RANsquawk DAILY UK OPENING NEWS – 02/05/12
UK managers are cautiously more optimistic about the outlook for the economy, but concerns about the impact the recession is having on businesses remains elevated, particularly among the public sector, according to a CMI survey. (Sources) The survey shows 83% of the managers questioned expect UK GDP to remain the same or contract over the next year. The CMI CEO commented that morale continues to be low and managers are having to deal with difficult issues such as pay freezes and job insecurity.
Moody's have commented that the UK economy is unlikely to see much benefit from this summer's Olympics with only the hotel sector expected to experience a significant uplift. (FT-More) Moody's added that the potential long-term boost to national income from transport improvements would be too localised to provide any macroeconomic impact.
Around 800,000 more taxpayers have been caught in the 40% tax band since PM Cameron came to power. (Daily Mail) The Treasury expects an extra 630,000 higher rate taxpayers in the 2013-14 tax year as the threshold for the 40% rate drops again from GBP 42,475 to GBP 41,450.
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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