UK economy grew by 0.5% in May
The UK economy grew by 0.5% in May Surprising Economists
UK economy rebounded in my growing by 5% going to ONS figures.
Most areas of the economy expanded including construction, travel and manufacturing.
But business leaders are still concerned about the rising cost of raw materials, as well as fuel and gas. Inflation is set to hit 11% and is soaring around the world.
US inflation has hit 9.1% prompting fears of another interest rate rise by the Fed this summer.
The Conservative Party is voting to elect a new leader following the resignation of Boris Johnson.
Most of the candidates promise to increase spending and cut tax. However, the bookies favourite for the next PM, former Chancellor Rishi Sunak, has urged more caution in order to pay off the deficit and reduce inflation. Rishi Sunak increased corporation tax, which is the tax on business profits.
Tax cuts needed to keep us from falling into recession, stimulate growth and long-term prosperity.
The new government and Chancellor must slash corporation tax to 15% to encourage more inward investment into the UK.
Most leaders want to cut bureaucracy and the size of government, but this seldom happens. There are now more civil servants in the world in 2016 and the state is still growing.
Half the working population in the UK is directly or indirectly employed by the government, which means they are funded by taxpayers and companies paying corporation tax.
More signs of cracks in China’s economy?
The BBC reports that authorities in China’s Henan province will start releasing money to customers who have had their funds frozen by several rural banks.
The announcement came just a day after a rare protest in Henan’s capital, Zhengzhou, turned violent.
The four banks that were the focus of the protests are believed to have frozen a total of 39bn yuan ($5.8bn; £4.9bn) of deposits.
One of China’s many debtor nations, Sri Lanka, is broke and has falling into chaos as the government falls and people queue for fuel and gas tanks.
I recently heard an Interview with Chris Blackwell of Island records, regarded as one of most influential record executives of all time.
Chris helped launched the careers of the likes of Bob Marley, Roxy Music, Free and U2.
When asked how he knew that reggae and ska music would become so big Chris replied that he wasn’t thinking along those lines at all. All he was trying to do was make a good record and help people build a career in music.
Interesting how he wanted to give, not get, and is now worth $300 million!
Mick Jagger and the Rolling Stones are not only a great band, they also know how to run their business empire making the extremely wealthy.
- Ronnie Wood – US$200 million.
- Charlie Watts – US$250 million.
- Keith Richards – US$500 million.
- Mick Jagger – US$500 million.
The Rolling Stones did a concert tour to celebrate and increase the group’s fortune, which is estimated by FOXBusiness at $1.45 billion.
Rolling Stones are celebrating 60 years in the business and have been one of most successful end enduring rock bands of all time
For the first decade of the band Mick Jagger said he left the business side of things to managers, which was a mistake. They ended up in financial trouble having not paid the correct amount of tax.
The band made a decision to move out of the UK, which at the time had a tax rate up to 98%, to avoid going broke. Lack of attention to tax is a common cause of music and film stars going bankrupt, as I cover in my book Yes, Money Can Buy You Happiness.
Mick then took over the business side of running the group and has never looked back.
Mick is a very astute businessman and likes to keep control of every aspect of the banned from putting the show together to making sure they minimise their tax bill.
I once had a ticket to a concert of theirs which was cancelled because it would’ve meant them paying too much UK tax.
It is also known that Mick’s house in Richmond was held in an offshore company.
Earn more than you spend and invest to grow your own ‘u’conomy’. Saving alone will not save you from a bleak retirement.
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