U.K. to cut welfare cuts amid decreasing taxes

Source: Bloomberg
Head of the U.K. Treasury George Osborne announced on Monday that it will be necessary to cut additionally 25 billion pounds in welfare spending after the 2015 election, as the upcoming reduction in taxes will have a negative effect on the budget. At the same time, the government coalition partners, Liberal Democrats, disagree with such a decision and will oppose any try to implement it.
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Mon, 06 Jan 2014 17:16:05 GMT

Australia car sales decline as Ford and GM to close plants

Car sales in Australia dropped a record 15% during the previous year, while the biggest car manufacturers in the country, General Motors and Ford Motor Company, announced closures of its plants in Australia by 2017. Currently, the car industry in the country employs more than 42,000 workers, while sales' decrease of Australia-made cars by 41% since 2006 may lead to

Mon, 06 Jan 2014 16:31:05 GMT

U.K. service sector activity slows in December

Activity in the service sector of the U.K. unexpectedly slowed down in December of this year, however, the overall business optimism remained quite high. The benchmark PMI Index, which measures the activity in this sector, slipped to 58.8 points in December versus 60 a month ago. At the same time, the business confidence in the country hit the highest level

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