Bank of England Fair and Effective Markets Review: Tens of thousands more City workers to be covered by the senior managers regime June 10, 2015 The Bank of England (BoE) today unveiled a set of tough new market rules which will increase individual responsibility among banks' senior managers and lengthen jail sentences for market abuse. Read more: Why the financial system has the same qualities as cancer Recommendations from The Fair and Effective Markets Review include extending the senior managers regime [...]
Oil and gas fires up industrial production – but manufacturing output slides June 10, 2015 Industrial output rose by 0.4 per cent in April, according to figures from the Office for National Statistics (ONS), beating economists' forecasts of a 0.1 per cent rise. The bumper figure was driven by mining and quarrying which rose by 5.6 per cent – and this was helped along by oil and gas extraction which [...]
George Osborne to mandate government budget surplus in the “good times” – but when was the last budget surplus? June 10, 2015 George Osborne will say tonight that he intends to force future governments to run a budget surplus in order to "prepare for an uncertain future". In a major speech in Canada tonight, the chancellor will announce that he will enshrine in law the need for future governments to run an overall budget [...]
Lord Mayor to tell Mansion House: City miscreants are guilty of theft June 9, 2015 Lord Mayor Alan Yarrow will demand that the City’s bad eggs are made to pay for their misbehaviour, during a hard-hitting speech at tonight’s Mansion House dinner. “I have little sympathy for those who put themselves before their clients – using their firms to feather their own beds,” the Lord Mayor will say, arguing [...]
Mansion House speech: George Osborne says budget surplus will be a legal mandate June 9, 2015 Chancellor of the Exchequer George Osborne will use a major speech in the City tonight to introduce a new law requiring future governments to run an overall budget surplus. “The result of this recent British election, and the comprehensive rejection of those who argued for more borrowing and more spending, gives our nation the [...]
Flexible jobs market helps UK startups as more British businesses survive first year June 9, 2015 New British businesses are more likely than European firms to survive their first year, consultancy Rousseau Associates said yesterday, as rules on hiring and firing staff are more flexible. Of the 234,000 firms launched in Britain in 2011, 93 per cent lasted at least one year. By contrast only 83 per cent of those in [...]
Graduate job market booming as jobless rate drops to 2007 levels June 9, 2015 Graduates are finding it easier to find employment, figures published yesterday by the Department for Business, Innovation and Skills reveal. Meanwhile, those who complete post-graduate degrees are set to earn nearly twice as much on average as those who opt not to go university. The employment rate for working age graduates was 87.5 [...]
Oil prices jump again as US forecasts fall in shale oil production June 9, 2015 The price of Brent crude rose more than 3.6 per cent to close to $65 per barrel this afternoon, after a forecast from the US Energy Information Authority suggested supply from the US' shale gas sector is likely to dip over summer. Meanwhile, West Texas Intermediate rose three per cent to $59.90, suggesting US oil [...]
UK trade deficit narrows to 13-month low as Eurozone GDP growth sticks at 0.4 per cent June 9, 2015 The UK's trade deficit – the gap between its imports and exports – narrowed to its smallest in 13 months in April, figures published today showed. The deficit more than halved to £1.2bn in April, compared with £3.1bn in March. Total exports rose 1.2 per cent between March and April, while imports fell 3.1 per [...]
Athens stocks jump as Greece submits new reform proposal to its creditors June 9, 2015 The European Commission (EC) confirmed today it has received a new reform proposal from Greece, which could finally unlock bailout money for the embattled nation. Read more: How to lose friends and alienate people – Tsipras faces backlash Reuters reported officials from the EC had confirmed receipt of the document, which was originally due on [...]