Beam Reach Wiki - User contributions [en]

User:RacheleMitchell526

2012-03-29T00:52:22Z

109.150.35.198: Created page with "The number of homes sold for more than �2m - now subject to a higher stamp duty rate - fell at the end of last year, new figures show. There were 103 �2m-plus homes sold in ..."

The number of homes sold for more than �2m - now subject to a higher stamp duty rate - fell at the end of last year, new figures show.

There were 103 �2m-plus homes sold in December in England and Wales - an 18% drop from the same month a year earlier, the Land Registry said.

Of these, 80 were sold in London, where prices have been rising the fastest.

The sales came before Chancellor George Osborne introduced a new 7% stamp duty rate in Wednesday's Budget.

There are various rates of stamp duty land tax - paid by the buyer of a property - already in place, depending on the cost of the home.

The chancellor said that those who bought the most expensive homes should contribute more. This will mean the buyer of a home at a cost of more than �2m must pay at least �140,000 in stamp duty.

The Treasury expects the measure to raise �150m in the next financial year, rising to �300m by 2016-17.
First-time buyers

The Land Registry provides the latest accurate data on the sales of homes at certain price bands.
Continue reading the main story
Current stamp duty thresholds

* 1%: Properties of �125,000 to �250,000, but first-time buyers are exempt until 24 March
* 3%: �250,000 to �500,000
* 4%: More than �500,000
* 5%: More than �1m, residential property only
* 7%: More than �2m, residential property only

In December, the biggest proportion of homes were sold for between �100,000 and �150,000, with a total of 14,385 sold.

Any first-time buyers who bought homes at this price would have been exempt from stamp duty at the time.

However, from Saturday, all buyers of homes sold for more than �125,000 will have to pay stamp duty because this exemption is coming to an end after two years. Mr Osborne said it had been "ineffective" in increasing first-time buyer numbers.

In the Budget, the chancellor also announced that the level of stamp duty on residential properties over �2m which were bought via a company would increase to 15% with immediate effect.

In addition, overseas companies that already own UK residential property worth more than �2m will be subject to capital gains tax from April 2013.

Overall, the Land Registry said house prices in England and Wales rose by 0.1% in February compared with the previous month.

However, prices were down 0.6% compared with February 2010. The average home cost �161,588.

RacheleMitchell526

2012-03-29T00:52:17Z

User:RobbinEady422

2012-03-28T03:44:32Z

109.150.35.198: Created page with "he proportion of shops in Britain lying empty has hit a new record of 14.6% in February, according to figures compiled by the Local Data Company. Vacancy rates had begun to stab..."

RobbinEady422

2012-03-28T03:44:27Z

WinstonRountree914

2012-03-27T21:20:05Z

109.150.35.198: Created page with "What really caused the eurozone crisis? World leaders probably spent more time worrying about the eurozone crisis than anything else in 2011. And that was in the year that feat..."

What really caused the eurozone crisis?

World leaders probably spent more time worrying about the eurozone crisis than anything else in 2011.

And that was in the year that featured the Arab Spring, the Japanese tsunami and the death of Osama Bin Laden. What's more, 2012 looks set to be not much different. But as eurozone governments hammer out new rules to limit their borrowing, are they missing the point of the crisis?

* The eurozone has agreed a new "fiscal compact"
* Eurozone leaders have agreed to a tough set of rules - insisted on by Germany - that will limit their governments' "structural" borrowing (that is, excluding any extra borrowing due to a recession) to just 0.5% of their economies' output each year. It will also limit their total borrowing to 3%. These rules are supposed to stop them accumulating too much debt, and make sure there won't be another financial crisis.
* But didn't they already agree to this back in the '90s?
* Hang on a minute. They agreed to exactly the same 3% borrowing limit back in 1997, when the euro was being set up. The "stability and growth pact" was insisted on by German finance minister Theo Waigel (centre of image). What happened?
* So who kept to the rules?
* Italy was the worst offender. It regularly broke the 3% annual borrowing limit. But actually Germany - along with Italy - was the first big country to break the 3% rule. After that, France followed. Of the big economies, only Spain kept its nose clean until the 2008 financial crisis; the Madrid government stayed within the 3% limit every year from the euro's creation in 1999 until 2007. Not only that - of the four, Spain's government also has the smallest debts relative to the size of its economy. Greece, by the way, is in a class of its own. It never stuck to the 3% target, but manipulated its borrowing statistics to look good, which allowed it to get into the euro in the first place. Its waywardness was uncovered two years ago.
* 3/9 Italy
Worst offender
* 5/9 Germany
First to break rules
* 6/9 France
Offender
* 9/9 Spain
Top of the Class
* But the markets have other ideas
* So surely Germany, France and Italy should be in trouble with all that reckless borrowing, while Spain should be reaping the rewards of its virtue? Well, no. Actually Germany is the "safe haven" - markets have been willing to lend to it at historically low interest rates since the crisis began. Spain on the other hand is seen by markets as almost as risky as Italy. So what gives?
* So what really caused the crisis?
* There was a big build-up of debts in Spain and Italy before 2008, but it had nothing to do with governments. Instead it was the private sector - companies and mortgage borrowers - who were taking out loans. Interest rates had fallen to unprecedented lows in southern European countries when they joined the euro. And that encouraged a debt-fuelled boom.
* Good news for Germany...
* All that debt helped finance more and more imports by Spain, Italy and even France. Meanwhile, Germany became an export power-house after the eurozone was set up in 1999, selling far more to the rest of the world (including southern Europeans) than it was buying as imports. That meant Germany was earning a lot of surplus cash on its exports. And guess what - most of that cash ended up being lent to southern Europe.
* ...bad news for southern Europe
* But debts are only part of the problem in Italy and Spain. During the boom years, wages rose and rose in the south (and in France). But German unions agreed to hold their wages steady. So Italian and Spanish workers now face a huge competitive price disadvantage. Indeed, this loss of competitiveness is the main reason why southern Europeans have been finding it so much harder to export than Germany.
* ...and a nasty dilemma
* So to recap, government borrowing - which has ballooned since the 2008 global financial crisis - had very little to do with creating the current eurozone crisis in the first place, especially in Spain (Greece's government is the big exception here). So even if governments don't break the borrowing rules this time, that won't necessarily stop a similar crisis from happening all over again.

Spain and Italy are now facing nasty recessions, because no-one wants to spend. Companies and mortgage borrowers are too busy repaying their debts to spend more. Exports are uncompetitive. And now governments - whose borrowing has exploded since the 2008 financial crisis savaged their economies - have agreed to drastically cut their spending back as well. But...
* Cut spending...
* ...and you are pretty sure to deepen the recession. That probably means even more unemployment (already over 20% in Spain), which may push wages down to more competitive levels - though history suggests this is very hard to do. Even so, lower wages will just make people's debts even harder to repay, meaning they are likely to cut their own spending even more, or stop repaying their debts. And lower wages may not even lead to a quick rise in exports, if all of your European export markets are in recession too. In any case, you can probably expect more strikes and protests, and more nervousness in financial markets about whether you really will stay in the euro.
* Don't cut spending...
* ...and you risk a financial collapse. The amount you borrow each year has exploded since 2008 due to economic stagnation and high unemployment. But your economy looks to be chronically uncompetitive within the euro. So markets are liable to lose confidence in you - they may fear your economy is simply too weak to support your ballooning debtload. Meanwhile, other European governments may not have enough money to bail you out, and the European Central Bank says its mandate doesn't allow it to. And if they won't lend to you, why would anyone else?

User:MarinnaJanson969

2012-03-27T00:11:36Z

109.150.35.198: Created page with "Spain's Iberia has launched a new entry in Europe's competitive market for low-cost airlines. The new airline, Iberia Express, begins on Sunday with prices starting at 25 euros ..."

Spain's Iberia has launched a new entry in Europe's competitive market for low-cost airlines.

The new airline, Iberia Express, begins on Sunday with prices starting at 25 euros (�21) for a one-way ticket.

Iberia Express will cover Spanish cities including Madrid and the islands such as Ibiza, Fuerteventura and Lanzarote.

The launch comes after Spain's fourth-largest airline Spanair collapsed in January, stranding 20,000 passengers.

Iberia is owned by the same parent company that owns British Airways.

The low-cost Iberia Express has 500 staff and has a fleet of four Airbus 320 plane, according to Iberia chief executive Luis Gallego.

"The containment of costs will allow Iberia Express to grow and compete with the low-cost operators," he said.
Labour dispute

The new airline's website is advertising for pilots and cabin crew.

The airline will initially fly to the cities of Vigo, Santiago and Granada, as well as Menorca, Ibiza, Fuerteventura, Lanzarote and La Palma.

Later, it will expand to the Republic of Ireland, Italy, Greece, Latvia and the Netherlands, Mr Gallego said.

The airline is also the subject of a labour dispute, with the union representing Iberia's 1,600 pilots fearing it will lead to job losses.

Spanair's collapse cause misery for its passengers

The dispute with the union led to 12 days of work stoppages in December and January to protest the low-cost airline.

Separately, the Spanish government has said it is taking legal action over the collapse of Spanair, saying it could be fined 9m euros.

In 2010, Spanair reported an operating loss of 115m euros.

After Spanair's collapse, Irish rival Ryanair said it was examining opportunities in Spain. "We certainly see it as an opportunity to expand our base," it said.

MarinnaJanson969

2012-03-27T00:11:32Z

User:MarcellaKayser560

2012-03-26T10:49:21Z

MarcellaKayser560

2012-03-26T10:49:16Z

Sandrawilliams34we

2012-03-26T01:01:35Z

109.150.35.198: Created page with "Pressure is rising on Greece's national unity government to agree tough reforms demanded by the country's lenders. The EU, IMF and European Central Bank have made further spendi..."

Pressure is rising on Greece's national unity government to agree tough reforms demanded by the country's lenders.

The EU, IMF and European Central Bank have made further spending cuts, labour market reforms and bank rescues a condition of extending a new bailout.

European Commission Vice President Neelie Kroes told a Dutch newspaper that there would be "absolutely no man overboard" if Greece left the euro.

Greek party leaders are meeting on Tuesday amid a general strike.

A previous meeting on Sunday night proved inconclusive, leading to further last-minute talks between Prime Minister Lukas Papademos and the troika of official lenders on Monday.

The leader of the left-wing Syriza party coalition, Alexis Tsipras, repeated a call on Tuesday either for Greece's debts to be written off, or else for the country to pause its debt repayments for three years.

Meanwhile, public transport and the country's ports ground to a halt as two of the largest Greek public-sector unions began a strike on Tuesday in protest at continuing austerity.

User:AnalleseMcclean116

2012-03-25T20:33:33Z

109.150.35.198: Created page with "Cautious consumers' repayments on credit cards, loans and overdrafts outstripped new borrowing by �305m in February, figures show. This safety-first approach had led to a cont..."

Cautious consumers' repayments on credit cards, loans and overdrafts outstripped new borrowing by �305m in February, figures show.

This safety-first approach had led to a contraction in borrowing through loans and overdrafts for more than three years, major banks said.

The figures, from the British Bankers' Association (BBA), showed a slowdown in activity in the mortgage market.

It said remortgaging levels were at their lowest for 13 years.
'Difficult economic times'

Despite their cautious approach, consumers still spent �7bn on credit cards in February - a similar level as the previous six months, the figures show.

Repayments outstripped new borrowing on credit cards by �39m in February. The repayment in unsecured lending was driven by weak demand, and continued payback, of loans and overdrafts.

Unsecured lending by the banks contracted by 1.8% in the 12 months to February.

"Businesses and households continue to be cautious about their finances in the face of difficult economic times and this shows up in a reluctance to take on new credit, or where possible, seeking to pay back bank borrowing," said BBA statistics director David Dooks.
Mortgage dip

In the housing market, gross mortgage lending by the banks stood at �7.9bn in February, which was 1.9% lower than the same month a year earlier.

With interest rates set to stay at low levels for some time, the number of remortgaging approvals dropped to its lowest level for 13 years at 18,147. Lenders have also become more choosy about who they accept for remortgaging.

The number of mortgages approved for house purchases also fell to 33,103 in February. The average mortgage approved was �146,600.

The BBA said that there had been a jump in activity at the start of the year as first-time buyers tried to get on the property ladder before a 1% stamp duty charge for homes valued between �125,000 and �250,000 is reintroduced on Saturday.

However, activity returned to more "normal" levels in February, said the group which represents the High Street banks.

AnalleseMcclean116

2012-03-25T20:33:28Z

Douglas adams23rg

2012-03-25T20:25:40Z

User:GeorginaDavies23fg

2012-03-25T14:20:48Z

he proportion of shops in Britain lying empty has hit a new record of 14.6% in February, according to figures compiled by the Local Data Company.

Vacancy rates had begun to stabilise at the end of 2011, but they have risen in January and February, the LDC said.

It is further evidence of a difficult start to the year for retailers.

Consumer confidence also slipped back in February, the latest survey from Nationwide indicated, largely due to concerns about employment prospects.
Continue reading the main story
�Start Quote

It is a timely reminder to the government... of the significant challenges facing town and city centres up and down the country�

End Quote Matthew Hopkinson Local Data Company

* High Street casualties
* Cautious consumers 'pay off debt'
* Job woes hit consumer confidence
* Sharp decline in UK retail sales

There was an increase in the number of respondents describing their economic situation as bad.

"Consumers also scaled back their expectations for the future, with the forward-looking aspects of the index weakening during the month," said Nationwide chief economist Robert Gardner.

New figures from the Bank of England, also released on Friday, back this up.

Cautious consumers are choosing to pay off credit cards and loans, rather than take on new borrowing, the data indicate.

Evans Cycles, one of the UK's biggest bike retailers, told the BBC's Today programme that it was having to be very conscious about prices.

"We are peddling into a headwind in terms of the consumer economy," said chief executive Nick Wilkinson. "Confidence remains low, getting people to spend money on a bike is about persuading them that it is value for money."

However, Nationwide added that the number of consumers planning to buy household goods - an indicator of confidence - was higher in February than a year earlier.

This reflects official retail sales data for the month, published by the Office for National Statistics (ONS) on Thursday.

Sales volumes declined by a larger-than-expected 0.8% in February, the ONS said.

But they were still 1% higher than a year earlier.
'Damaged' High Streets

The Local Data Company said the rise in empty premises was "not unexpected" as retailers continue to cut back and even go bust.

Game, which has 600 High Street branches in the UK, said this week that it was going into administration after key suppliers stopped doing business with them. It is continuing to trade while it tries to find a solution to its debt problems.
Continue reading the main story
'Most at risk towns and cities'

* Bradford
* Derby
* Wolverhampton
* Southampton
* Hull
* Sheffield
* Swindon
* Warrington
* Stockport
* Nottingham

Source: BNP Paribas Real Estate ranks retail centres according to likelihood of more shops closing and the place's ability to withstand a weakening economy

"It is a timely reminder to the government, who are due to respond to the Portas Review this month, of the significant challenges facing town and city centres up and down the country," said LDC director Matthew Hopkinson.

Retail consultant and TV presenter Mary Portas was asked by the government to look at ways to revitalise struggling town centres.

Her report, published in December 2011, recommended cutting regulations and proposed a bigger role for street markets in town centres.

"It's crucial that the government responds to Mary's review with a menu of recommendations next week that local people, councils and businesses can 'pick and mix' to help start to reverse the damage that many of our high streets have suffered," said Ian Fletcher, director of policy at the British Property Federation.

GeorginaDavies23fg

2012-03-25T14:20:42Z

User:GeorginaYingling934

2012-03-25T11:23:31Z

GeorginaYingling934

2012-03-25T11:23:26Z

User:EsterLasky892

2012-03-25T06:37:25Z

109.150.35.198: Created page with "The International Monetary Fund (IMF) and what is now known as the World Bank, were set up to manage the post-World War II global economy. They were conceived in 1944 at a confe..."

The International Monetary Fund (IMF) and what is now known as the World Bank, were set up to manage the post-World War II global economy.

They were conceived in 1944 at a conference in Bretton Woods, in the US state of New Hampshire.

By fostering economic cooperation and helping countries with balance of payments problems the founders hoped to avoid a repeat of the 1930s Great Depression.

The IMF aims to preserve economic stability and to tackle - or ideally prevent - financial crises. Over time, its focus has switched to the developing world.

The World Bank's predecessor - the International Bank for Reconstruction and Development - was set up to drive post-war recovery.

Now, it is the world's leading development organisation, working for growth and poverty reduction.

Owned by the governments of its 187 member states, the Bank channels loans and grants and advises low and middle-income countries.

The IMF is funded by a charge - known as a "quota" - paid by member nations. The quota is based on a country's wealth and it determines voting power within the organisation; those making higher contributions have greater voting rights.

The IMF acts as a lender of last resort, disbursing its foreign exchange reserves for short periods to any member in difficulties.

Since they were conceived, the IMF has been run by a European and the World Bank by a US national.

The IMF and the Bank have served as a rallying point for disparate causes - from environmentalists to anarchists - and meetings have occasionally been accompanied by violent street protests.

Protesters and critics cite the exploitation of the poor and the environment and argue that freer trade threatens the livelihoods of millions of people.

The IMF has admitted that forcing developing countries to open their markets to foreign investors can increase the risk of financial crises.

Its former managing director Horst Koehler said in 2002 that the benefits of globalisation had not been equally shared. But he added that "the objective should not be less globalisation but more and better globalisation."

EsterLasky892

2012-03-25T06:37:18Z