Nobel prize-winning economist steps down saying Panama government refused to guarantee report would be made public
The committee set up to investigate the lack of transparency in Panama’s financial system itself lacks transparency, Nobel prize-winning economist Joseph Stiglitz has said after resigning from the Panama Papers commission.
The leak in April of more than 11.5m documents from the Panamanian law firm Mossack Fonseca detailed financial information from offshore accounts and potential tax evasion by the rich and powerful.
Related: The Panama Papers: how the world’s rich and famous hide their money offshore
Sudden announcement comes shortly after chief said no decision had been taken and bank revealed first-half loss of £2bn
Royal Bank of Scotland has cut its lending rates for homebuyers, leaving Lloyds Banking Group as the last major lender holding out against the Bank of England’s call to pass on Thursday’s interest rate cut to borrowers.
The sudden announcement by RBS came on Friday just hours after the bank, which is 73% owned by the taxpayer, had insisted that a decision would not be made immediately to reduce its standard variable rate (SVR) from 4%.
Related: RBS delays passing on Bank of England interest rate cut to borrowers
Bailed-out bank takes fresh hit for legal disputes and says more cost cuts needed to counter economic impact of Brexit vote
Royal Bank of Scotland has slumped to a £2bn half-year loss after taking a fresh hit for legal disputes, as it admitted costs will have to be cut to tackle the economic impact of the Brexit vote and the dwindling popularity of high street branches.
The bank, which is 73% owned by the taxpayer and is on track for its ninth consecutive year of losses, is also abandoning its long-running attempts to float the Williams & Glyn branch network – a move the EU demanded as part of the bank’s £45bn taxpayer bailout and a key plank of the government’s plans to bolster competition on the high street.
The Republican has unveiled his team of 15 merry money men, who he says will make him the ‘greatest jobs president’ ever. So who are they?
Republican presidential nominee Donald Trump has revealed his newly formed economic council. All 15 members are men, six are called Steve, one is a hotdog vendor and two are actual economists.
“I am pleased that we have such a formidable group of experienced and talented individuals that will work with me to implement real solutions for the economic issues facing our country. For too long we have watched as President Obama and Hillary Clinton have ruined our economy and decimated the middle class,” Trump said in a statement. “I am going to be the greatest jobs president our country has ever seen. We will do more for the hardworking people of our country and Make America Great Again.”
Related: Top Trump policy adviser was a ‘controversial figure’ for college writings
Options range from tax cuts to helicopter money, but no initiative will be more important than negotiating new trade deals
When Mark Carney unveiled a broad package of measures to ward off a post-EU referendum recession on Thursday, he emphasised that the Bank of England had only limited power to shore up the economy. The government will have to play its part too, the Bank’s governor said.
All eyes are now on the Philip Hammond’s autumn statement due later this year. The new chancellor has already told Carney that the government will “take any necessary steps” [pdf] and come up with its own measures.
Bank of England governor Mark Carney takes centre stage as the national press speculates on the virtues and vices of his post-Brexit measures
Will the Bank of England’s cut in interest rates to an historic low of 0.25% prevent a post-Brexit recession? Is the bank’s governor, Mark Carney, a shrewd operator? Is Britain’s economy doomed?
Let’s seek some answers in Friday’s national newspapers, beginning with the paper that should know: the Financial Times.
“Better still might be to treat investment in human capital as another aspect of infrastructure spending… Improving Britain’s skills base by investing in the cash-strapped further education sector; picking up the bill for apprenticeships and vocational training… supporting technical training at schools… maybe even reconsidering tuition fees and student debt – these are all ideas that could ease the deep intergenerational injustice that has been so exacerbated by booming asset prices.”
“It is satisfying to see Mr Carney admit that Brexit will not be a disaster but it remains scandalous that he did not have the honesty or integrity to do so before the referendum.”
The economy is in dire need of a jump start – cutting interest rates has failed miserably. So instead give money to people who would actually spend it
Just give people the money. Give them cash, dole it out, increase benefits, slash VAT, hand it to those most likely to spend it: the poor. Put £1,000 into every debit account. Whatever you do, don’t give it to banks. They will just hoard it or use it to boost house prices.
Britain is suffering from a classic liquidity trap. There is insufficient demand. Yet all the Bank of England did on Thursday was wring its hands, blame Brexit and go on digging the same old holes.
West Brom chairman Jeremy Peace agrees a deal to sell the club to a Chinese investment group led by entrepreneur Guochuan Lai.
RBS reports a £2bn loss for the first six months of the year, which the chief executive blamed on “legacy issues”.