This document summarizes an economic presentation on the UK's fiscal outlook. It finds that UK economic growth has been much worse than expected since the 2008 recession, with output and employment recovery lagging behind previous recessions. While the UK's debt position is better than other countries, its budget deficit remains very high and further fiscal consolidation is planned through 2018. The presentation evaluates proposals to change fiscal policy, finding that increased infrastructure investment would provide the largest short-term stimulus due to high multipliers, though long-term effects depend on project selection. Proposed changes so far are small and unlikely to significantly boost growth. The conclusion is that more borrowing may be needed to finance stimulus if growth is a priority.
This document provides an overview of HSBC for Michael Geoghegan, the Group Chief Executive Officer, at a Merrill Lynch conference in London in October 2006. It discusses HSBC's record of growth, performance highlights from the first half of 2006, the strength and geographic diversity of its operating franchises, its focus on continued growth, and some of the opportunities and challenges it faces. The presentation aims to demonstrate why HSBC is well positioned for sustained growth and why investors should continue investing in HSBC rather than just good regional players.
The document discusses how entrepreneurship is key to job creation and economic growth. It notes that startups create the majority of new jobs, though established businesses growing or contracting account for most net job creation. The document advocates for policies like Hire One tax credits that support entrepreneurship and business growth. It argues Idaho should develop a comprehensive strategy using low-cost initiatives to promote an entrepreneurial culture and make it easier to start and grow businesses.
The document summarizes the agenda and speakers for a Treasury Hot Topics event hosted by PwC on February 16, 2012. The agenda included an opening panel on lessons learned from the financial/sovereign debt/euro crisis and what's next. Breakout sessions covered topics like treasury organization, risk management, bank account management, governance & regulation, technology, and taxation. A closing panel discussed the impact of the financial crisis from bank and corporate perspectives.
The document summarizes the economic challenges facing the West Midlands region of the UK. It describes the deep recession's impact on the region, including higher unemployment rates and numbers of redundancies compared to other parts of the country. It also discusses the region's long-term economic underperformance, with lower GDP growth and reliance on low-tech manufacturing compared to the national average. Key ongoing challenges include skills shortages, low productivity, and vulnerability to downturns in traditional industries.
The Future of U.S. Pension Financing — Lessons From Europe welshms
This Towers Perrin presentation examines alternative risk financing techniques being implemented by companies in Europe with defined benefit (DB) pension plans. These techniques offer insights into the future of financing global pensions, both in the U.S. and elsewhere.
Paul Johnson, Swindon and Wiltshire LEP, One Year OnInfluenceSwindon
Influence Conference 2013
STEAM Museum 19 March 2013
Paul Johnson, Swindon and Wiltshire Local Enterprise Partnership.
The Swindong and Wiltshire LEP: One Year On
Paddy Bradley, Swindon Borough Council, the Swindon and Wiltshire City DealInfluenceSwindon
Swindon and Wiltshire City Deal has two parts that cover 67% of the local population: CD1 focuses on employment, skills development, and making land available for housing and businesses; CD2 allows the region to choose from infrastructure projects, private sector growth initiatives, and other priorities. The City Deal was awarded to the region based on its strong economic performance and assets like Army 2020 and higher education opportunities, with the goal of addressing skills shortages, job growth, and releasing development land. Next steps involve further developing the economic challenge case and securing ministerial approval later this year.
This document provides an overview of HSBC for Michael Geoghegan, the Group Chief Executive Officer, at a Merrill Lynch conference in London in October 2006. It discusses HSBC's record of growth, performance highlights from the first half of 2006, the strength and geographic diversity of its operating franchises, its focus on continued growth, and some of the opportunities and challenges it faces. The presentation aims to demonstrate why HSBC is well positioned for sustained growth and why investors should continue investing in HSBC rather than just good regional players.
The document discusses how entrepreneurship is key to job creation and economic growth. It notes that startups create the majority of new jobs, though established businesses growing or contracting account for most net job creation. The document advocates for policies like Hire One tax credits that support entrepreneurship and business growth. It argues Idaho should develop a comprehensive strategy using low-cost initiatives to promote an entrepreneurial culture and make it easier to start and grow businesses.
The document summarizes the agenda and speakers for a Treasury Hot Topics event hosted by PwC on February 16, 2012. The agenda included an opening panel on lessons learned from the financial/sovereign debt/euro crisis and what's next. Breakout sessions covered topics like treasury organization, risk management, bank account management, governance & regulation, technology, and taxation. A closing panel discussed the impact of the financial crisis from bank and corporate perspectives.
The document summarizes the economic challenges facing the West Midlands region of the UK. It describes the deep recession's impact on the region, including higher unemployment rates and numbers of redundancies compared to other parts of the country. It also discusses the region's long-term economic underperformance, with lower GDP growth and reliance on low-tech manufacturing compared to the national average. Key ongoing challenges include skills shortages, low productivity, and vulnerability to downturns in traditional industries.
The Future of U.S. Pension Financing — Lessons From Europe welshms
This Towers Perrin presentation examines alternative risk financing techniques being implemented by companies in Europe with defined benefit (DB) pension plans. These techniques offer insights into the future of financing global pensions, both in the U.S. and elsewhere.
Paul Johnson, Swindon and Wiltshire LEP, One Year OnInfluenceSwindon
Influence Conference 2013
STEAM Museum 19 March 2013
Paul Johnson, Swindon and Wiltshire Local Enterprise Partnership.
The Swindong and Wiltshire LEP: One Year On
Paddy Bradley, Swindon Borough Council, the Swindon and Wiltshire City DealInfluenceSwindon
Swindon and Wiltshire City Deal has two parts that cover 67% of the local population: CD1 focuses on employment, skills development, and making land available for housing and businesses; CD2 allows the region to choose from infrastructure projects, private sector growth initiatives, and other priorities. The City Deal was awarded to the region based on its strong economic performance and assets like Army 2020 and higher education opportunities, with the goal of addressing skills shortages, job growth, and releasing development land. Next steps involve further developing the economic challenge case and securing ministerial approval later this year.
The document outlines Ian Piper's priorities as Chief Executive of Forward Swindon which include bringing new businesses to the area, supporting existing businesses to succeed and grow, and delivering regeneration projects. It then lists specific projects that support the overarching goal such as the first phase of Union Square, the Union Square masterplan, the station forecourt, public realm projects, Regent Circus, the Swindon Designer Outlet, Oasis, the Corn Exchange, and the UTC.
The document provides examples of techniques used from the "Law Abiding Citizen" film trailer and how the student developed some elements while also introducing unique challenges. Key points:
1) Establishing shots, two shots, and angles were used similarly but with adaptations like only showing one character's face.
2) Flashbacks, locations, and logos were employed as in "Law Abiding Citizen" but with original elements like split colored text.
3) Chase scenes and distress scenes followed conventions but with customized details like the lone protagonist.
4) Unique challenges not seen in other trailers included a fuzzy screen effect and simulated camera interface. Angles and montages provided fresh perspectives.
1. There is a need for more homes to provide housing, jobs, and a mix of housing options.
2. The Wichelstowe development can help meet this need as it has land, planning permission, and infrastructure ready to deliver new homes.
3. A 12-18 month plan is outlined to procure a joint venture partner, progress detailed planning, and deliver a new Waitrose store by Easter 2014 to help accelerate home delivery.
The UK economy has seen strong growth compared to other developed economies, driven by stronger-than-expected labor markets, supportive external conditions in the Eurozone, and increased consumer spending. Unemployment is declining rapidly and house price increases are boosting consumer confidence. Locally in Swindon, 58% of businesses saw higher turnover in 2013 and 69% expect higher turnover in 2014, reflecting confidence in the improving economic outlook. Major employers like Honda and BMW are investing in Swindon. A variety of development projects also point to confidence in local demand.
Brazil has the largest and most diverse economy in Latin America, driven mainly by its extractive industries like oil and iron ore. However, Brazil faces challenges to sustain strong economic growth including a lack of qualified workers, high taxes and regulatory burdens that discourage businesses, widespread illiteracy, and overdependence on commodity booms. While China's rise has boosted Brazil's commodity exports, manufacturing industries face more competition from growing Chinese exports. Sustaining economic growth and meeting the infrastructure needs for upcoming mega events like the World Cup and Olympics will test Brazil's ability to overcome its longstanding development challenges.
The document summarizes the interim results of Hera Group for the first 9 months of 2010. Key points include:
- Net profit increased 62.6% to 79.1 million euros, driven by organic growth across all business lines.
- EBITDA grew 10.6% to 431.4 million euros, with positive contributions from gas, electricity, water, and waste businesses.
- Capex was reduced by 40 million euros. Free cash flow was positive in Q3 and for the first 9 months.
- Results were in line with business plan and show strong profit growth, even on an adjusted basis which excludes one-time items.
Credit Suisse reported a loss in its third quarter 2008 results, driven by significant writedowns in its Investment Bank division. The Investment Bank suffered losses of CHF 3.2 billion due to writedowns of CHF 2.4 billion on exposures to leveraged finance, structured products and commercial mortgages. Trading losses were also incurred due to adverse market conditions in September. However, Credit Suisse's Wealth Management and Corporate and Retail Banking divisions performed resiliently. Credit Suisse also maintained a strong capital position and continued reducing risk exposures in challenging market conditions.
Thomas A. Russo gave a presentation on global value investing at a conference in Mexico City in December 2009. He discussed his background and philosophy of value investing, focusing on finding undervalued companies trading at discounts to their intrinsic value. He emphasized the importance of a long-term investment horizon, tax efficiency, and not being overly focused on short-term profits. Russo provided examples of large global companies he has invested in for decades, such as Nestlé and Pernod Ricard, and discussed some of their strengths and challenges over time.
This document provides an overview of MTG's Chief Financial Officer Mathias Hermansson and MTG's financial performance and strategy. It summarizes that MTG has consistently outperformed peers in revenue and EBIT growth, maintains strict cost control, has an asset-light business model with low capex, focuses on deleveraging while maintaining liquidity, and allocates cash flows to structurally growing regions. The future focuses on long-term growth through reinvestment, M&A opportunities, and returning cash to shareholders through dividends and buybacks.
Corporate Income Taxation and Firm Efficiency Evidence from a large panel of ...GRAPE
This study tests empirically the hypothesis that corporate income taxes are neutral for firm efficiency. We exploit the fact that the tax definition of cost does not overlap fully with an accounting definition of cost and develop an instrument for taxation which relies on exogenous variation in this overlap. Our sample consists of firm-level data for roughly 20 million firms from over 40 countries over the period of two decades. We show that OLS estimates are strongly biased, yielding a positive correlation between taxation and output/efficiency. Accounting for the endogeneity via instrumenting yields robust negative estimates of the effects of taxation on firm output and efficiency. The results do not depend of firm characteristics, but are heterogeneous across countries: strong negative effects in some countries are accompanied by negligible or zero effects in others.
- Telefónica Latam achieved solid revenue growth in H1 2012, driven by double digit increases in mobile revenues.
- Mobile commercial activity remained strong with high smartphone adoption rates fueling mobile data usage and revenues.
- Revenue growth was impacted by regulatory measures but still increased by over 13% on an organic basis excluding regulation effects.
- The focus on fast smartphone adoption translated to sustained growth in mobile accesses and penetration rates across Latam markets.
Credit Suisse reported strong full-year 2004 results with net income of CHF 5.6 billion and return on equity of 15.9%. Private Banking achieved a 21% increase in net income driven by asset-driven revenue generation and efficiency improvements. Institutional Securities demonstrated an improvement over 2003 driven by higher trading results, gains on investments, lower provisions for credit losses and lower income tax expense. The strategic plan will fully integrate banking activities into three distinct lines of business over the next 18 months to 2 years.
1. The company achieved strong growth in Q2'11, with customer base up 25%, revenues up 19.5%, EBITDA up 12.7% and net income up 178%.
2. Key achievements included strengthening network infrastructure, fiber expansion, and acquiring AES Atimus to expand ultra-broadband services.
3. Growth was driven by increased mobile data usage and smartphone penetration, with data revenues up 33% and internet users expanding rapidly, reaching 12.4 million unique users monthly.
The 9 months results were as planned. Recurrent revenues were up 31.4% driven by strong growth in net interest income and fees. Active liquidity management improved the loans to deposits ratio. Significant reinforcements were made to provisions to allow the bank to face extreme scenarios. The announced capital increase is well on track and expected to be completed in early December subject to approvals.
Angel Ron presenta los resultados del tercer trimestre 2012Banco Popular
The 9 months results were as planned. Recurrent revenues were up 31.4% driven by strong growth in net interest income and fees. Active liquidity management improved the loans to deposits ratio. Significant reinforcements were made to provisions to strengthen coverage ratios and allow the bank to face severe scenarios. The announced capital increase is well on track and expected to be completed in early December subject to shareholder and regulatory approval.
The 9 months results were as planned. Recurrent revenues were up 31.4% driven by strong growth in net interest income and fees. Active liquidity management improved the loans to deposits ratio. Significant reinforcements were made to provisions to strengthen risks management and allow the bank to face severe scenarios. The announced capital increase is well on track and expected to be completed in early December subject to approvals.
The document provides an executive summary and highlights for Q1 2009 from SEB's CFO Jan Erik Back. Key points include:
- Operating profit was SEK 4.8 billion before provisions despite doubling collective provisions in Baltic countries.
- Net interest income increased 40% due to falling interest rates. Costs remained stable through cost management programs.
- Merchant Banking strengthened its position in the Nordic markets and supported rising client exports.
- Provisions were increased conservatively, especially in Baltic countries, with impaired loans at 2.9% of exposure.
- A successful rights issue added SEK 15 billion in new capital, strengthening the capital position.
The document outlines Ian Piper's priorities as Chief Executive of Forward Swindon which include bringing new businesses to the area, supporting existing businesses to succeed and grow, and delivering regeneration projects. It then lists specific projects that support the overarching goal such as the first phase of Union Square, the Union Square masterplan, the station forecourt, public realm projects, Regent Circus, the Swindon Designer Outlet, Oasis, the Corn Exchange, and the UTC.
The document provides examples of techniques used from the "Law Abiding Citizen" film trailer and how the student developed some elements while also introducing unique challenges. Key points:
1) Establishing shots, two shots, and angles were used similarly but with adaptations like only showing one character's face.
2) Flashbacks, locations, and logos were employed as in "Law Abiding Citizen" but with original elements like split colored text.
3) Chase scenes and distress scenes followed conventions but with customized details like the lone protagonist.
4) Unique challenges not seen in other trailers included a fuzzy screen effect and simulated camera interface. Angles and montages provided fresh perspectives.
1. There is a need for more homes to provide housing, jobs, and a mix of housing options.
2. The Wichelstowe development can help meet this need as it has land, planning permission, and infrastructure ready to deliver new homes.
3. A 12-18 month plan is outlined to procure a joint venture partner, progress detailed planning, and deliver a new Waitrose store by Easter 2014 to help accelerate home delivery.
The UK economy has seen strong growth compared to other developed economies, driven by stronger-than-expected labor markets, supportive external conditions in the Eurozone, and increased consumer spending. Unemployment is declining rapidly and house price increases are boosting consumer confidence. Locally in Swindon, 58% of businesses saw higher turnover in 2013 and 69% expect higher turnover in 2014, reflecting confidence in the improving economic outlook. Major employers like Honda and BMW are investing in Swindon. A variety of development projects also point to confidence in local demand.
Brazil has the largest and most diverse economy in Latin America, driven mainly by its extractive industries like oil and iron ore. However, Brazil faces challenges to sustain strong economic growth including a lack of qualified workers, high taxes and regulatory burdens that discourage businesses, widespread illiteracy, and overdependence on commodity booms. While China's rise has boosted Brazil's commodity exports, manufacturing industries face more competition from growing Chinese exports. Sustaining economic growth and meeting the infrastructure needs for upcoming mega events like the World Cup and Olympics will test Brazil's ability to overcome its longstanding development challenges.
The document summarizes the interim results of Hera Group for the first 9 months of 2010. Key points include:
- Net profit increased 62.6% to 79.1 million euros, driven by organic growth across all business lines.
- EBITDA grew 10.6% to 431.4 million euros, with positive contributions from gas, electricity, water, and waste businesses.
- Capex was reduced by 40 million euros. Free cash flow was positive in Q3 and for the first 9 months.
- Results were in line with business plan and show strong profit growth, even on an adjusted basis which excludes one-time items.
Credit Suisse reported a loss in its third quarter 2008 results, driven by significant writedowns in its Investment Bank division. The Investment Bank suffered losses of CHF 3.2 billion due to writedowns of CHF 2.4 billion on exposures to leveraged finance, structured products and commercial mortgages. Trading losses were also incurred due to adverse market conditions in September. However, Credit Suisse's Wealth Management and Corporate and Retail Banking divisions performed resiliently. Credit Suisse also maintained a strong capital position and continued reducing risk exposures in challenging market conditions.
Thomas A. Russo gave a presentation on global value investing at a conference in Mexico City in December 2009. He discussed his background and philosophy of value investing, focusing on finding undervalued companies trading at discounts to their intrinsic value. He emphasized the importance of a long-term investment horizon, tax efficiency, and not being overly focused on short-term profits. Russo provided examples of large global companies he has invested in for decades, such as Nestlé and Pernod Ricard, and discussed some of their strengths and challenges over time.
This document provides an overview of MTG's Chief Financial Officer Mathias Hermansson and MTG's financial performance and strategy. It summarizes that MTG has consistently outperformed peers in revenue and EBIT growth, maintains strict cost control, has an asset-light business model with low capex, focuses on deleveraging while maintaining liquidity, and allocates cash flows to structurally growing regions. The future focuses on long-term growth through reinvestment, M&A opportunities, and returning cash to shareholders through dividends and buybacks.
Corporate Income Taxation and Firm Efficiency Evidence from a large panel of ...GRAPE
This study tests empirically the hypothesis that corporate income taxes are neutral for firm efficiency. We exploit the fact that the tax definition of cost does not overlap fully with an accounting definition of cost and develop an instrument for taxation which relies on exogenous variation in this overlap. Our sample consists of firm-level data for roughly 20 million firms from over 40 countries over the period of two decades. We show that OLS estimates are strongly biased, yielding a positive correlation between taxation and output/efficiency. Accounting for the endogeneity via instrumenting yields robust negative estimates of the effects of taxation on firm output and efficiency. The results do not depend of firm characteristics, but are heterogeneous across countries: strong negative effects in some countries are accompanied by negligible or zero effects in others.
- Telefónica Latam achieved solid revenue growth in H1 2012, driven by double digit increases in mobile revenues.
- Mobile commercial activity remained strong with high smartphone adoption rates fueling mobile data usage and revenues.
- Revenue growth was impacted by regulatory measures but still increased by over 13% on an organic basis excluding regulation effects.
- The focus on fast smartphone adoption translated to sustained growth in mobile accesses and penetration rates across Latam markets.
Credit Suisse reported strong full-year 2004 results with net income of CHF 5.6 billion and return on equity of 15.9%. Private Banking achieved a 21% increase in net income driven by asset-driven revenue generation and efficiency improvements. Institutional Securities demonstrated an improvement over 2003 driven by higher trading results, gains on investments, lower provisions for credit losses and lower income tax expense. The strategic plan will fully integrate banking activities into three distinct lines of business over the next 18 months to 2 years.
1. The company achieved strong growth in Q2'11, with customer base up 25%, revenues up 19.5%, EBITDA up 12.7% and net income up 178%.
2. Key achievements included strengthening network infrastructure, fiber expansion, and acquiring AES Atimus to expand ultra-broadband services.
3. Growth was driven by increased mobile data usage and smartphone penetration, with data revenues up 33% and internet users expanding rapidly, reaching 12.4 million unique users monthly.
The 9 months results were as planned. Recurrent revenues were up 31.4% driven by strong growth in net interest income and fees. Active liquidity management improved the loans to deposits ratio. Significant reinforcements were made to provisions to allow the bank to face extreme scenarios. The announced capital increase is well on track and expected to be completed in early December subject to approvals.
Angel Ron presenta los resultados del tercer trimestre 2012Banco Popular
The 9 months results were as planned. Recurrent revenues were up 31.4% driven by strong growth in net interest income and fees. Active liquidity management improved the loans to deposits ratio. Significant reinforcements were made to provisions to strengthen coverage ratios and allow the bank to face severe scenarios. The announced capital increase is well on track and expected to be completed in early December subject to shareholder and regulatory approval.
The 9 months results were as planned. Recurrent revenues were up 31.4% driven by strong growth in net interest income and fees. Active liquidity management improved the loans to deposits ratio. Significant reinforcements were made to provisions to strengthen risks management and allow the bank to face severe scenarios. The announced capital increase is well on track and expected to be completed in early December subject to approvals.
The document provides an executive summary and highlights for Q1 2009 from SEB's CFO Jan Erik Back. Key points include:
- Operating profit was SEK 4.8 billion before provisions despite doubling collective provisions in Baltic countries.
- Net interest income increased 40% due to falling interest rates. Costs remained stable through cost management programs.
- Merchant Banking strengthened its position in the Nordic markets and supported rising client exports.
- Provisions were increased conservatively, especially in Baltic countries, with impaired loans at 2.9% of exposure.
- A successful rights issue added SEK 15 billion in new capital, strengthening the capital position.
Q3 2008 financial results were in line or exceeded expectations. Revenue grew 12% year-over-year to $2.2 billion while non-GAAP earnings per share grew 11% to $0.46, exceeding the high end of guidance. The company also generated $543 million in free cash flow. However, eBay noted the weak macroeconomic environment was impacting its business through slower growth in U.S. ecommerce sales and same-store sales for its Merchant Services transaction processing volume.
This document summarizes Bayer's Q3 2012 results and provides an outlook for fiscal year 2012. Key points include:
1) Bayer's HealthCare and CropScience divisions continued their upward trends in Q3 2012, though reported earnings were impacted by special charges.
2) The company's innovation pipeline made significant progress and strategic acquisitions were completed in Q3.
3) Financial outlook for 2012 is reiterated, with core EPS expected to increase approximately 10% over 2011.
Credit Suisse reported quarterly and year-to-date results for 2004. Net income for the third quarter was CHF 1,351 million, down 7% from the previous quarter. Several business divisions saw lower results due to reduced client activity and challenging market conditions. However, fixed income trading rebounded at Institutional Securities. Credit Suisse maintained strong capital ratios and continued favorable credit trends across its businesses.
Telefónica reported financial results for the first nine months of 2012. Key highlights included:
1) OIBDA and operating margins increased sequentially from the first to second quarter and second to third quarter, with underlying EPS also improving.
2) Over €2.3 billion in debt was reduced in the third quarter through strong free cash flow generation and disposals.
3) The company is transitioning from a traditional telco model to a digital telco model globally and locally.
1) SEB reported an operating profit of SEK 2.4 billion in Q1 2009, driven by strong net interest income which increased 40% due to falling interest rates.
2) Costs were well under control and unchanged on a comparable basis despite FX effects. A cost management program has reduced staff by 230 FTEs in Q1 2009.
3) The bank strengthened its position in merchant banking in the Nordic region and increased trade finance portfolio volumes by 77% compared to Q1 2007.
Credit Suisse Group reported strong financial results for 1998, with net profit increasing substantially to CHF 3.1 billion. Four of the Group's five business units achieved very good results, with Credit Suisse, Credit Suisse Private Banking, Credit Suisse Asset Management, and Winterthur all posting profits. However, Credit Suisse First Boston reported a loss due to provisions related to the collapse of the Russian market. Overall, the Group saw increases in revenue, assets under management, and earnings per share for the year.
Similar to Matteo Carrozza, Economic and Fiscal Outlook (20)
The document summarizes the priorities and governance structure of the Swindon Skills & Employment Board. It identifies their key priorities as: [1] equipping young people with skills to enter the labor market; [2] ensuring current workforce has skills needed now and in the future through being responsive to business needs; and [3] raising the area's higher skills base. It notes strengths like high employment and productivity but also challenges like skills shortages and gaps hindering growth. Employers are asked to provide feedback, champion the strategy, and support young adults through work opportunities.
Swindon town centre regeneration - Ian Piper Forward SwindonInfluenceSwindon
The document discusses plans to regenerate the town centre. It is authored by Ian Piper, the Chief Executive, and references projects that are currently underway ("Now Showing") as well as future plans ("Coming Soon") to improve the town centre for local residents. The regeneration aims to revitalize the area with new developments and amenities.
Professor Dr Reitzle, CEO of Linde, discussed the potential of hydrogen as an environmentally friendly fuel in speeches given in 2012 and 2013. Hydrogen can store large amounts of renewable energy from sources like wind power and power fuel cell vehicles with only water emissions. Linde is working on liquid natural gas and hydrogen fuel solutions for transportation and conducted a 30,000 km fuel cell vehicle journey across continents. Realizing hydrogen's role will require building infrastructure like refueling stations, initially focusing on commercial markets and applications like fuel cell buses. The UK's first public hydrogen refueling station was a collaboration with Honda. A future project will use wind power to produce hydrogen to fuel and store energy for a fleet of
UTC Swindon is a new University Technical College in Swindon, England that specializes in engineering and enterprise. It is sponsored by Johnson Matthey Fuel Cells and Oxford Brookes University to address declining technical skills in the UK. Students learn practical engineering skills through real-world projects. Local employers help develop the curriculum and provide work experience to ensure students graduate with skills needed in industry. The new college building will open in 2015 on the site of a former railway engineering facility.
Brigadier Hankinson, 43 (Wessex) Brigade, Army 2020InfluenceSwindon
The document summarizes a presentation given by Brigadier Piers Hankinson to the Swindon Business Show on March 19, 2013 about 43 (Wessex) Brigade. The summary includes:
1) The Army is changing to be more community-based with a balance of regular and reserve forces, while still recruiting amid downsizing. People are a key focus, including career management and transition support for veterans.
2) 43 (Wessex) Brigade supports soldiers and families across the South West through territorial army, recruiting, cadets programs, community engagement, and resilience efforts.
3) The presentation highlighted recruiting targets and programs like Officer Training Corps, Cadets, and Ten Tors, as well
This document provides an overview of Johnson Matthey, including its history, business areas, markets, and fuel cell business. Some key points:
- Johnson Matthey is a UK-based multinational company founded in 1817 that focuses on environmental technologies and advanced materials. It has over 10,000 employees globally.
- The company has business areas in environmental technologies, fine chemicals and catalysts, and precious metal products. It is a world leader in catalytic converters and emission control catalysts.
- Johnson Matthey Fuel Cells was formed in 2002 as a joint venture to focus on fuel cell components. Its main facility is in Swindon, UK where it designs, develops, and manufactures membrane
Swindon's economic strategy outlines six priorities: creating opportunities for young people, developing higher education, becoming a hub for engineering and manufacturing technology, revitalizing the town center, establishing Swindon as a regional leisure destination, and making Swindon a low carbon city. The priorities are to provide opportunities for young people, expand higher education, focus on engineering and manufacturing industries, redevelop the town center, promote leisure tourism, and reduce carbon emissions.
3. What to expect in the next 50 minutes:
Economic and fiscal analysis
– Growth prospects
– UK fiscal outlook vs. other economies
– Current spending plans
What could be done.
– How to analyse proposals (effect on short term, long term, distributional)
– Proposals advanced so far
Q & A, and your proposals
3
4. Sluggish is an understatement…..worse than the 1930s
103 UK Economic Output
(Index, t = business cycle peak) 1930s
102
101
100
Source: ONS/BoE
99
98
2008
97
96
95
94
93
92
t
t+2
t+4
t+6
t+8
t+10
t+12
t+14
t+16
t+18
Quarters
4
11. Current plans expect 4 more years of fiscal consolidation
Scale of tightening broadly unchanged over the next two years, pace of
tightening starts easing only by 2015/16.
Most of the tightening comes from spending cuts, rather than tax rises
Cumulative tightening, as % of GDP
9 Other current spend
Percentage of national income
8 Debt interest
7 Benefits
6
5 Investment
4 Tax increases
3
2
1
0
2010–11 2011–12 2012–13 2013–14 2014–15 2015–16 2016–17
11
12. With most of the cuts still to come
% of cuts not implemented by March 2013
90% 77%
80% 67%
% not implemented by …
70% 58% 59%
60%
50%
40% 33%
30% 17%
20%
10%
0%
All fiscal Tax increases Total Investment Benefit cuts Other
tightening spending cuts current
cuts spending
cuts
12
13. Time for changing fiscal policy?
Arguments for changes
– Growth has been much worse than expected, indicating that perhaps fiscal
tightening ought to be postponed
– Size of the fiscal multiplier may be larger than expected
– Borrowing costs remain low, as long as return on investment is higher than
3%, postponing adjustment may be beneficial in short and long run
Arguments against changes
– Danger that changes to fiscal policy result in eventual rise in borrowing
costs, which could be sudden
– Uncertainty with regards to amount of spare capacity, which may be smaller
than we think (note: not an argument the OBR/HMT make)
13
14. How to evaluate fiscal policy changes?
What is the short run impact? This depends on the fiscal multiplier of
policy change, and generally the higher the propensity to spend the
higher the multiplier. i.e. an infrastructure project has generally a higher
multiplier than say a tax cut. Some of the windfall of tax cut will be
saved, rather than spent. Also, how much is spent domestically?
What is the long run impact? This depends on whether this measure
provides positive long term incentives. A policy which for instance
encourages more people to work, or invest, would have a beneficial
long run effect. With regards to investment, is it a useful investment
project, or is it a wasteful project.
What is the distributional effect? Politics, not economics, though
distribution is important as it can impact effectiveness of the proposal.
14
15. What changes are scheduled to take place?
Departmental spending & benefits
– Further departmental cuts
BENEFIT CHANGE
JSA, Employment allowance and Rise limited to 1%
other work benefits
Child benefits Frozen till 2014. Then 1%
Maternity leave Rise limited to 1%
Housing benefits New rules, bedroom tax, + 1%
increase
Taxes
– Small increases in personal allowance
– Income tax rate above 150,000 from 50% to 45%
– Freezing of special personal allowance for people older 65, i.e ‘granny tax’
15
16. Should there be higher government investment?
Short run effect
– Large multiplier. Very labour intensive, most spent domestically
– ‘Shovel ready’?
Long run effect
– Effectiveness would depend on usefulness of investment. Most likely to
have positive long-run effect are investments in transport, energy, and
housing. Note: these are the type of projects which generally attract most
opposition (HS2, Heathrow expansion, wind farms, etc)
Distributional
– Many people benefit from better infrastructure, but there are localised losers
16
17. Should there be tax cuts?
Short run effect
– Multiplier depends on propensity to consume it, rather than save it. ‘US-
style tax rebates’ would have highest multiplier, changes in tax allowance or
VAT cuts less so.
Long run effect
– Hard to assess. It partly depends on assessment of spare capacity, and
how deficient demand is
Distributional
– Depends on how they are applied
17
18. What Budget proposals have been advanced?
CBI
– They propose a fiscally neutral Budget, in which £2.2bn of further cuts in
current spend is used to finance extra £1.25bn of investment and £950m in
tax cuts.
– Infrastructure investment focused on housing and improved transport. Tax
cuts focused on cap on business rates, and freeze of air passenger duty.
– Measures are quite small (£2.2bn), and neutral, so unlikely to have a major
impact. Using OBR’s own estimates of multipliers for different policies -
which range from 0.3 to 1 – and assuming that proposals deliver most ‘bang
for your buck’ the increase in GDP would be negligible.
Others
– Various politicians have proposed making further cuts to current spend,
either in welfare or in some specific department, to fund increased
investment.
18
19. To conclude
Don’t expect much change, with fiscal tightening to continue for until 2016/17,
probably longer
Fiscally neutral changes unlikely to deliver much stimulus, especially in the
short term
If growth is priority, then extra borrowing to finance infrastructure would deliver
most bang for your buck. See IFS simulations
19
21. Thank you
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