Bank of England deputy governor Ben Broadbent says interest rates won’t be rising anytime soon September 24, 2015 Bank of England (BoE) deputy governor, Ben Broadbent, has said that he isn't about to vote for the first interest rate hike in more than six years, unlike some of his fellow rate-setters. Referring to the monetary policy committee meeting in September, where policymakers voted 8-1 to hold rates, he told Reuters : "I was [...]
ECB chief Mario Draghi will not “hesitate to act” if Eurozone inflation undershoots September 24, 2015 European Central Bank chief Mario Draghi said today the bank would not “hesitate” to expand its €1.1 trillion asset purchase programme if Eurozone inflation and growth turned out to be weaker than expected. Currently it is too early to tell whether turbulence in emerging markets and a falling oil and commodity prices will cause inflation [...]
Mortgage lending shoots up in August hitting a five-year high, BBA figures reveal September 24, 2015 Mortgage lending rose at its fastest rate for five years in august, according to figures published by the British Bankers’ Association (BBA) this morning. Net mortgage lending was £2bn in August, the highest monthly figure since August 2010. Lending has been spurred on by a combination of factors including intense competition between lenders, low Bank of England [...]
Government’s public land sell-off needs transparency says Labour MP Meg Hillier September 24, 2015 Members of the influential public accounts committee have slammed the government’s land disposal policies, saying that ministers should be “embarrassed” by the backbenchers’ findings. Meg Hillier, the MP for Hackney South and Shoreditch who recently took the reins of the public spending watchdog from Barking MP Margaret Hodge, said today that the government’s “entire approach has been [...]
Oil prices: UK supermarkets Asda, Morrisons and Sainsbury’s in petrol price war as they match crude oil price decline September 24, 2015 The UK’s supermarkets kicked off yet another price war yesterday, with Asda, Morrisons and Sainsbury’s all slashing petrol prices by up to 2p per litre (ppl). Morrisons, which has 336 petrol stations in the UK, announced that it was making its third petrol price cut in four weeks. “The falling wholesale price of [...]
National living wage to hit convenience stores including Tesco, Morrisons and Sainsbury’s September 24, 2015 Convenience retailers warned today that they may have to reduce staff hours or cut jobs entirely to fund George Osborne’s national living wage of £9 for over-25s by 2020. Britain’s convenience sector employs around 407,000 staff and consists of around 50,000 stores – of which fewer than 2,500 are run by Tesco, Morrisons and [...]
PPI mis-selling claims deadline: Britain’s biggest banking scandal could soon be coming to an end September 24, 2015 The end of the £25bn payment protection insurance (PPI) mis-selling scandal could be in sight, with the Financial Conduct Authority (FCA) set to meet today to discuss potentially imposing a deadline for claims. The regulator’s management will discuss the possibility of a ‘time-bar exercise’ during a board meeting today, according to Sky News. Banks will [...]
China fears and EU vote could derail plans to raise interest rates in 2016 September 23, 2015 The first UK interest rate hike could be delayed be until 2017 due to the uncertainty created by an in-out referendum on Britain’s EU membership, economists have said. Investment bank Citi yesterday said it was slashing its global growth rate forecasts and shifted its prediction for the first Bank of England rate hike to final [...]
UK hotel prices: Scotland drags down average cost of a hotel room in first half September 23, 2015 UK hotel prices fell by one per cent in the first half of the year, with hotels in Scotland experiencing the biggest decline, new research shows. Guests paid an average room rate of £104 per night in the first half of the year, according to The Hotels Price Index (HPI), a survey by online accommodation [...]
Bank of England’s Ben Broadbent: UK productivity is not as bad as it looks September 23, 2015 The weakness in productivity growth in the UK may not be a sign of something inherently wrong with the economy, but could be due to more subtle changes in the jobs market, the Bank of England’s deputy governor for monetary policy said today. Productivity normally grows each year, but its stagnation since the 2008 financial crisis [...]