Posts in the Economy category
Celeb chef, Anthony Worrell Thompson, has had to close four of his restaurants due to a fall in revenue, leaving 60 of his staff out of jobs.
His company, AWT Restaurants Ltd, went into administration last week. He needed £200,000 to keep his firm afloat but failed to secure the bank loans.
400 of the top BBC managers have had their bonuses slashed because of the current credit crunch.
The BBC want to save an extra £450m by 2013, on top of the £1.7bn already planned. So cutting the bonuses of the firm's biggest bosses is the most logical step! I bet they still get paid a fortune though!
The BCC seem to be very concerned about December's retail figures, as they saw retail sales values fall 3.3% on a like-for-like basis - this is being put down to the massive dent in consumer confidence, and their unwillingness to part with their cash as easily as they did before - understandable really!
The banks seem to be staying strong and improving their profit margins. So who would actually benefit from interest rates of 0%? Many high street banks have already declared that they won't be passing on any more interest-rate reductions to homeowners with tracker mortgages, so will a rate cut just improve their profits? Or will they benefit joe public?
Banks could do with passing on the interest rate slashes to their customers - this would improve consumer confidence and get the spending ball rolling. Only then could we see improvements when it comes to the retail sector. The government needs to force lenders to pass on the savings - how this can be done, I'm not quite sure.