Surprise as UK inflation falls to zero for first time since current records began in 1989 March 24, 2015 Inflation fell to zero in February for the first time since current the current records began in 1989, moving Britain closer to deflation, official statistics showed today. Figures released by the Office for National Statistics showed prices didn't increase at all in February compared with the same time a year ago. The figure came [...]
Mario Draghi defends ECB policy decisions after QE rollout March 23, 2015 European Central Bank (ECB) chief Mario Draghi yesterday hit back at claims that new monetary policy measures would reduce the need for governments to undertake reforms, ultimately harming growth prospects. “Do you really think a high level of interest rates would form an incentive for a government to improve its education system, or judiciary, or [...]
Ukip economic policy: Patrick O’Flynn takes aim at “onesie state” and promises tax cuts March 23, 2015 Ukip's economic spokesman Patrick O'Flynn has unveiled the economic policies the party will carry into the General Election. The headline pledges included upping defence spending by £3bn per year, hitting the Nato target of two per cent of GDP being spent on the military. "It is astonishing to think that UKIP goes into this election [...]
Strong pound subdues manufacturing exports, the CBI says March 23, 2015 The strong sterling and continued uncertainty for the Eurozone are subduing Britain's manufacturing sector. The CBI said that export orders had fallen to their lowest in more than two years. Just 10 per cent of businesses reported total order books that were above normal for this time of the year. while 35 per cent said [...]
Greek crisis: European markets dip ahead of meeting between Alexis Tsipras and Angela Merkel March 23, 2015 Germany's Dax lead European markets down, falling 0.93 per cent as Chancellor Angela Merkel prepared to thrash out a deal with Greek Prime Minister Alexis Tsipras this afternoon. France's Cac 40 fell 0.56 per cent, while the FTSE 100 – which on Friday hit 7,000 points for the first time – fell back 0.27 per [...]
Brexit could cost UK 2.2 per cent of GDP without radical free market reform and liberal immigration policy March 23, 2015 Britain's economy could take a hit of up to 2.2 per cent of GDP – or £56bn – by 2030 if it leaves the EU, according to a new report from think tank Open Europe. The report argues that in the worst case scenario, the negative effects of Brexit would not wholly be offset by [...]
Confederation of British Industry warns politicians: Don’t let election halt UK growth March 23, 2015 Britain’s biggest business group will this morning warn politicians against allowing post-election uncertainty to derail the country’s impressive economic growth. The UK is facing the tightest General Election in decades on 7 May, with many polls showing no party in line for a clear majority. And even if a coalition needs to be formed, the [...]
Variable mortgage deals rise as interest rate hike prospect wanes March 23, 2015 The fading prospect of an imminent interest rate hike prompted more mortgage borrowers to opt for variable rates during February than any month since November 2012, data from a mortgage broker today showed. One in 10 homebuyers and remortgaging homeowners chose variable rates in February, up from 8.6 per cent in January and the highest [...]
London rent price growth stalls as regions outpace the capital March 23, 2015 London rental growth is being outpaced by the regions after prices in the capital stalled in the three months to February, according to a survey out today. HomeLet’s Rental Index found that rent prices rose across seven of the 12 UK regions, with the north east and south west of England leading the way with [...]
Household debt to hit £10,000: Borrowers more exposed to hike in interest rates March 23, 2015 British borrowers are more vulnerable to an interest rate rise than ever before after new figures showed unsecured household borrowings hit an all-time high last year. Unsecured debt rose nine per cent in 2014 to a record £239bn in cash terms, or £9,000 per household, driven by an increase in student loans and credit card [...]