Bank of England lowers UK growth outlook to 2.7 per cent as MPC votes 8-1 to hold interest rates November 5, 2015 The Bank of England's monetary policy committee (MPC) lowered their UK growth outlook to 2.7 per cent from 2.8 per cent today, as its more hawkish members failed to be convinced of the merits of a rate rise. Although some economists had expected Kristin Forbes or Martin Weale to join the ayes, Ian McCafferty was left alone voting to [...]
ECB president Mario Draghi says quantitative easing has been “undoubtedly effective” November 5, 2015 European Central Bank (ECB) chief Mario Draghi has shed a positive light on the success of the central bank's quantitative easing programme to date. During a speech in Milan today, he said the security-purchase scheme implemented so far was “undoubtedly effective”. Launched earlier this year, the programme involves the purchase of government securities from Eurozone member states. [...]
London property prices: Here’s how many houses have sold for £1m in the last five years – and where is seeing the biggest growth November 5, 2015 Here's a million-dollar question for you: how many £1m-houses does London have, and which boroughs are seeing the fastest growth? Over the past decade, nearly 54,000 £1m (or more) homes have been sold – and Kensington & Chelsea accounts for more than 10,000 – almost a fifth of the total. But this borough appears to be slowing – perhaps as [...]
Halifax house price index: What tightening conditions? House price growth hits its highest since last August November 5, 2015 Year-on-year house price growth hit 9.7 per cent in the three months to October, according Halifax's house price index – its highest since August 2014. Prices rose 2.8 per cent in the three months to October to £205,240, up from £202,931 in September and £186,469 in October last year. But while house price growth may be in rude health, there have been recent concerns about the sector. Yesterday shares in Countrywide, the UK's biggest estate [...]
Better skills are needed for better productivity, argues parliamentary report November 5, 2015 Developing skills is key to solving the UK’s productivity problem, a report published today by the government’s Education Committee and Business, Innovation and Skills Committee has argued. The paper, which features commissioned research from the National Institute of Economic and Social Research (NIESR), compares skills and productivity in the UK to that in the US, [...]
Morning Wire shadow MPC votes 6-3 in favour of holding interest rates at current level November 5, 2015 City economists who enjoy poring over Bank of England data (we know who you are) will think Christmas has come early today, as Threadneedle Street publishes its latest interest rates decision, minutes from the meeting, and its quarterly inflation report. Dubbed “Super Thursday”, the hat-trick of releases should give a stronger indication of how the [...]
Social rents cuts a greater benefit to the exchequer than to tenants, finds think tank IFS in new report November 5, 2015 Slashing social rents will benefit the exchequer more than tenants, research published today by think tank the Institute for Fiscal Studies (IFS) has revealed. The report, which was funded by Trust for London, found that cutting social rents – the amount charged to social housing tenants – would only increase renters’ total disposable incomes by £0.7bn. [...]
Investors hold back after Fed hint on rates – New York Report November 4, 2015 Investor caution after Federal Reserve Chair Janet Yellen yesterday pointed to a possible rate hike in December weighed on Wall Street, retracing recent gains along with energy shares. The Dow Jones industrial average fell 50.57 points, or 0.28 per cent, to 17,867.58, the S&P 500 lost 7.48 points, or 0.35 per cent, to 2,102.31 and [...]
Women and Equalities Committee examining impact of UK gender pay gap proposals on over 40s in new inquiry November 4, 2015 An inquiry into reducing the gender pay gap, which focuses on women over 40, was launched by the Women and Equalities Committee yesterday. “The gender pay gap is mainly a problem for women over 40, and currently hits women in their 50s even harder,” said Committee chair Maria Miller. “However, the measures already announced by the [...]
This chart shows panic over housing in the UK is rising to levels last seen in the 1970s November 4, 2015 People are freaking out about housing in the UK – and the panic hasn't been this bad since the 1970s. According to the latest Ipsos Mori Issues Index for October, 20 per cent of people see housing as the most important issue facing Britain today. The only time Brits have seen housing as even more of an [...]