THE BANK of England should cut interest rates immediately to 3.5% if the UK's flagging economy is to...
THE BANK of England should cut interest rates immediately to 3.5% if the UK's flagging economy is to improve, urges Scotland's leading economists.
Prior to the BoE's latest rates decision tomorrow, members of The Scotsman's shadow monetary policy committee voted unanimously in July to reduce the cost of borrowing, writes the Scotsman.
This call for a cut in interest rates comes as stock markets declined last month with the pound shooting up against the euro by about 3% and as several surveys implied a continued slowdown in consumer spending.
However, the majority of analysts suspect the Bank will remain cautious and freeze its base rate at 3.75% until August.
MEANWHILE, US regulators yesterday showed willingness to make further compromise over their detabed powers to control the work of foreign auditors, writes FT.
This comes as acting international director at the Securities and Exchange Commission, Ethiopis Tafara, tried to ease anxiety about a new US accounting regulator's global reach.
The new regulator - Public Company Accounting Oversight Board - has powers to register and monitor the work of foreign auditors who check the financial statements of companies with US share listings.
But Tafara tried to calm foreign auditors fears that they could be subjected to raids in their home countries by PCAOB officials saying it would be impossible for the PCAOB to inspect all global accounting firms.
He added that the regulator would rather work with overseas regulators to ensure proper supervision of foreign auditors.
AND MARKS & SPENCER made a surprise move yesterday in an attempt to sort out the row over "fat cat" pay by agreeing it would only pay its chairman in shares of the company, says the Times.
In an unprecedented move which is likely to be watched closely by other firms, Luc Vandewedle will not receive a bonus, pension contributions of share options or salary but instead will be given 13,500 shares a month.
Now his own salary will depend on the performance of the company.
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