23rd March 2013
1) As if we didn’t know, it is clear that the Chancellor George Osborne has very little economic wiggle room as the economy is predicted to grow at a paltry 0.6 per cent this year. The view of the New York Times may be instructive. It reports that the Chancellor is to rely on the housing market and the Bank of England to stir recovery.
2) Fitch looks set to be the next ratings agency to downgrade the UK with a review pending as the Telegraph reports. This will be even more political bad news for the Chancellor, but whether it has any significant impact on the bond market remains to be seen.
3) A much slimmer BP is to return around £5.3bn to investors with proceeds from the sale of TNK-BP to Rosneft as the Guardian reports. Investor patience is to be rewarded at last or so it seems.
4) The Cyprus banking and economic crisis has told us a lot of things – but this is a rather good insight from Chris Morris for the BBC covering the crisis from Nicosia “Germany has made it clear that it will no longer accept an economy within the eurozone that is dominated by its status as an economic tax haven”.
5) This may be something for investors to keep an eye on – Sky considers why tech start-up immigrants choose London and says there has been a 700 per cent increase in start ups in Tech City East London. At least it’s not all bad news for George.