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George Soros says Government cuts will push UK back into recession

Billionaire investor George Soros believes the UK Government has to ease up on its spending cuts in a bid to avoid going back into recession.

Speaking at the Davos 2011 conference, Soros said the current austerity Budget is unsustainable as it risked killing off economic growth.

Soros comments comes after the Office For National Statistics announced a 0.5 per cent fall in GDP output in the final quarter of 2010.

Soros said he had some sympathy with Chancellor George Osborne’s plans, claiming they were the right move in the first place. However, he disagreed with Ed Balls stimulus measures, which targeted consumption.

He said: “You need fiscal stimulus, not necessarily for consumption but to improve competitiveness.

“Too large a part of the stimulus went into consumption, which perpetuated the problem.”



Barclays to close advice arm

Barclays is closing its advice arm, Barclays Financial Planning, and exiting the advice market for retail consumers, Money Marketing can reveal. The bank will continue to offer advice to high-net-worth clients through Barclays Wealth, but will no longer give retail clients advice through its branch network. Barclays Stockbrokers, which offers an execution-only service, will not […]

Precise Mortgages appoints three new BDMs

Precise Mortgages has added three new business development managers to its sales team. Sandra Cook, formerly of Chelsea Building Society, is to manage the lender’s southern region while Claire Rankin, formerly of Advantage Home Loans, is to manage the northern region. Nicky Parke, who previously worked at PMS, is managing the team of telephone BDMs […]

BNY Mellon brings emerging duo to UK

BNY Mellon Asset Management is launching its £2.4bn emerging markets debt local currency fund and £245m Brazil equity fund into the UK retail market in February. The Dublin-based funds are being added to a number of platforms, with February 8 targeted as the launch date. The four-year old BNY Mellon emerging markets debt local currency […]


Government warns of “regulatory arbitrage” over pension reforms

The Government is looking to crack down on the “regulatory arbitrage” created by employers launching trust-based schemes to take advantage of the ability to get refunds if employees leave within two years. Speaking last night at a Headlinemoney event in London, pensions minister Steve Webb said he was concerned about the effect this would have […]

International jurisdictions

By Neil Jones, Canada Life Investing through international providers has grown in popularity over recent years as investors seek out the benefits of gross roll-up and the wider range of investment options that can be available. When considering a recommendation for a lump sum investment, not only does the adviser have to select a suitable tax wrapper […]


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