These are the MPs Mark Carney will be up against at the Treasury Select Committee May 24, 2016 Nobody enjoys select committee hearings. Mark Carney, however, might be the exception to that rule. For a man who wears a pained expression every time he is probed on something Brexit-related, the governor of the Bank of England has really been stepping up the warnings of late. And it's set to make for a tasty showdown at [...]
Why Brexit won’t be a disaster (and as former City minister, I should know) May 24, 2016 As someone who spent 25 years working in finance, four years scrutinising the Treasury as a backbencher, and then two years first as City minister, now as Energy Minister, I've seen at first hand the economic cycles, the disasters and triumphs. These experiences tell me that the UK has an outstanding future as a free trading global [...]
Storm clouds are gathering – but Osborne hasn’t fixed the roof May 24, 2016 Uncertainty caused by a potential Brexit in the run up to June's crunch vote may be creating a smokescreen as far as the UK economy is concerned: the reality could be far worse than a few pre-referendum jitters. Recent economic data and surveys reveal some worrying signs about the economy's underlying performance. Profits at the UK’s [...]
The UK is among worst offenders for breaking EU’s budget rule, says German think tank May 23, 2016 The UK is one of the worst offenders for violating the EU’s budget deficit limit of three per cent of GDP, according to research by German think tank Ifo Institute. The report, that comes ahead of the release of the UK's public sector finances tomorrow, found that Britain recorded a total of nine violations since 1999 out of which two, [...]
Professor Philip Booth to step down from the Institute of Economic Affairs after 14 years May 23, 2016 Professor Philip Booth, the academic and research director at the Institute of Economic Affairs (IEA) is stepping down from his role after 14 years. He is leaving on 7 November to take up the role as director of research and public engagement at St Mary’s University, but will remain at the IEA for one day a [...]
US manufacturing output falls for first time since September 2009, throwing up questions around the possibility of a June interest rate hike May 23, 2016 The US manufacturing sector crept closer to stagnation in May, with the Markit Flash US manufacturing Purchasing Managers’ Index (PMI) registering only slightly above the neutral 50.0 mark at 50.5. This was down from 50.8 in April and signalled only a marginal improvement in overall business conditions that was the weakest since the current upturn started in October 2009. [...]
Before the bell: What you need to know before the US market open May 23, 2016 The latest round of consolidation in the drugs and chemicals industry is on after Germany Bayer made a $62bn bid for US seeds company Monsanto while European PMIs this morning have added to European economist concerns. Here's what you need to know before the open. US pre-market futures are mixed today. The S&P is down by 0.06 per [...]
The Eurozone’s private sector is growing at its slowest rate in 16 months despite France and Germany performing well May 23, 2016 Eurozone private sector growth has hit a 16-month low, according to the latest survey from Markit. The slackening suggests the stronger growth in the first three months of the year has failed to hold. Markit's Composite Purchasing Managers' Index (PMI) edged down to 52.9 from April's 53. Any reading above 50 indicates expansion, while a reading below [...]
FTSE companies are depressed about the economy – but they don’t really care about the upcoming EU referendum and the risk of Brexit May 23, 2016 FTSE 350 firms are pessimistic about the UK economy, but the prospect of Brexit doesn't seem to have fazed them, according to a new survey out today. Companies' confidence in the country's economy is at its lowest ebb since 2012, with just 12 per cent expecting an improvement over the next 12 months. This is down from 40 per cent [...]
Some bad news for Japan, as exports stay in the red for seventh consecutive month May 23, 2016 Japan's exports were still in the red in after Ministry of Finance data released today revealed a drop of 10.1 per cent year on year in April – despite stronger growth figures. This is the seventh straight month of declines, after a strong yen and weakness in China took their toll. Exports to China, which remains Japan's [...]