The UK’s 2017-18 budget deficit hits an 11-year low August 21, 2018 The UK recorded its largest July surplus for 18 years last month, standing at £2bn, as ONS figures revealed robust deficit reduction in Britain’s finances. July’s surplus was double that from a year ago, with economic growth and high employment credited with fuelling the increase, handing Chancellor Philip Hammond cash he can put towards his [...]
Greece’s bailout may have finished, but the economic pain still has a long way to run August 20, 2018 It is a landmark moment: Greece has finally received its last payment from the European Stability Mechanism, with an unprecedented €204bn (£183bn) in bailout loans delivered since 2012 as Europe grappled with a sovereign debt crisis. European Council president Donald Tusk was fulsome in his praise today. “You did it!” he said. “Congratulations to Greece [...]
Britons’ income from work surged in August as low unemployment made its mark August 20, 2018 Britons’ work income rose at its fastest pace on record in August, as historically low levels of unemployment helped household finances cope with inflation pressures. Data from IHS Markit’s published today showed the tenth consecutive month of employment income gains, in spite of an increase in the feeling of job insecurity. The figures will be [...]
Medium-sized businesses lead UK revenue growth overseas August 20, 2018 Mid-sized businesses are driving the UK's overseas revenue growth and have increased international turnover by 43 per cent over five years, new data has revealed. The increase, from £105bn to £151bn, exceeds that of FTSE 350 companies that have seen a four per cent decline in overseas turnover from £418bn to £402bn over the same period. London's mid-sized firms, [...]
Paddy Power completes £200m share buyback August 20, 2018 Paddy Power today completed the first £200m tranche of its share buyback programme. Goldman Sachs International bought up 2.4m shares on the bookmaker’s behalf, cancelling them all, as it embarks on the second tranche to repurchase £300m of shares, which Goodbody Stockbrokers is carrying out. The company is trying to reduce its share capital, announcing [...]
UK companies dividend payouts drop in record breaking year for the rest of Europe August 19, 2018 The UK lagged behind Europe as global dividends surged almost 13 per cent to $497.4bn in the second quarter. It was a record breaking year for payments around the world except in the United Kingdom where dividend distribution fell 1.4 per cent to $32.1bn. "Technical difficulties" were the cause of the decline while the rest of Europe dominated [...]
EU reveals huge trade surplus over the US August 17, 2018 The EU recorded a gaping trade surplus of €67bn over the US in the six months to June yesterday, potentially adding grist to the mill for US President Donald Trump, whose tariffs against the bloc threatened to take the pair into trade war territory earlier this summer. EU exports to the US grew four per cent to [...]
Turkish President Erdogan says collapse in lira a political plot against the country August 16, 2018 Turkish President Recep Tayyip Erdogan said today that the collapse in the value of the Turkish lira was a political plot against the country. Speaking to a crowd of supporters in the Black Sea coastal city of Trabzon, Erdogan said: “What is the reason for all this storm in a tea cup? There is no [...]
Turkish President Erdogan says collapse in lira a political plot against the country August 12, 2018 Turkish President Recep Tayyip Erdogan said today that the collapse in the value of the Turkish lira was a political plot against the country. Speaking to a crowd of supporters in the Black Sea coastal city of Trabzon, Erdogan said: “What is the reason for all this storm in a tea cup? There is no [...]
Sterling volatility continues over no deal Brexit fears August 9, 2018 Hedge fund boss Crispin Odey said today he would continue betting against sterling in the run up to Brexit, even after it fell to its lowest point for a year yesterday. Nervousness over the UK’s prospects of striking a deal with the EU has sent sterling sliding in recent days, falling as low as $1.2842 [...]