Written By Unknown on Sabtu, 06 Desember 2014 | 11.46
US job creation smashed estimates last month with 321,000 new positions, although the jobless rate remained static.
The Labor Department said it was the strongest monthly performance in almost three years and wages also increased - a development which may bring the Federal Reserve closer to raising interest rates.
But the unemployment rate held steady at a six-year low of 5.8% despite the big increase in employment.
November marked the tenth-straight month that job growth has exceeded 200,000, the longest stretch since 1994 and further confirmed the economy is weathering slowdowns in China and the eurozone.
Average hourly earnings rose 2.1% in the year to November - still below the increase of 3% or more that economists say would make the Fed comfortable lifting rates, but an improvement.
There was also positive news in terms of fresh four-year lows in the numbers giving up looking for work and in long-term unemployment figures.
Job gains were also broad-based across the economy, with retail payrolls rising strongly ahead of the holiday shopping season.
Separate figures showed the US trade deficit fell slightly in October as exports rebounded while oil imports dipped to the lowest level in five years amid the rush for US shale oil.
The Commerce Department says the deficit edged down 0.4% to $43.4bn (£27.7bn).
Exports climbed 1.2%.
The figures sparked a rally in world stocks, with the FTSE 100's gains hitting 1% on the day shortly after the announcements.
US futures pointed to a slightly higher openings on Wall Street.
UK shoppers are being encouraged to "shop small" today to support Small Business Saturday, which aims to boost smaller enterprises and change consumer behaviour.
The event, now in its second year, is backed by hundreds of trade organisations and more than 60 local councils are showing their support by waiving parking charges for the day.
Last year, independent businesses took £468m across the UK on the day and #SmallBizSatUK trended on Twitter all day.
Business and Enterprise Minister Matthew Hancock said: "There's never been a better time to start a business and I am proud that the Government has thrown its weight behind small business.
"This Saturday we have a first-rate opportunity to celebrate the hard working heroes of our economy and I will be shopping small throughout the day whilst visiting my family in Nottingham.
"Let's make this year's Small Business Saturday even better than the last."
To encourage the nation to get involved again this year, supporters of the initiative have been rallying the British public.
Artist Sir Peter Blake, who created the sleeve design for the Beatles' album Sgt Pepper's Lonely Hearts Club Band, created a piece of celebratory art featuring more than 60 UK shopkeepers with the tools of their trade.
Model Daisy Lowe will lend her support at an independent shop today.
She said: "I'm passionate about small, independent shops and have picked up some of my most treasured outfits from one-of-a-kind boutiques. I'm normally asked to model for big brands, but I jumped at the chance to be involved in Small Business Saturday and show my support for small, independent businesses too.
"I hope people around the country get involved and join me in shopping small."
Written By Unknown on Jumat, 05 Desember 2014 | 11.46
By Ed Conway, Economics Editor
Britain still faces years of "colossal" Government spending cuts that will completely transform the nature of the economy, the Institute for Fiscal Studies has warned.
Speaking a day after the Autumn Statement, the independent analysts underlined the scale of the austerity plans revealed by the Treasury.
They pointed out that there are still £21bn of cuts or tax rises left to meet George Osborne's 2019/20 targets.
The NHS is protected and may become an even bigger part of public spending
IFS director Paul Johnson said that if the NHS, schools and international development remain ring-fenced from real-terms cuts, unprotected departments, including the Home Office, Business and Culture departments, will face cuts of 41%.
"One thing is for sure," he said. "If we move in anything like this direction, whilst continuing to protect health and pensions, the role and shape of the state will have changed beyond recognition."
Video:Osborne Defends 'Balanced' Plan
He pointed out that on this basis, by 2019 a third of all state spending would go on health and state pensions alone – compared with a quarter just before the crisis.
The comments came amid growing consternation about the scale of cuts pencilled in for after the election.
Although none of the major parties have sketched out their manifestos, Wednesday's OBR numbers are critical in laying out the scale of the work that may need to be done in future years to balance the books.
The IFS said that so far the Government had achieved £35bn of cuts, but that it still had to cut a further £55bn from its departmental budgets.
Video:Is Govt Shrinking To 1930s Levels?
However, this is based on Mr Osborne's aspiration of achieving an overall budget surplus within four years, a plan which is not shared by his Labour counterpart Ed Balls.
Paul Johnson said: "How do we get to this sunlit upland in which we have a budget surplus?
"Spending cuts on a colossal scale is how, taking total Government spending to its lowest level as a proportion of national income since before the last war."
In its report, the Office for Budget Responsibility pointed out that by 2019/20 the size of the Government would be down to the smallest level in around 80 years. The speed of the cuts would be unprecedented during peacetime.
Video:Two Views Of The Autumn Statement
The IFS also said that while Mr Osborne's reforms to Stamp Duty were welcome, they did not go far enough.
"Transaction taxes such as Stamp Duty are highly inefficient however they are designed, and the truth is Stamp Duty will continue to become a more important revenue raiser not a less important one even after these changes," said Mr Johnson.
"This is most certainly not the substantial overhaul of the taxation of housing we need."
George Osborne has defended his economic plans amid claims he is set to plunge Britain into a period of austerity not seen since the 1930s.
The Chancellor grabbed headlines with the historic stamp duty reforms he announced, but the government spending watchdog said cuts of £60bn to non-protected areas like police, local government and justice will be required if he is to meet his targets.
The Office for Budget Responsibility (OBR) said public spending would have to fall to 35.2% of GDP by 2019/20 if Mr Osborne is to eliminate the deficit by the end of the next parliament.
OBR chairman Robert Chote said a "very tight further squeeze" on public services would be needed - including the loss of a further one million public sector jobs - driving down public spending to an 80-year low.
An OBR graph shows a steep drop in public spending under this government
The Institute for Fiscal Studies has said the plans laid out in the Autumn Statement will require "spending cuts on a colossal scale" after next year's general election.
Mr Osborne told Sky News his plan to clear the deficit by 2020 was "balanced".
Video:Osborne Defends 'Balanced' Plan
He said: "We're taking a number of years because I think that's the right pace. The path we're on has given Britain not just the fastest growing economy in the world, but it means ... you've got real world evidence that we've got the right long-term plan."
He justified the "giveaways" in his Autumn Statement, saying the country "can't afford not to" invest in areas like roads and flood defences.
"It's precisely because we didn't invest in those things in the last decade that our country was not equipped for the modern economy," he said.
"We've got to make sure our deficit is coming down but we shouldn't do that at the expense of the big long-term investments that secure jobs for generations to come."
Video:Kids Club Struggles To Survive Cuts
The Chancellor was scathing about his Liberal Democrat coalition partners after Business Secretary Vince Cable said his plan to bring public spending down to 35% of GDP was "wholly unrealistic".
He said: "In private they sign up to these decisions but then in public they slag them off. But that's for them to explain to you."
Shadow Chancellor Ed Balls said Mr Osborne was being forced to accelerate spending cuts because he had failed to balance the budget.
He told Sky News: "He said he'd make people better off and that hasn't worked. People's wages are still falling compared to prices.
Video:Business Owner Lucy Sowa
"And it's that cost-of-living crisis which means for the next few years the revenues aren't coming in and he's got a huge problem and he's saying he can somehow solve this with bigger spending cuts than before."
He said the Chancellor's promise of tax cuts worth £7bn in the next parliament were an "unfunded fantasy".
But he said Labour would keep the stamp duty reforms and abolition of air passenger duty for children, while making savings by measures including reversing top rate tax cuts and taking winter fuel allowance away from rich pensioners.
The stamp duty changes that could cut £4,500 off the cost of an average home have come into force - a move welcomed by thousands of buyers.
1/5
Gallery: Stamp Duty: How Much Will You Save?
Homes bought for under £125,000, such as these terraced houses, are unchanged by the new rules and buyers still do not have to pay any Stamp Duty
Someone choosing a typical three-bedroom semi-detached costing £185,000 would pay £1,200 instead of £1,850 under the old rules - a £650 saving
Written By Unknown on Kamis, 04 Desember 2014 | 11.46
The main measures and forecasts as outlined by the Chancellor George Osborne in his Autumn Statement:
TAX
:: Stamp Duty rates overhauled. Top rate now 12% on properties worth more than £1.5m effective from midnight Wednesday. There will be no duty on properties worth up to £125,000 then 2% rate on the portion up to £250,000 then 5% up to £925,000, then 10% up to £1.5m.
:: Higher rate income tax threshold to rise to £42,385 next year.
:: Income tax-free personal allowance to rise to £10,600 rather than the planned £10,500 next year, giving wage boost of £825 a year.
Video:Osborne Says Britain In Recovery
:: ISAs can be inherited tax free.
:: Fuel duty remains frozen.
:: People who die under 75 to be able to pass on annuities, tax free.
CORPORATE TAX
:: A so-called 'Google Tax' will introduce a levy of 25% on profits shifted abroad by multi-national firms. The Diverted Profits Tax aims to raise more than £1bn over five years.
Video:Stamp Duty: Good News For Buyers
:: Banks to pay almost £4bn more in tax over next five years, with profits which can be offset by losses for tax purposes to be limited to 50%.
:: Inflation-linked increase in business rates capped at 2% and discount for shops, pubs and cafes increased by 50% to £1,500.
SAVINGS
:: Limit on saving in New ISAs to rise to £15,240
DEVOLUTION & 'NORTHERN POWERHOUSE'
Video:Number Crunching The Changes
:: Business rates for Wales to be devolved to Welsh Government.
:: Plans law to devolve corporation tax to Northern Ireland if the Northern Ireland executive shows it can manage the financial implications.
:: Investment of £250m in new advanced material science institute in Manchester with branches in Leeds, Sheffield and Liverpool. Tendering for new franchises for Northern Rail and Trans-Pennine Express to ensure modern trains.
EDUCATION
:: Government-backed student loans of up to £10,000 are to be made available for postgraduates.
Video:Autumn Statement: The Highlights
TRAVEL
:: Air Passenger Duty for under-12s abolished from May 2015. Scrapped from 2016 for under-16s.
SAVINGS
:: A further £10bn of Whitehall efficiencies is planned while £5bn more is sought from crackdown on tax evasion and avoidance.
:: Public service pension reforms will be completed, saving £1.3bn annually.
Video:Miliband Laughs Off Osborne Jibe
SPENDING
:: NHS gets additional £2bn every year for frontline services. A £1.2bn investment in GP services will be paid for from foreign exchange fines.
:: Government spending £10bn less than forecast this year but warns the coming years will require "very substantial savings in public spending."
PUBLIC FINANCES
:: Office for Budget Responsibility (OBR): Forecast 2014 GDP growth upgraded to 3% from 2.7%. 2015 forecast raised to 2.4%.
Video:Autumn Statement Reaction
:: "Deficit is falling this year and every year." Deficit now cut in half. OBR forecasts borrowing to fall from £97.5bn in 2013/14 to £91.3bn in 2014/15 (£5bn above annual target). Budget surplus of £23bn predicted for 2019/20.
:: Osborne says deficit reduction better than some predicted as welfare spending is lower and interest paid on national debt is considerably lower.
:: OBR predicts wage growth above inflation for the next five years.
Historic stamp duty changes that could cut £4,500 off the cost of an average home have come into force - a move welcomed by thousands of buyers.
Detailed verdicts from leading financial experts will be delivered later on all the contents of George Osborne's Autumn Statement.
But the Chancellor's shake-up of stamp duty was the most eye-catching policy.
He has scrapped the "slab rate" of stamp duty - which means huge increases in tax when house values enter a new band.
In future, he said, the tax would apply progressively to the part of the property in each band, like income tax.
Video:Stamp Duty: Good News For Buyers
The new rates will see house-buyers pay 0% on the first £125,000 then 2% on the portion up to £250,000, 5% up to £925,000, 10% up to £1.5m and 12% on anything above that.
First-time buyer Martin Gaine, from west London, said the change could save him as much as £4,000 on his prospective purchase.
"It's a lovely surprise because it wasn't trailed in any of the newspapers," he told Sky News Online as he viewed a two-bedroom flat in Chiswick, on the market for £600,000.
"Stamp duty is a big outlay and it's an up-front cost that you don't get back so this is brilliant news. Every little bit helps at the moment, so to save that money will be fantastic for me."
Video:House Buyer's Delight
Mr Osborne told the Commons: "It is a fair, workable, lasting reform to the taxation of housing."
The changes will cost the Treasury "nearly £400m" over the next four months, according to the Office for Budget Responsibility (OBR).
The Chancellor also announced a plan to cut the cost of air travel for millions of families by abolishing air passenger duty for children under the age of 16 over the next two years.
On the controversial issue of the deficit, Mr Osborne was cheered by his own MPs and jeered by the opposition as he revealed better-than-expected figures.
1/5
Gallery: Stamp Duty Savings: How It Will Affect Different Values Of Home
Homes bought for under £125,000, such as these terrace houses, are unchanged by the new rules and buyers still do not have to pay any Stamp Duty
Someone choosing a typical three-bedroom semi-detached costing £185,000 would pay £1,200 instead of £1,850 under the old rules - a £650 saving
Written By Unknown on Rabu, 03 Desember 2014 | 11.46
By Darren McCaffrey, Sky Political Reporter
Around a billion pounds of investment for small and medium sized businesses, relief on petrol prices and changes to business rates to help the High Street are just some of the Austumn Statement measures to be announced later.
Plans to make stamp duty more progressive, easing the bill for people buying at the bottom end of the market but with possible heavier charges on more expensive homes, could also be unveiled by George Osborne later in what has been described as the "Government's last big economic event".
The Chancellor will say: "Our long-term economic plan is working. I say: we stay the course. We stay the course to prosperity.
"We support people who want to work hard and get on. And it is for their sakes that we resolve to stay on course to prosperity."
The Treasury and the Bank of England have agreed to extend the Funding For Lending (FLS) scheme by another year to January 2016 - underwriting loans specifically for smaller firms.
Video:Geogre Osborne's Autumn Statement
George Osborne is also allocating an extra £400m to expand the state-owned British Business Bank's venture capital programme.
And it will be handed funding to guarantee up to £500m of new lending in 2015-16.
The Chancellor is also expected to scrap the Fair Fuel Stabiliser, which would have seen petrol prices increase by 1p next March.
Video:Autumn Statement: Debt Vs Deficit
Air Passenger Duty on children's flights is also due to be abolished, which could reduce the cost of long haul flights by hundreds of pounds for families.
And there could be help for the High Street, with a review of business rates and how it is calculated due to be completed by early 2016. Rising rates have in part been blamed for hitting traditional town centre shops.
The Chancellor is expected to have to acknowledge that net borrowing will miss targets and reach about £90bn – greater than the £86.5bn predicted in March during the budget.
Video:Nigel Lawson On Autumn Statement
Lower tax revenues as a result of an increase in low paid jobs and continued high social security bills will only increase pressure on future budgets, meaning possible further cuts or tax increases.
Shadow chancellor Ed Balls, speaking ahead of the Autumn Statement, accused the Conservative party of shaping the wrong sort of economic recovery.
He said: "David Cameron and George Osborne have now failed every test and broken every promise they made on the economy.
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Gallery: Swipe Through The Graphs To See How The UK's Economy Is Doing
Political Editor Faisal Islam and Economics Editor Ed Conway pick out five key words and phrases likely to pass the lips of the Chancellor during the Autumn Statement.
Faisal's Five
:: Long-Term Economic Plan
The four word slogan drilled in to every piece of Conservative messaging online, offline, from speeches to mugs.
Designed to offer the electorate a feeling that the good times will return if they stick to the plan.
:: Northern Powerhouse
It was a phrase scratched together quickly by a clever Number 11 adviser to head off a Labour initiative on rebalancing the economy.
But it has grown in to a multifaceted plan for transport, science, devolving powers to create a mini-London along the M62.
:: The Choice
From now until the election the Conservative strategy is to shake the electorate into viewing the election not as a fight over policy, but as a straightforward choice between two prime ministers.
David Cameron with a growing economy after tough choices. And Ed Miliband, who they want the nation to view as an unconvincing anti-business former adviser to Gordon Brown.
:: Our NHS
In Conservative speeches the NHS has acquired a possessive pronoun.
The party knows public trust is weak for them on this, so they are after a score draw with Labour, neutralising claims of "privatisation" and attacking the Labour record in Wales.
:: In it Together
The old ones are the best. Many would argue that by promising unfunded tax cuts and further cash freezes in benefits, this phrase is now old hat.
But look out for the Chancellor trying to make the argument that British austerity was modest and moderate, in comparison to that seen in say Spain and Greece.
Ed's Five
:: A recovery for all
The point behind this buzzphrase is that the Treasury is worried about the perception that the recovery is not being shared by all - that the wealthiest have benefited most from its post-crisis policies while the poorest have faced the biggest squeeze.
:: Cutting the deficit by a third
There is bound to be some kind of line about how much the Government has cut the deficit - though the precise configuration tends to change from year to year.
:: "760,000 new businesses since 2010"
This recent buzzphrase is being trotted out repeatedly by Government ministers.
It's intended to underline how dynamic the business community is at the moment. And, indeed, the number of businesses being created right now is rising very quickly.
However, some notes of caution are in order: it is likely that a significant chunk of these new businesses are single-person companies.
:: Strongest growth in the Western world
The Chancellor will almost certainly point towards figures showing Britain is growing faster than many of its peers.
And indeed, the improvement in GDP, and the fall in unemployment, have been sharper in the UK than in many other developed countries.
:: Full employment
Earlier this year, the Chancellor pledged to try to "fight for full employment in Britain".
Expect this to resurface at some point in the Autumn Statement. In part this is another bit of political signalling - an effort to get people to focus on the positive news from the labour market.
Written By Unknown on Selasa, 02 Desember 2014 | 11.46
The amount of money lost to phone scams has tripled to £23.9m in the last year, according to new figures.
Financial Fraud Action UK (FFA UK), which represents banks, building societies and card companies, has launched a national campaign to warn about the telltale signs of a phone scam.
It carried out a survey which found that 58% of people had received suspect calls about their banking details - up 17% on last year.
The campaign tells consumers not to give out their PIN over the phone.
Cold calling scams typically involve fraudsters deceiving victims into thinking they are speaking to a police officer, bank staff, or a trusted representative of an organisation - a practice known as fishing.
They will then try to get them to divulge passwords, transfer funds or hand over cash to a courier.
Detective Chief Inspector Perry Stokes said: "Always be on your guard if you receive a cold call and are asked for personal or financial information, or to hand over your card or cash to someone.
"The bank or the police will never tell you to take such actions, so if you're asked it can only be a criminal attack."
FFA UK also said fraudsters could ask consumers to hang up and phone back in an attempt to win their confidence.
A new garden city will be built in Oxfordshire under Coalition plans to deal with a housing shortage.
The new town, which would have up to 13,000 homes, would be built near Bicester and would include a £44m capital investment from the Government for roads including a new junction on the M40.
The plans will be outlined in the National Infrastructure Plan set to be published on Wednesday ahead of the Autumn Statement, alongside a range of other housing measures.
A government loan would be provided for the development of amenities including green transport.
A modern garden city could also be built at Ebbsfleet in Kent
Ebbsfleet in Kent was announced earlier this year as the location for the first modern garden city.
Bicester has also expressed an interest and could receive a new railway station as part of the proposals announced by Deputy Prime Minister Nick Clegg.
Video:The Autumn Statement Explained
Mr Clegg told the Daily Telegraph: "The Liberal Democrats have long argued that garden cities are an idea whose time has come again.
"I am delighted that Bicester can now be confirmed as a pioneer in what I hope will be another wave of garden cities in this country.
"Bicester will get help from the Government with both significant capital investment and in helping developers build the amenities that are required to be a true garden town."
Under the proposals, a series of new communities with in built green spaces, sustainable transport and spacious housing will be built.
Mr Clegg has previously promised at least ten would be created if the Liberal Democrats are part of the next government.
Written By Unknown on Senin, 01 Desember 2014 | 11.46
By Katie Spencer, Sky News Reporter
Changes to parental leave will "level the playing field" for women in the workplace, a top employer has told Sky News.
Gaenor Bagley, head of people at PWC, says allowing couples to share post-baby leave entitlements will take the pressure off for many women when it comes to taking time out from their careers to have a baby.
"There are lots of dads that do want to take time off and current legislation doesn't make it easy to do that," she explains.
"Unless we create that equality, unless we level the playing field, we're never going to make it equally likely that you're successful in your career whether you're a man or a woman."
Couples will be able to share parental leave
The changes will allow couples greater flexibility and give women the option to end their maternity leave early if they would rather share it with their partner.
New mums will still have to take first two weeks post-birth off, but the changes will mean couples can break up their 50 weeks of parental leave in a combination that suits them.
Video:Shake-Up In Parental Leave Laws
But crucially companies will be under no obligation to offer anything but statutory terms to men.
So for any couple looking to share leave, the pay deal that's offered by the respective company they work for is likely to be a big factor.
Only time will tell if employers will be willing to offer the same attractive maternity pay deals to their male employees.
Video:Parental Leave Share Plans
New dad Alistair Wood's employers have already allowed him to adopt the flexible approach to parental leave.
It allowed him to take three and half months off work when his baby daughter was born. When he returned to work, his husband was then able to take the following three months.
"You're sharing the parenting but you're also reducing the amount of time that you're out of the office," he told Sky News.
Video:Mums Welcome Parental Leave Reforms
"When I returned to the office there was a bit of a transition as I got up to speed, like anyone would have after a long holiday. But actually there's less of an impact overall, so now, a few months down the track, my career is back where it was."
Shared leave can be applied for from 1 December, but parents won't be able to take the leave itself before April 2015.
Retailers are preparing for another half-a-billion-pound online shopping surge on Cyber Monday today.
The event is the online-only follow-up to Black Friday, which saw bargain hunters spend £1.6bn across the high street and internet.
Card payment firm Visa said £600m of the £1.6bn raked in was spent on the internet.
Amazon, Currys and Tesco are among the big players lining up new deals and hoping their websites hold up to the virtual stampede.
Electronics retailer ao.com predicts today will be its best ever day of sales, with televisions and small kitchen appliances expected to be the best performing categories, and is offering a host of fresh deals.
Video:Black Friday In The UK
Amazon.co.uk is planning to release hundreds of limited "lightning deals" which offer discounts for a specific period, with new offers coming online every 10 minutes.
Some sites, such as Currys, Argos and Game, crashed under the demand on Friday - the biggest ever online shopping day in the UK, according to Visa.
Visa Europe chief Kevin Jenkins said: "Compared to Black Friday last year online spend on Visa cards increased more than 30% and high street spend by about 20%.
"Heading into Cyber Monday we're likely to see a further £500m spent online, peaking in the early evening as workers return home and log on."
But security experts have warned consumers to be wary of cyber crime and take basic precautions as they shop.
Video:Trouble In Store
Giovanni Ruberto, online security expert at Intel Security, said: "Cyber Monday is set to be the biggest online shopping day this year, and of course the bad guys know this.
"Whilst consumers are logging on from their laptop or smartphone to grab a bargain, you can bet cybercriminals will be doing all they can to trick unwitting consumers to hand over credit card information and personal details."
Recent years have seen online shopping peak on the first Monday in December.
It is thought to be down to many people's last payday before Christmas falling on the previous Friday and a weekend spent browsing the shops before buying online.
However, some retailers have been criticised for whipping people into a shopping frenzy and not having proper security at Black Friday events.
Video:Police Describe 'Mini-riot'
Shoppers were filmed arguing and fighting each other for cut price televisions, with witnesses saying some bargain hunters behaved "like animals".
Former Archbishop of Canterbury Dr George Carey on Sunday called the supermarkets "irresponsible" and said the event "serves no useful purpose".
Black Friday was introduced in America on the day after Thanksgiving and is thought to have been given its name because brisk business was said to have helped retailers back into profit - into the black.
The event was introduced to this country by Amazon in 2010.
