London house prices have another year of rapid growth as they climb 9.4 per cent in 2015 February 16, 2016 London house prices climbed 9.4 per cent last year, figure released by the Office for National Statistics this morning show. While it is some way below 2014's growth of 13.3 per cent, it is still rapidly outpacing earnings. The strong growth in London and the South helped drive nation-wide house price growth of 6.7 per cent. Prices [...]
ONS consumer price index: Motor fuel helps send UK inflation up by 0.3 per cent in January February 16, 2016 Petrol prices helped Britain's annual inflation rate inch up to a 12-month high in January, figures released by the Office for National Statistics (ONS) today showed. The consumer price index (CPI) rose 0.3 per cent in the year to January, up from 0.2 per cent in December, and in line with economists' expectations. This means prices rose 7.9 per cent [...]
Finally: UK living standards are now as high as they were before the recession February 16, 2016 Time to pop open that prosecco: We're finally living as well as we were before the financial crisis hit. After nearly a decade, the standard of living across the UK has finally returned to the levels found before the recession, however, that recovery could slow over the coming years. The average household income now stands at £24,300, surpassing its [...]
One third of oil firms at risk of bankruptcy due to plummeting prices February 16, 2016 A third of oil producers are at risk of going bankrupt this year due to low commodity prices, according to a report by Deloitte. Around 175 companies may become insolvent as they collectively have more than $150bn in debt and are struggling to obtain financing, according to the study. "These companies have kicked the can down [...]
Price of Brent crude falls as Saudi Arabia’s Ali Al-Naimi agrees to freeze oil production after talks with Russia in Qatar February 16, 2016 Saudi Arabia's oil minister has agreed to freeze oil production at January levels, indicating that the Opec leader may be willing to reassess its "lower for longer" policy that has dragged down prices for more than 18 months. Freezing output at January levels will be “adequate” and the nation still wants to meet the demand of its customers, [...]
Brits do it better than Latinos: UK ranks as one of the least complex countries to do business in the world February 16, 2016 The UK is smoother, faster and has a better technique than a number of Latin American countries when it comes to…business compliance. While we may not have the tropical climates or world-famous beaches, we sure know how to reduce regulatory and compliance complexity. The UK came 74th out of 95 countries ranked by professional services [...]
Shortage of homes means two thirds of Londoners will be renting by 2025, says PwC February 16, 2016 London is on its way to becoming a city of renters, ending a century-long trend towards homeownership, new research reveals this morning. Over 60 per cent of Londoners will be renting by 2025, up from 54 per cent today, financial services giant PwC said. Only 41 per cent of Londoners had to rent in 2000. [...]
Reported fraud in the UK more than doubled from £720m to £1.5bn last year, with financial services and London particularly badly hit February 15, 2016 The value of fraud in the UK more than doubled in 2015, although the total number of incidences fell, a report out today has discovered. The study by professional services firm BDO revealed that the value of reported fraud last year was £1.5bn, up 110 per cent from £720m the year before and the highest it has [...]
EU referendum: Manufacturers warn Brexit would be “lose-lose” for EU exporters as Capital Economics says Brexit could cause “significant damage” for EU economies February 15, 2016 A top economist warned today that Britain leaving the European Union could wreak "significant" damage on EU economies. In a client note published earlier today, Jennifer McKeown, senior European economist at Capital Economics, said that while a so-called Brexit would have only "small" costs or benefits for the UK over the medium term, a British exit [...]
Banking experts hit back at claims from Sir John Vickers that the Bank of England is not forcing lenders to hold enough money in capital buffers February 15, 2016 Banking experts have questioned Sir John Vickers’s claims that the Bank of England is not doing enough to shore up the British banking industry, saying more capital requirements for lenders would hurt the real economy. Vickers, who led the Independent Commission on Banking (ICB), told the BBC this morning that the Bank “might want to [...]