London jobs will be safe from the National Living Wage September 23, 2015 While some business figures have warned about the potentially nasty side-effects of the government's National Living Wage it appears London will be largely immune from this. The National Living Wage means employees aged over 25 will be paid £7.20 an hour from next April, rising to 60 per cent of median earnings in 2020, estimated to be [...]
Eurozone economy expanding – but “worrying failure of growth” remains September 23, 2015 The Eurozone economy expanded in September, continuing a year of robust growth, according to survey figures released this morning. Markit’s flash purchasing managers’ index (PMI) scored 53.9 for this month, down slightly from August but still above the 50 score that implies no growth and in line with economic growth. France’s economy improved in September, with the [...]
Blow for George Osborne’s deficit plans as public borrowing climbs in August September 23, 2015 Government borrowing jumped in August, ending a positive run of results for chancellor George Osborne this year. Public sector borrowing excluding state-owned banks was £12.1bn in August, up £1.4bn on the same month last year, according to figures released this morning by the Office for National Statistics. This was the biggest August deficit since 2012. Despite the rise, [...]
Hedge fund Marshall Wace lends support to Labour leader Jeremy Corbyn’s economic policy People’s QE September 23, 2015 One of Britain's wealthiest hedge fund managers has leant weight to what's arguably the cornerstone of new Labour leader Jeremy Corbyn's economic policies – so-called People's QE. People's QE would involve the Bank of England (BoE) investing "in large-scale housing, energy, transport and digital projects". But critics, including Bank of England governor Mark Carney, have [...]
Chinese economy: Slowdown fears renewed as manufacturing industry activity falls to new low September 23, 2015 China’s manufacturing sector has fallen to a six-and-a-half year low, renewing fears of a slowdown in the world’s second largest economy, according to a survey. The Caixin/Markit manufacturing purchasing managers’ index (PMI) fell from 47.3 in August to 47 in September, missing expectations of a 47.5 reading. A figure below 50 suggests contraction in manufacturing, [...]
British American Tobacco turns to ecigarettes to stay ahead but share price closed on five-day low September 23, 2015 British American Tobacco (BAT) yesterday signed a conditional agreement to buy ecigarette manufacturer CHIC for an undisclosed sum. BAT hopes to extend its reach through Europe and expand beyond its tobacco cigarettes to make the most of the growing ecigarette movement – which are widely viewed as a healthier option. CHIC, Poland’s e-cigarette market-leader, makes [...]
Student spending on the rise as living costs shoot up in the UK September 23, 2015 Student spending could reach its highest ever level this academic year, and may hit over £30bn in total for 2015, according to research from Experian Marketing Services. Students in Manchester are predicted to spend over £1.1bn over the course of this academic year, while Nottingham will see a total student spend of around £800m. According [...]
Eurozone shoppers in good spirits despite September dip in sentiment September 23, 2015 Consumer confidence in the Eurozone has dipped this month to its second lowest level of the year, according to preliminary figures published by the European Commission (EC) yesterday. The EC’s confidence indicator slipped 0.2 points to a score of minus 7.1. Despite the negative figure, confidence remains at levels consistent with spending growth and is [...]
London tops 2015 global financial centre rankings and knocks New York into second place September 23, 2015 London is the world’s leading financial centre according to a global study published today, after wrestling back the top spot from New York. The City benefited from renewed political certainty following May’s General Election, the authors say. Yet they warn that, despite storming back to the top of the rankings, London faces future [...]
London house prices: Flats in the capital cost 67pc more than in 2005 and are set to keep climbing September 23, 2015 London flat prices have outstripped every other property type in every other region of the UK over the last decade, according to research published by a major mortgage provider this morning. Affordability is set to continue falling as data from HMRC yesterday showed the market was hotting up with 106,480 homes sold during August – [...]