Bank of England to trim protection for deposits as pound stays strong July 3, 2015 Savers will lose out when regulators trim the amount of customers' deposits guaranteed by the UK government, thanks to the pound's appreciation against the euro. The Bank of England's Prudential Regulation Authority (PRA) has said the amount covered by the guarantee schemes will fall by £10,000 to £75,000 from 31 December. A rosier economic picture, as [...]
IoD on Grexit: Three quarters of business leaders think Greece will leave the euro July 3, 2015 Three quarters of business leaders think Greece will leave the euro within the year, a study by the Institute of Directors (IoD) has suggested. Read more: Even pro-Europeans admit the Greek crisis has been disastrous for the EU Of the rest, only two per cent think it's "very unlikely" – suggesting UK businesses are bracing themselves [...]
UK services sector PMI: Growth smashed expectations in June July 3, 2015 Growth in the UK services sector beat economists' expectations last month, suggesting economic growth will pick up in the second quarter of this year. The widely watched Markit/CIPS UK services PMI came in at 58.5, beating economists' expectations of 57.5, and above May's five-month low of 56.5. It was above the crucial 50 mark which indicates [...]
UK universities with the most graduates in employment and/or further study July 3, 2015 We're typically told it's industries such as computing and finance are hungriest for new graduates – but a new study has found the graduates coming out of arts specialist Arts University Bournemouth are the UK's most employable. In fact, no Russell Group university – which represents the 24 leading UK universities including traditionally "red brick" institutions such [...]
Fellow watchdog to slam Ofgem over tariffs policy July 2, 2015 The Competition and Markets Authority (CMA) is expected to slam Ofgem’s policy on electricity tariffs when it publishes the preliminary findings from its energy market review next week. The report, which is likely to be released on 7 July, will highlight the “four tariffs” rule that Ofgem imposes on energy firms as being bad for [...]
IMF: Greece needs debt reduction due to poor recent governance July 2, 2015 One of Greece’s official creditors has acknowledged that the country needs debt relief, but only due to the choices of its current leadership elected in January. The International Monetary Fund (IMF) said yesterday that Greece would need more than €50bn (£36bn) in financing by the end of 2018, as well as a doubling in the length [...]
UK house prices: First-time home buyers priced out of market July 2, 2015 Annual house price growth has slowed to a two-year low, according to a major mortgage provider. But months of fast growth has left first-time buyers struggling to put deposits together, despite government programmes to help them. House prices were 3.3 per cent higher in June than in the same month last year, Nationwide said. It [...]
London planning permission approvals for new houses soar July 2, 2015 A surge in planning approvals for new houses in London has lifted the prospects for building. London boroughs granted planning permission to 11,870 homes during the first three months of the year, estate agent Stirling Ackroyd said today. If that rate continued, 47,460 homes would be given planning permission this year. [...]
China in the throes of investment fever: Ordinary Chinese gripped by buzz of stock market speculation July 2, 2015 Three years ago China was in the grip of a walnut investing bubble. In an episode akin to 17th century tulip mania, wealthy Chinese paid up to £3,000 (¥30,000) for a pair of walnuts which cost £36 (¥350) several years prior. In the belief that rolling a nut in the palm of the hand [...]
Everybody loves Wolfgang Schäuble: The German finance minister is more popular than ever with the general public July 2, 2015 While Yanis Varoufakis is threatening to quit his job if the Greeks accept creditors' proposals for a bailout deal in Sunday's referendum, one Eurozone finance minister is building stronger ties than ever with his country. Read more: Greek finance minister Yanis Varoufakis: "We will not accept a one per cent primary budget surplus" Today, [...]