By redefining the list of public securities eligible for purchase through the QE back door, the ECB has transformed the euro rescue mechanisms into a Ponzi scheme December 21, 2015 Before and after Mario Draghi’s last press conference, the professional public focused on the scale and duration of the Public Sector Purchase Programme (PSPP). Meanwhile, critical observers of the ECB had already taken a close look at the inner workings of the programme. Interestingly enough, the ECB from the very beginning of QE, made it clear [...]
Want Christmas to last all year? You could buy a house on Holly Street for £194,465 December 21, 2015 If you want your Christmas spirit to last all year, try investing in a property on Christmas Lane or Holly Street – they'll be more affordable, and closer to the shops than the North Pole. Fewer pesky reindeer grazing outside, too. Data from Knight Frank has revealed the most popular festive street names include Holly, while the most [...]
Bank of England’s Martin Weale says an interest rate rise is less urgent December 21, 2015 Bank of England rate setter Martin Weale has signalled a less hawkish tone on interest rates, saying the need for them to rise was "less immediate". Downward pressure on inflation, weak wage growth and falling commodity prices has given the monetary policy committee (MPC) more breathing space than expected, Weale told the Daily Telegraph. "I initially thought that the weak [...]
Universal Credit will simplify the system but will not stop delays in benefit delivery, says Work and Pensions Select Committee report December 21, 2015 Universal Credit will help to simplify the benefit system and will be less likely to be subject to mistakes, but it may not stop delays in benefit delivery. A report published today by the Work and Pensions Select Committee has highlighted that the introduction of Universal Credit, which is designed to roll six separate benefits [...]
Shoppers feel flush in the run up to Christmas December 21, 2015 Consumer confidence has been growing in the run up to Christmas according to the latest survey from Lloyds Bank. The report shows the overall spending power index rose by three points in November, standing at 161. However, economic data from the bank shows year-on-year spending on essentials fell for the twelfth consecutive month in November, [...]
State borrowing data to cast light on task ahead for chancellor December 20, 2015 Public borrowing figures this week will partly reveal the size of the boost needed in January to meet the government’s budget deficit target. The government borrowed £54.3bn between April and October, with most economists expecting chancellor George Osborne to miss the £68.9bn forecast by the Office for Budget Responsibility (OBR) for borrowing in the year to April [...]
Unfinished Berlin Brandenburg airport denies it will be another year late December 20, 2015 London is not the only capital city having trouble building up its airport capacity. With the debate raging over whether or not to build a third runway at Heathrow, a new airport in Berlin has had its opening pushed back into 2018. German newspaper Bild said a confidential schedule from the airport’s project management company [...]
Accountant sentenced to eight years in jail for devising and promoting tax fraud schemes based on film industry loopholes December 20, 2015 A former Ernst & Young partner was sentenced to eight years in jail at the end of last week for his role in a tax fraud scheme. Terence Potter, working alongside independent financial advisor Neil Williams-Denton, devised and promoted fraudulent schemes, which were based on tax avoidance schemes that take advantage of legal loopholes relating to [...]
UK house prices: Home ownership is a distant dream even for middle England December 20, 2015 Almost half of people who don't own their own home believe they never will as the time needed to save for a deposit hits an astonishing 24 years. Even a quarter of the richest of non-home owners think they will never get a foot on the first rung of the property ladder, new research reveals. "Low to middle [...]
London’s rental crisis worsens, with 12 tenants for every new property listing December 18, 2015 London's rental crisis is getting worse, after a report suggested demand for rental properties has jumped 43 per cent in the past year. In fact, there are now 11.8 tenants to every rental property listing in the capital, compared with 7.5 in April, the figures by London lettings and property management agent Martin & Co [...]