Monday, July 15

Day: July 10, 2016

Bank of England poised to slash interest rates to shore up economy
ENGLISH, United Kingdom

Bank of England poised to slash interest rates to shore up economy

    The Bank of England is poised to slash interest rates to close to zero this week as fears mount over a Brexit-induced recession. Economists believe the Monetary Policy Committee (MPC) will cut rates to a new low of just 0.25pc on Thursday, while markets have priced in a 75pc chance of more easing. Bank of America Merrill Lynch believes policymakers will reduce rates to as low as 0.1pc. A cut would be the first change in interest rates since March 2009, when the base rate was slashed to 0.5pc. Global investors have rowed back their hopes for higher interest rates following the UK’s decision to leave the EU. Ahead of last month’s poll, markets were priced for 0.19 percentage points of rate cuts from the G7 central banks over the coming year. Now, they expect almost a full pe...
Brexit aftershocks: Who’s next to leave the EU
ENGLISH, Europe

Brexit aftershocks: Who’s next to leave the EU

    The initial proposals from these big countries encourage the break-up of the Union But today Mr Kaczynski blasted: "The initial proposals from these big countries encourage the break-up of the Union. "We cannot stand idly by and let the most powerful ones carry on like this. We cannot allow the Union to fall apart. "Britain is being treated arrogantly today, which is a hysterical reaction." Addressing delegates, the 67-year-old was also keen to leave the door open for a possible return to the European fold for Britain. Far from punishing Britain for voting to leave, instead he urged Brussels to "reach out" to the next Government and try to smooth over future relations. Urging Brussels bureaucrats not to burn bridges, he pleaded: "We have to give it a chance, a chance of re...
Poland warns Brussels it will DESTROY the EU if it tries to punish Britain for leaving
ENGLISH, Europe

Poland warns Brussels it will DESTROY the EU if it tries to punish Britain for leaving

    The country's former Prime Minister said that, far from deterring other countries from leaving, any attempts to punish the UK will only accelerate the break up of the beleaguered bloc. Jaroslaw Kaczynski, the influential chairman of the ruling Law and Justice Party, also aimed a torpedo at close neighbours Germany, saying the rest of Europe cannot allow Angela Merkel to sink the EU by refusing to negotiate. His comments yet again expose the growing division on the continent over how to deal with the fallout of last week's historic Brexit vote. Poland is a deeply eurosceptic country and has been dismayed by Britain's vote to leave the bloc as it feels it has lost its biggest ally in the fight against Brussels federalism. He also said Brussels should leave the door open for ...
After Brexit Vote: Immigrants Feel a Town Turn Against Them
ENGLISH, United Kingdom

After Brexit Vote: Immigrants Feel a Town Turn Against Them

    A few days after Britain voted to leave the European Union, Monika Baginski was in a supermarket, chatting with a friend on the phone in her native Polish, when a man followed her down the aisle. “You foreigner,” Ms. Baginski recalled him saying. “You’ll be out soon.” Ms. Baginski, 32, said she was stunned. Until that moment, she had never been the target of abuse, even in Boston, a port town on the east coast of England where rancor between longtime residents and the fast-growing population of recent immigrants has been simmering for years. Sign Up For NYT Now's Morning Briefing Newsletter But since Britain’s referendum vote to leave the European Union, latent hostility toward the new arrivals — most of whom came to Boston from Central and Eastern Europe under rules that ...
Chilcot report: John Prescott says Tony Blair led UK into illegal war in Iraq
ENGLISH, United Kingdom

Chilcot report: John Prescott says Tony Blair led UK into illegal war in Iraq

    John Prescott The Iraq War was illegal, according to Lord Prescott, the deputy prime minister at the time of the 2003 invasion. The Labour heavyweight used his strongest language yet to condemn Tony Blair's decision to take part in the Iraq War, a decision he supported at the time. Lord Prescott's comments come just days after the publication of the long-awaited Iraq Inquiry report by Sir John Chilcot. Writing in The Sunday Mirror the peer said: "I will live with the decision of going to war and its catastrophic consequences for the rest of my life. Theo Bertram acted as adviser to both Tony Blair, left, and Gordon Brown, right (Picture: Getty Images) "In 2004, the UN secretary-general Kofi Annan said that as regime change was the prime aim of the Iraq War, it was illegal....