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MAIN ECONOMIC EVENTS - 1999.Publication:
National Institute Economic Review
Date: Saturday, April 1 2000
January
1 Euro introduced. Participating countries are Austria, Belgium,
Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands,
Portugal and Spain. The currency will be used for non-cash transactions
until 2002 and by the end of 2002 the 11 countries will completely
abolish their national currencies. The introduction coincides with the
start of Germany's Presidency
of the EU.
4 Dawn Primarolo appointed Paymaster General. Barbara Roche is made
Financial Secretary to the Treasury.
6 Wall St passes 9,500 level for the first time in its history.
7 UK interest rates are reduced by 0.25 per cent to 6 per cent.
7 Trial to impeach President Clinton begins in US Senate.
7 World Bank approves US$lbn in loans to help Brazilian economic
stabilisation programme.
8 US unemployment at a 40 year peacetime low at 4.5 per cent. In
Germany jobless figure rises sharply to 4.l6 mn.
12 Bank of Japan tries to stem sharp appreciation in the yen by
intervening to support the dollar.
13 Brazilian real is devalued by 9 per cent sending world financial
markets into turmoil.
15 The merger of Spanish banks, Banco Santander and Banco Central
Hispanoamericano creates the largest financial services company in terms
of market capitalisation in the euro zone.
15 Milford Haven Port Authority is fined [pounds]4mn for the
widespread environment damage caused by the February 1996 grounding of
the Sea Empress.
18 Pay rises for NHS staff to add 5 per cent to costs. Nurses are
awarded pay increases of between 11 per cent (for junior nurses) and 4.7
per cent.
19 Lord Wakeham appointed as chairman of Royal Commission to
establish blue print for the reformed House of Lords.
19 State of the Union address. Concentrates on healthy state of the
economy and the use of surpluses to help social security programme as
the population ages.
20 Paddy Ashdown announces intention to resign as Liberal Democrat
leader.
20 Oskar Lafontaine presents revised Federal Budget. Mixture of
privatisation measures and increased spending on welfare.
20 The process of replacing the hereditary peers begins as the
Government Bill is published.
25 Earthquake in Colombia kills 900 and a state of emergency is
declared as 250,000 people are left homeless.
27 Small food retailers critical of Government plans to introduce
flat annual rate of [pounds]90 to fund Food Standards Agency.
27 World Economic Forum meets in Davos.
29 200,000 German engineering workers begin strike over 2 per cent
pay offer. Dispute settled on February 18 with 3.6--4.2 per cent rise.
February
1 Banque Paribas and Societe General to merge creating 4th largest
banking group worth 600bn euros.
1 Presentation of US Budget includes prediction of $76bn surplus
for 1999 rising to $ll7bn in 2000 and an increase in spending of $39bn
for fiscal year 2000 over 1999.
2 US tyre company Goodyear to form global alliance with Japanese
Sumitomo Rubber Industries -- the largest ever US-Japanese deal.
4 UK interest rates drop by 0.5 per cent to a five-year low of 5.5
per cent.
5 BMW's Chairman and number 2 resign causing concern for
Rover's Longbridge plant.
7 King Abdullah II sworn in as Jordan's new monarch following
the death of his father King Hussain.
9 Foreign Office faces much criticism over management of 'Arms
to Africa' affair where it was claimed that Sandline International
had government approval to sell arms to Sierra Leone and thus break
embargo.
10 European Parliament backs tax harmonisation across 15 EU
nations.
12 President Clinton acquitted of perjury and obstruction of
justice charges in Paula Jones sexual harassment case.
12 Bank of Japan reduces unsecured overnight call money rate to all
time low of 0.15 per cent.
14 Pakistan to receive US$575mn in loans from IMF on condition that
the Government continues with its programme of financial reforms.
16 Leader of Kurdish separatists (PKK) Abdullah Ocalan arrested in
Turkey prompting protests at Turkish embassies throughout the world.
16 Northern Ireland Assembly votes in favour of power-sharing
executive and cross border bodies.
16 UK reveals record fiscal surplus of [pounds]12.4bn.
16 Increased health spending dominates Canadian Budget.
17 Low unemployment figures in UK of 1.305mn in marked contrast to
record highs in France and Germany.
19 Japanese Budget aims to stimulate economy by increasing public
works' spending and cutting taxes.
19 EU agree food aid package for Russia where shortages are causing
medical emergencies in some parts of the country.
20 G7 Finance Ministers meet in Bonn, with US encouraging euro zone
to introduce more expansionary policies.
22 President Yeltsin signs Russian Budget into law. Commentators
believe its predictions for inflation of 30 per cent and deficit of 2.54
per cent of GDP overoptimistic.
22 Proposals for CAP reform prompts demonstration by 30,000 farmers
in Brussels.
23 Avalanche in Austria kills 38 people.
23 'National Changeover Plan' announced by UK Government
points to eventual joining of single European currency.
24 FTSE 100 at an all time high level, closing at 6,307.6.
24 Macpherson Report into death of Stephen Lawrence includes claims
of institutional racism in the Metropolitan Police Service.
26 Singapore's 1999 Budget shows 5.6 per cent increase due to
unprecedented development spending.
March
9 UK Budget aims to promote enterprise and "make work
pay". It extends the New Deal for the over 50s; introduces tax
credits for R&D in small firms; announces 10p tax rate on the first
[pounds]1500 earned.
12 Hans Eichel chosen to replace Oskar Lafontaine as German Finance
Minister.
12 Economic reform in Thailand to allow government to form limited
liability companies from state enterprises. Follows plans for the
government to subsidise the sale of state banks.
15 The entire European Commission resigns following strong
criticism from independent report, claiming fraud, nepotism and
mismanagement
16 Dow Jones passes 10,000 for the first time in its history.
17 Monopolies and Mergers Commission to investigate UK new car
market following OFT allegation of competition distortion.
22 Hundreds of lorries block motorways and central London in
protest at raised fuel taxes and vehicle excise duty announced in the
Budget.
23 Japanese cities of Tokyo and Osaka record budget deficits for
the first time in 20 years.
23 Nato Secretary General Javier Solana orders air strikes against
Yugoslavia.
24 Former Italian PM Romano Prodi unanimously nominated as new head
of the European Commission.
24 Fire in Mont Blanc tunnel in Alps kills over 40 people.
24 For the first time UK inflation dips below target rate of 2.5
per cent to 2.4 per cent.
25 At the EU Summit in Berlin Tony Blair successfully negotiates
the retention of Britain's rebate despite pressures on budgets
because of expansion of the EU.
29 Russia secures [pounds]2.9bn IMF loan deal to prevent national
bankruptcy.
30 Japanese unemployment at an all-time high of 4.6 per cent.
30 Thailand announces l3Obn baht package of tax cuts and spending
aimed at stimulating economy.
31 Government and BMW sign aid deal thought to be worth
[pounds]150mn to secure the future of Rover's Longbridge plant and
consequently 50,000 jobs dependent on its survival.
April
1 BP/Amoco take over US oil company ARCO creating the 2nd largest
non-state oil company in the world.
1 Northern Ireland peace agreement 'Hillsborough
Declaration' made public.
2 CIS holds heads of state summit in Moscow.
5 Kazakhstan Government floats currency (Tenge).
7 Chinese President Zhu Roneji begins state visit to USA.
7 Dispute over banana imports prompts WTO to authorise sanctions by
the US against EU.
7 Bank of Japan announces Y40,000bn contingency plan in case of Y2K
problems.
7 IMF approves US$245mn credit tranche to South Korea in
recognition of its progress in recovering from 1997 economic downturn.
8 UK interest rates go down by 0.25 per cent to 5.25 per cent --
lowest level since 1994.
8 ECB cuts interest rates by 1/2 per cent to 2.5 per cent in a bid
to stimulate growth.
9 Competition Commission blocks BSkyB's bid to buy Manchester
United Football Club.
10 US welfare data show a fall in recipients of 4.6mn since the
signing of the Republican-inspired reform bill in August 1996. It is now
at its lowest level since 1969.
12 Lorry drivers cause disruption in central London as they
continue their opposition to raised fuel prices and excise duty.
12 Gerhard Schroder elected as German SPD Party Chairman.
12 President Clinton found in contempt of court over false
testimony of relationship with Monica Lewinsky.
13 World Bank delays the release of $600mn loan to Indonesia amidst
fears it might be used to influence General Election.
12 Swedish Finance Minister, Erik Asbrink, resigns over
disagreements about tax cuts.
13 In his first address to the European Parliament,
President-Designate of the European Commission, Romano Prodi, stresses
federalist aims.
13 Glasgow's Govan shipyard is put up for sale by owners
Kvaerner. It is later sold to GEC Marconi, safeguarding the jobs of all
but 97 of the 1,200 workforce.
14 Former Deputy PM of Malaysia, Anwar Ibrahim, found guilty of
corruption charges and sentenced to 6 years in jail.
15 UK Home Secretary Jack Straw ratifies decision to extradite
Augusto Pinochet back to Chile despite reduced number of charges. Former
US President George Bush joins Baroness Thatcher and the Vatican in
calling for his freedom to return to Chile.
16 UK Government gives the go-ahead for genetically modified crop
trials.
17 Nail bomb explodes in Brixton, South London, first of three
similar incidents in the London area in total injuring over 100 and
killing 3 people.
18 Turkish General Election sees huge gains for far right wing
party, the Nationalist Action Party.
20 Asian Bank Review forecasts 1999 growth for the area at 4.4 per
cent compared to 2.6 for 1998.
20 IMF encourages ECB to cut interest rates further to stimulate
growth and protect against slowdown in US economy.
20 Sir Iain Vallance, Chairman of BT, to become the new CBI
President.
20 Two students kill 12 fellow students in Columbine High School
massacre.
20 Chinese economic data show mixed figures, with growth at 8.3 per
cent but exports showing negative growth for the first time for 15
years.
21 France to reintroduce strict Budget constraints, seen by some as
a measure to counteract reduced economic choices following membership of
the single currency.
21 Average Earnings figures rise more sharply than expected,
prompting fears of an interest rate rise.
23 Nato leaders meet in determined mood to intensify air campaign
on Yugoslavia in an attempt to end Kosovo conflict.
26 Sushil Wadwhani to replace Sir Alan Budd on the Monetary Policy
Committee.
26 G7 financial ministers meeting in Washington DC and are in
optimistic mood.
28 IMF agrees US$4.5bn loan to Russia but on the condition of
passing legislation on bank restructuring and taxation.
29 US labour costs rise at their slowest rate for 20 years, despite
lowest unemployment for 30 years.
30 US consumer spending at its highest level for 10 years.
May
3 Tornadoes in Oklahoma and Kansas kill nearly 50 people.
3 Keizo Obuchi becomes first Japanese PM for 12 years to make an
official visit to the US.
3 Dow Jones passes 11,000 (a rise of 20 per cent since the
beginning of the year).
3 Japan and US reach agreement on greater deregulation of Japanese
economy.
5 UK blocks German attempts to introduce a Europe-wide 20 per cent
withholding tax on interest from savings.
6 The Labour Party performs poorly in both Welsh and Scottish
elections. In Wales Plaid Cymru make significant gains but Alun Michael
is successful in becoming inaugural first secretary. In Scotland it is
apparent that Labour will have to form an alliance with the Liberal
Democrats in parliamentary business.
9 US and UK buildings are targeted by demonstrators in China in
protest at Nato bombing of embassy in Yugoslavia.
10 Sports and art to play a greater part in school-life following
their introduction into the National Curriculum in September 2000.
11 Australian Budget forecasts growth of 3 per cent and provision
for investment in bio-technology industry.
11 Chris Patten is chosen as replacement for Sir Leon Brittan in
European Commission.
12 Boris Yeltsin dismisses PM Primakov and entire Russian
government. New PM to be Sergei Stepashin.
12 Robert Rubin announces resignation as US Treasury Secretary. He
is to be replaced by Lawrence Summers.
13 Tony Blair receives Charlemagne Prize in Germany for his active
role in bringing UK to the centre of European Union activities.
14 Sharp rise in US consumer prices leads to 1.75 per cent drop in
stock market.
16 IMF sees possible need for government intervention to weaken
pound in readiness for entry to euro zone.
17 Singapore to remove limits on foreign ownership of banks in an
aim to create a leading financial centre.
17 Ehub Barak, leader of Labour Party, voted in as new Israeli PM.
19 UK unemployment at its lowest level for 19 years at 1.29mn.
19 Wim Kok's Dutch coalition government collapses.
20 New Zealand Budget sees much smaller tax cuts than could have
been anticipated considering a general election is approaching.
20 Barclays to shed 6,000 jobs to save [pounds]200mn a year.
22 Nato bombardment of Yugoslavia continues with attacks on power
stations leaving large areas of Serbia without electricity, gas and
water.
24 Government to create [pounds]5mn partnership fund between unions
and companies as Tony Blair acknowledges unions role as a "force
for economic success".
25 Sino-US relations deteriorate further on publication of report
into Chinese espionage inside US nuclear weapons laboratories.
25 Mikhail Zadornov appointed as first deputy PM with
responsibility for economic policy in the new Russian government. The
former finance minister is seen as a reformist. However, he is replaced
6 days later by Viktor Christenko.
26 Euro hits low of $1.05 following EU decision to relax Italian
budget deficit target.
27 Slobodan Milosevic is indicted on alleged war crimes.
28 CBI Industrial Trends Survey indicates some recovery in UK
manufacturing.
29 In Russia, newly appointed first deputy PM in charge of economy,
Mikhail Zadornov resigns.
28 Euro drops to low of $1.039.
June
1 Sale of chickens and eggs banned in Belgium after high levels of
cancer causing dioxins found.
1 Male unemployment at an all-time high in Japan.
2 Sainsbury's to cut 1,100 jobs in attempt to improve
competitiveness.
3 Glassmaker Pilkington to shed 2,500 jobs.
7 Figures for German economy show weakness of euro could be having
a beneficial effect on manufacturing industry
7 G8 foreign ministers meet in Cologne, with Kosovo peace deal
dominating agenda.
8 Former Conservative Cabinet Minister Jonathan Aitken is jailed
for 18 months for perjury.
9 Proctor and Gamble to shed 15,000 jobs over five years to improve
sales growth.
10 European elections see widespread victories for UK Conservative
party, gaining 36 per cent of the vote compared to Labour's 28 per
cent.
10 UK interest rates are cut by 0.25 per cent to 5 per cent -- the
lowest level for 22 years.
10 Japanese economy starts to expand for the first time in 18
months.
10 Nato approves Kosovo peace plan marking the end to 79 day air
offensive. Deal involves deployment of 50,000 peacekeeping troops.
12 Martin Weale, Director of NIESR, is appointed CBE in recognition
of his services to economics.
15 UK inflation at its lowest for 6 years.
15 Coca Cola is withdrawn from sale in Belgium, Netherlands, France
and Luxembourg as chemical problems make consumers ill.
16 UK unemployment figures lowest for 19 years.
17 Member of MPC Professor Willem Buiter advocates early entry to
EMU in split on policy from Bank of England Governor, Eddie George.
18 Huge anti-capitalist demonstration disrupts the City of London
and causes [pounds]2mn of damage.
18 Mortgage lending for May above [pounds]1.2bn, indicating a surge
in the UK housing market.
19 G8 summit takes place in Cologne. Tony Blair shows reluctance
towards early joining of euro.
20 Boris Yeltsin and Bill Clinton meet and begin process of
conciliation following differences over Nato war with Yugoslavia.
23 Insurance company Scottish Widows to sell to Lloyds TSB giving
windfalls of [pounds]6,000 to policyholders.
24 British Aerospace to close Surrey factory and cut 2,200 jobs.
25 Higher than expected figures for UK growth show output expanding
at an annual rate of 0.7 per cent during the first three months of 1999.
July
1 Finland begins 6-month European Presidency.
1 Scottish Parliament opens in Edinburgh with Donald Dewar as first
minister.
6 Price of gold at a 20 year low following the sale of 25 tonnes of
UK'S reserves.
7 Railways Bill includes establishment of Strategic Rail Authority
and gives scope for unlimited fines for poor performance on Railtrack
and privatised train companies.
8 Trade and industry White Paper includes plans to phase out Post
Office monopoly on UK mail delivery.
9 Romano Prodi announces new European Commission. Former Labour
Party leader Neil Kinnock is appointed vice-president in charge of
internal reform.
12 Japanese finance minister Kiichi Miyazawa warns of poor state of
the economy as he promotes supplementary budget of [pounds]2.74bn to
create 700,000 new jobs.
12 Weak German industrial production figures push euro close to
parity with dollar.
15 Plans to form an all party government in Northern Ireland put on
hold as talks collapse.
20 The World's largest carmakers including Ford, Volkswagen
and Volvo boycott competition commission inquiry into price fixing and
market manipulation.
20 WTO appoints former New Zealand PM Mike Moore as its next
Director General. He will be followed in three years by Thailand's
Supachai Panitchpakdi.
21 Michael Ashcroft, Conservative Party Treasury and large donor to
party, issues writ against Times newspaper following its allegations
concerning his business interests in Belize.
22 ICI to shed 600 administrative jobs.
23 King Hassan II of Morocco dies.
26 On its first day of trading, internet provider Freeserve sees
its shares rise by 37 per cent.
27 Nationwide Building Society predicts UK house prices to rise by
8 per cent during 1999.
28 Government reshuffle sees little change to Cabinet but much
movement in middle ranks including the resignations of Glenda Jackson
and Tony Banks who propose to challenge for London Mayor.
29 Latest mass shooting in the US sees 12 killed by financial
trader in Atlanta.
29 Japanese industrial production figures for June show monthly
rise of 3 per cent. Largest increase since 1997 and an indication that
the economy is beginning to recover from the recession.
29 US labour costs rise at their fastest rate since 1991 pushing
down stocks and bonds.
30 London Stock Exchange announces plans to end its 200 year mutual
status.
30 EU, US and Russia launch a stability pact for south east Europe
at a meeting in Sarajevo.
August
3 France and Germany maintain ban on British beef.
4 UK defence secretary George Robertson is appointed general
secretary of Nato, replacing Javier Solana.
4 Following projected surpluses in US public finances, Clinton
administration announces plan to buy back billions of Treasury Bonds.
9 Vladimir Putin is nominated as the fifth Russian PM in 17 months.
9 Charles Kennedy is elected as the new leader of the Liberal
Democrat Party and vows to continue cooperation with the Labour Party,
particularly on the joint consultative council.
11 The UK experiences its first total eclipse of the sun for 72
years.
16 Increasing numbers of attacks on genetically modified crop
trials lead to the possibility that they may be moved elsewhere in
Europe.
17 Huge earthquake in Turkey kills over 15,000 people. Shoddy
construction of buildings contributes to the large death toll.
18 Publication of MPC minutes shows 3-way split on inflationary
prospects.
26 UK manufacturing confidence at a two-year high.
26 Protests in Brazil against IMF sponsored austerity drive.
30 Ernst Welteke takes over Bundesbank presidency from Hans
Tietmeyer.
31 UK house prices rising at their fastest rate for six years.
September
5 Pro independence result in East Timor sparks massacres by
allegedly pro-Indonesian militias.
7 Earthquake measuring 5.9 on the Richter scale hits Athens.
8 In a bid to stem inflationary pressures, Bank of England raises
interest rates by 0.25 per cent to 5.25 per cent.
9 Yen soars to three-year high against dollar on favourable growth
figures.
10 China to relax its one child policy as it believes population
growth now under control.
14 UK inflation at its lowest level for 36 years at 1.1 per cent.
14 Over 2 million people flee coastal areas of south east USA as
hurricane Floyd approaches.
19 Earthquake in Taiwan kills 2,000.
20 International peacekeeping force is deployed in East Timor
following violent unrest.
20 Bank of England to increase cash liquidity in the run-up to 2000
to overcome financial markets' worries about Y2K bug.
21 July figures for US trade deficit show record high of $25.2bn.
22 Figures for UK economic growth rise due to strong performance by
service sector.
24 Bank of Scotland makes [pounds]22bn hostile bid for NatWest.
26 Labour Conference opens in Bournemouth with ministers uniting in
plan to join euro zone in the next 2-3 years.
27 Price of gold rises significantly following announcement by
European Central Bank that sales from reserves to be curtailed.
31 High levels of radiation leak from uranium processing plant near
Tokyo contaminating workers and forcing 10Os of people to stay indoors.
October
1 Cut price airline Debonair calls in the administrators.
1 Parades in Beijing mark 50 years of Communism in China.
1 Lord Archer wins Tory nomination for London Mayor.
3 Far right Freedom Party makes huge gains in Austrian General
Election.
4 London Stock Exchange's regulatory powers to be transferred
to the FSA in line with most of Europe.
5 Rail crash just outside Paddington Station kills 31 and injures
250.
7 Bank of England and ECB decide to leave interest rates unchanged.
7 Final day of Conservative Party conference sees William Hague
giving anti-euro speech, vowing to fight the next election on a promise
to keep Britain independent.
10 Frank Dobson to step down as health secretary to join
competition to be Labour's candidate for London Mayor.
11 Cabinet reshuffle sees Peter Mandelson returning as Northern
Ireland secretary in place of Mo Mowlem who becomes Cabinet Office
minister. Andrew Smith becomes Chief Secretary to the Treasury as Alan
Milburn becomes Health Secretary.
11 Office of Fair Trading to introduce fines of up to [pounds]300mn
on companies found to be price rigging and market sharing.
12 Military coup in Pakistan ousts PM Nawaz Sharif.
13 UK average earnings rise sharply to 4.9 per cent, intensifying
pressure for an interest rate rise.
13 Professor Robert Mundell wins Nobel Prize for Economics, in part
for his theory on common currencies which gave a basis for the euro.
13 Atal Behari Vajpayee begins third term as Indian PM.
14 Conservatives Michael Heseltine and Kenneth Clarke and Liberal
Democrat Charles Kennedy join cross-party 'Britain in Europe'
campaign launch.
15 European summit in Finland sees France retaining its ban on
British beef imports.
15 Wall St experiences biggest weekly decline for 10 years as it
worries about interest rate rises and the value of shares.
18 Nissan to cut 18 per cent of its workforce and close production
plants in [pounds]6bn restructuring plan.
18 Strategic Rail Authority orders Railtrack to pay for improvement
to rail infrastructure to accommodate new rolling stock. It is estimated
that alterations will cost billions of pounds.
22 Unions press Ford's President Jack Nassar to eradicate
racism from Dagenham plant following allegations that production workers
are being harassed.
24 Agriculture minister Nick Brown states that he has secured an
extra [pounds]lOmn from EU to help farms convert to organic produce.
29 EU scientists unanimously dismiss French claims of dangers of UK
beef. Immediate calls for France and Germany to lift ban.
November
2 Allegations of financial irregularities force French finance
minister Dominique Strauss-Kahn to resign. He is replaced by Budget
Minister Christian Sautter.
3 Greek anti-inflationary Budget aims to facilitate entry into euro
zone in 2001.
4 ECB raises Refinancing Rate for the first time from 2.5 per cent
to 3 per cent. UK interest rates rise from 5.25 to 5.5 per cent.
5 US unemployment at a 30 year low level of 4.1 per cent.
8 Treasury increases UK growth rate forecast to 2.5 per cent
raising speculation of tax cuts and increased public spending prior to
next election.
8 Lord Levene, outgoing Lord Mayor of London, praises City
performance in spite of being outside euro zone.
9 10th Anniversary of the fall of the Berlin Wall.
9 Gordon Brown's pre-Budget report includes increasing number
of pensioners who can benefit from minimum pension guarantee and tax
concessions for employees wanting to buy shares in their companies.
12 Another earthquake hits Turkey killing nearly 400 people.
15 Barclays Bank to close further 200 branches.
16 Historic deal in Northern Ireland sets the basis of the
establishment of the power sharing executive.
16 US Federal Funds Rate rises by 0.25 per cent to 5.5 per cent.
17 Queen's Speech concentrates on the reduction of red tape
for businesses and transport measures to reduce congestion.
17 On the eve of the OSCE meeting in Istanbul, President Yeltsin
faces criticism for indiscriminate bombing of Chechnya.
17 Fed increases interest rates by 1/4 per cent to stem
inflationary pressures.
17 European Commission begins legal action against France as it
continues its embargo on British beef.
18 Ken Livingstone wins nomination onto Labour shortlist for London
Mayor following protracted selection process.
20 Lord Archer resigns as Tory candidate for London Mayor following
disclosures about his behaviour during a 1987 libel case.
22 Oil prices hit 9-year high as Iraq reduces exports by 2.2mn
barrels a day as part of UN's oil for food programme.
23 First Lady, Hillary Clinton, announces intention to run for US
Senate.
24 European Commission produces optimistic forecast for EU with
5.5mm new jobs being created between 1999 and 2001. Growth is also
predicted to rise to 3 per cent in 2000 and 2001.
25 Former Defence Secretary Michael Portillo wins Kensington and
Chelsea by-election marking his political comeback.
29 Bank of England sells further 25 tonnes of gold.
29 Financial markets become nervous as yen continues to rise and
dollar/euro move towards parity.
29 Northern Ireland power sharing cabinet formed with David
Trimble, UUP and Seamus Mallon, SDLP as first and deputy first minister
respectively. Controversy is caused by the appointment of Sinn
Fein's Martin McGuiness as Ulster's education minister.
30 Anti-capitalist demonstration takes place in London to coincide
with WTO meeting in Seattle.
December
1 WTO meeting begins in Seattle. It is disrupted by
antiglobalisation groups and no decision is made over trade
liberalisation measures.
7 Eurosceptics take the opportunity to boost their cause following
Bank of England Governor Eddie George remarks that City is thriving
outside euro.
7 UK Government to grant [pounds]300mn in aid to farmers to help
them diversify their businesses and move to organic farming.
8 France decides to maintain ban on British beef imports.
9 At EU summit in Helsinki UK wins six-month reprieve from EU
decision on the introduction of taxation of investment at source.
9 MPC decide to keep UK base rates at 5.5 per cent.
13 Richard Branson announces plans for not-for-profits
'Peoples Lottery' as campaign for new UK national lottery
licence begins.
13 First north-south ministerial council meeting takes place in
Ulster.
13 Deputy PM John Prescott announces [pounds] 8Obn 10-year
transport investment programme as he hands over responsibility for
transport to minister Lord Macdonald.
15 Conservative Party selects Steve Norris and Andrew Boff for the
last round in long running battle for Tory nomination for London Mayor.
15 Royal Dutch/Shell and Exxon Mobil to cut jobs as competition in
the oil industry intensifies following large scale mergers.
15 Railtrack requests extra [pounds]1bn per annum government
subsidy to fund modernisation and expansion of network.
16 German IFO Index reaches its highest level in 20 months boosting
prospects for economic growth in euro zone.
17 Calls for a Russian ceasefire in Grozny dominate G8 summit in
Berlin.
19 Russian parliamentary election gains for pro-Kremlin parties
seen as public endorsement of military action in Chechnya.
20 Japanese finance ministry submits largest ever Budget of
Y84,990bn for the next fiscal year.
21 Former Conservative Party minister Neil Hamilton loses libel
action against Mohammed Fayed's 'cash for questions'
claim.
21 UK Treasury to write off debt to World's poorest countries
at a cost of [pounds] 640mn over 20 years.
22 Korean cargo plane crashes two minutes after taking off from
Stansted airport.
23 Nasdaq index tops 4,000 for the first time as US and European
stock markets surge.
29 Public prosecutors in Germany to investigate former Chancellor
Helmut Kohl following suspicion over [pounds] 600,000 undeclared party
donations.
29 Storms across northern Europe cause widespread damage and France
creates 60 "natural catastrophe" zones and releases [pounds]
9.5mn in aid.
29 Economic growth in China at its lowest level since 1990 at 7.1
per cent.
31 In Russia, President Yeltsin resigns and hands over to his
preferred successor PM Vladimir Putin, who will be acting President
until March.
31 Week-long hijack of Indian Airlines plane ends in Afghanistan
with India agreeing to free jailed Islamic militants.
31 Lavish celebrations take place in major cities throughout the
world to mark the start of 2000. Fears of the 'Millennium Bug'
prove unfounded.
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