British Bankers’ Association warns banking jobs are shifting from London to regional cities October 21, 2015 Banking jobs are shifting from London to smaller, regional cities, according to a new report from the British Bankers’ Association (BBA). According to the banking industry group, while the industry has shrunk in the capital in the past two years, banking jobs are booming in such places as Tunbridge Wells, South Gloucestershire, Chelmsford and North [...]
IMF fires growth warning to Middle East Gulf states amid oil price falls October 21, 2015 The IMF expects economic growth to slow down across the Gulf States over 2015 and 2016, blaming falling oil prices and geopolitical instability for the downturn. It estimates a growth of 3.3 per cent across the Gulf Cooperation Council (GCC) economies this year, followed by a 2.8 per cent growth next year. This reflects a [...]
Mark Carney praises EU migration but blasts financial regulations as Bank of England weighs in on EU referendum debate October 21, 2015 The benefits of free migration and free trade provided by EU membership has greatly benefitted the UK economy, the Bank of England said today, but the central bank warned it was vital that Britain maintain a degree of independence from Europe over its financial regulation. In a speech delivered at Oxford University, Bank governor Mark [...]
Reports of the high street’s death are greatly exaggerated October 21, 2015 Reports of the high street’s death are greatly exaggerated. At least in London. Forget e-commerce or retail parks: When it comes to what we like best, a majority of Britons still rate the high street best, as a new study has found that Londoners visit our high streets 97 times per year. This is quite [...]
Japan’s export growth slowed sharply in September October 21, 2015 Japan's annual export growth crumbled last month, dragged down by shrinking sales in China and Asia, keeping pressure on economic policymakers who are due to meet later this month. Ministry of Finance data released today showed exports rose just 0.6 per cent in the year to September, falling short of a 3.4 per cent growth forecast [...]
City Hall Tories want control of stamp duty October 20, 2015 Conservatives in City Hall want Whitehall to hand control over stamp duty to local authorities – and are bolstering their case by claiming devolution could lead to more than 40,000 new homes in London each year. Greater London Authority (GLA) Conservatives said today that City Hall could finance the building of 42,614 homes each year [...]
Londoners face further rental rate increases October 20, 2015 There is no slowing down for rental rates in the capital, with the average cost per month for a one-bed flat coming in at over £1,000 in three quarters of boroughs. Only nine London boroughs have average rents for one-bed flats below £1,000 per month now, according to the monthly Landbay Rental Index. This is [...]
Young Workers Index: German-style training could boost UK GDP October 20, 2015 If the UK could bring down the number of young people not in work or education to German levels, the economy would be boosted by around £55bn, according to PwC’s Young Workers Index. The index measures the labour market impact of workers aged between 20 and 24 across Organisation for Economic Co-operation and Development (OECD) [...]
George Osborne faces more tax credit pressure October 20, 2015 Pressure is building on chancellor George Osborne to reconsider his plans to slash tax credits, with Labour and Conservative MPs alike attacking the proposals ahead of an expected “fatal motion” in the House of Lords. MPs debated the tax credit cuts in the House of Commons yesterday, with new Tory MP Heidi Allen drawing attention [...]
Revival in business financing justifies UK interest rate hike, says Bank of England’s Ian McCafferty October 20, 2015 Solitary Bank of England dissenter Ian McCafferty has said a recovery in lending justifies an interest rate hike coming sooner rather later, especially if rates are to go up only gradually in future. McCaffery who was the only member of the Bank’s nine-strong monetary policy committee to vote for a hike at the beginning of [...]