Word: chancellor
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John C. Baldwin ’71, the president and CEO of the Harvard Medical School-affiliated Immune Disease Institute and a professor of surgery at the medical school, has been named the new president of the Texas Tech University system’s Health Sciences Center, Texas Tech Chancellor Kent R. Hance announced last week...
...surprising, then, that the man picked in June to replace Brown - a dependable, gaffe-free Scot - as Chancellor signaled little in the way of change. But if Alistair Darling (no less dependable, gaffe-free, or Scottish) is unlikely to tinker too much with the Treasury, both men must be hoping the British economy remains just as reliable. And, right now, there's cause for concern. Rising gas prices kept inflation at 2.4% in June, above the government target of 2% and the E.U. average of 2.1%. Desperate to keep a lid on prices, the Bank of England pushed up interest...
...been in the 10 years Labour have been in power," says Adrian Cooper, managing director of consultants Oxford Economics. So while economists are penciling in growth of 2.7% this year, expansion in 2008 could tumble to 2% says Karen Ward, U.K. economist at HSBC in London. "The new Chancellor," Ward adds, "is going to have to modify the opening line of his speech...
...Chancellor, of course, has few policy levers through which to intervene - it's up to the Bank of England to decide when inflation has been tamed by changes to the cost of borrowing; certain taxation levels for the next couple of years were set last March, and growth in government spending until 2011 has already been capped. The good news for Darling: Rising interest rates seem to be cooling Britain's housing market, where low-cost credit and a limited supply of homes have sent house prices skyward in recent years. The value of the average home reached...
...despite the doom and gloom, there's still room enough for specialist sectors to grow handsomely. London's leading share of international markets means Britain's financial services sector should still grow by 4.7% this year, according to Ernst & Young. And that will surely make it into the Chancellor's speech...