UK’s trade deficit with the EU swells to a record in December March 11, 2016 Britain's trade deficit with the EU has swelled to a record, as Britain continued to export less goods to its European neighbours. The Office for National Statistics said the UK's good trades deficit with the EU widened to £8.1bn in January, from £7.4bn a month earlier. But Britain's trade deficit with the wider world narrowed to £2.2bn from [...]
BCC cuts UK economic forecasts in “wake-up call” as global backdrop darkens March 11, 2016 The British Chambers of Commerce (BCC) has cut its forecasts for UK economic growth in a "wake up" call to policymakers against a darkening global backdrop. The BCC chopped its estimates for UK gross domestic product growth from 2.5 per cent to 2.2 per cent in 2016, from 2.5 per cent to 2.3 per cent [...]
Mario Draghi’s big guns: Here’s everything you need to know about the ECB’s TLTRO II programme March 10, 2016 Shares in European banks shot up today after the European Central Bank (ECB) announced a new round of bank lending measures, known as targeted longer-term refinancing operations, or TLTROs to their friends. This is the second round – so naturally it's known as TLTRO II. ECB president Mario Draghi called TLTRO "loans to banks and additional incentives to [...]
Brent crude and WTI: Global oil prices back below $40 as oversupply concern weighs March 10, 2016 Oil prices fell today, as seasonal changes fed into fears that the recent rally would be short lived. Brent crude, the global benchmark, fell three per cent to $39.8 per barrel this afternoon. Meanwhile, US West Texas Intermediate, the US benchmark, slumped 2.3 per cent to $37.4. Analysts said they expect refineries around the world to buy less oil [...]
Latin American oil producers push back early meeting on output freeze March 10, 2016 Latin American oil producers have postponed a meeting due tomorrow, where they would have coordinated support for an output freeze or other measures to bolster low oil prices. Scheduling difficulties mean the meeting between Venezuela, Colombia, Ecuador and Mexico will now take place at the end of this month or the beginning of April. "One of the problems [...]
Renters to be priced out of the market by 2026 as deposits rocket 40 per cent March 10, 2016 A lot has been made of the problems first-time home buyers are having at the moment – but won't someone please think of the renters? A new report by Money.co.uk has suggested even those in the rental market could be priced out of the market by 2026 – as deposits rocket by 40 per cent to [...]
London financial services jobs: Asset management roles the shining star of the industry, and workers pulling in hefty payrises for changing jobs March 10, 2016 Those finding themselves a little too excited for the weekend might be interested to know that switching jobs can bump up their salary by almost a quarter, and it's a jobseekers' market for anybody who fancies a role in asset management, according to research released today. Professional services recruiter Morgan McKinley has found that firms are [...]
Stamp duty changes and Brexit uncertainty are weighing on prime London house prices – Royal Institution of Chartered Surveyors March 10, 2016 Central London house prices stalled in February as the prices in the rest of the country and outer boroughs marched on. The difference between the number of property surveyors who said London prices had gone up minus those that had said they had gone down was three per cent. The same statistic for the UK [...]
PwC: UK economy to add another three million jobs over the next decade March 10, 2016 The sector will drive economic growth over the next decade as the UK creates another three million jobs, a financial services giant has forecast today. Business services – which includes IT, finance, legal services, recruitment and marketing – will be the main driver of growth, creating 1.5m jobs, PwC said. Manufacturing is forecast to decline [...]
Chancellor George Osborne could face £45bn budget black hole due to weaker economic growth March 9, 2016 Economists have warned weaker-than-expected economic growth will create a black hole in the public finances, forcing Chancellor George Osborne into further austerity measures in next week’s budget. Osborne was given a unexpected boost in November when the government’s fiscal watchdog, the Office for Budget Responsibility (OBR), gave him an extra £27bn over the current parliament. [...]