Government must adopt a radical new post-crisis approach to achieve full employment, focusing on making sure people do not leave the workforce in the first place, says Resolution Foundation report March 3, 2016 A radical new post-crisis approach is needed if government wants to achieve its goal of full employment, a report released today has found. According to the study by the Resolution Foundation, which is based on a nine-month investigation, government should be focusing on labour market participation and bringing those who are currently classed as economically inactive [...]
Parents and grandparents spent £18bn supporting their adult children last year, with almost half of those in London saying their kids are relying on their contributions March 2, 2016 Parents who were secretly hoping the financial burden would ease once their little darlings reached 18 are probably feeling a little hard done by, as UK parents and grandparents shelled out £18bn on their adult children and grandchildren last year. According to research released today by the Post Office Money, nearly one in five (18 per [...]
Bank of England’s Jon Cunliffe says housing market risks are rising March 2, 2016 Risks in the housing market are rising, a Bank of England official warned today. However, deputy governor Sir Jon Cunliffe added that they were not as high as in 2014 when the Bank took action to cool the market. “The markets now coming back again, so maybe some of those risks are becoming a little [...]
US oil stockpiles are somehow still rising, defying the low price as Russia and Saudi Arabia become increasingly desperate for a deal March 2, 2016 Stockpiles of oil in the US have continued to defy the low oil price, adding the most barrels since April 2015, four times forecasts. The price of crude has barely even blinked however, up almost a dollar on the day. International benchmark Brent crude is trading for $36.92, while West Texas Intermediate is going for $34.57. [...]
Eurozone deflation could persist for months after producer prices tumble in January March 2, 2016 Wholesale prices in the Eurozone have fell sharply in January, underscoring the risk that inflation could remain subdued for longer. Industrial producer prices, also referred to as factory gate prices, dropped one per cent in January, EU statistical office Eurostat said today. Compared with the same month last year they were down 2.9 per cent. [...]
UK house prices are going to keep going up – Standard and Poor’s March 2, 2016 The UK's rapid house price growth will not end anytime soon, a major ratings agency said today. "Conditions for ongoing robust gains of UK residential property prices remain intact," Standard and Poor's said in a new report. Low mortgage rates and record high employment are fuelling demand, the report said. It added that "the search for yields in a [...]
UK house prices: Construction sector slows as house building rises at slowest pace since 2013 March 2, 2016 A gauge of activity in the construction sector stooped to a 10-month low this morning as survey figures revealed Britain's house building recovery may have hit the brakes. Markit's construction purchasing managers' index fell to a score of 54.2 in February from the previous month's 55. Scores above 50 indicate growth but lower scores imply [...]
Russian oil production shows first sign of freeze deal March 2, 2016 Russian oil production was flat in February, in the first sign of the country's participation in a historic production freeze deal among some of the world's biggest producers. Energy Ministry data showed oil output held at the same rate in January of 10.88m barrels per day. In tonnes, it hit 43.064m compared to 46.006m in January, which [...]
The Shard inches closer to being filled after confirming second letting for 2016, with digital marketing agency Jellyfish due to move into level 22 soon March 2, 2016 One of the most iconic buildings on London's skyline inches closer to being filled today, after The Shard signed its second letting for the year. Digital marketing agency Jellyfish will later this year move its headquarters into a 9,017 sq ft office space on level 22 of the building near to London Bridge from its current base [...]
Moody’s cuts China’s credit rating to “negative” from “stable” March 2, 2016 Moody's cut its outlook for China from "stable" to "negative", citing the country's rising debt burden and uncertainty over the government's ability to implement the much needed economic reforms. The world's second largest economy is transitioning to a “new normal” of lower growth, driven by domestic consumption instead of credit-fuelled investment. "Without credible and efficient reforms, [...]