contribution (DC) schemes. The following table […]


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