The Treasury needs to rebuild public trust February 13, 2017 Lord Kerslake popped up on Sunday morning to discuss the findings of his review into the current state of the Treasury. Kerslake, a former head of the civil service, was commissioned by shadow chancellor John McDonnell to assess the capabilities and remit of HMT and his findings look set to make interesting reading. Kerslake’s report is [...]
Inflation to hit 1.9 per cent for January as London businesses battle fastest cost rise since 2008 February 13, 2017 Consumer price inflation is expected to reach 1.9 per cent in January, taking it to its highest level since June 2014. It comes as businesses in the capital have faced the fastest rise in input costs for more than eight years during January. IHS Global Insight forecasts a third successive marked increase for the Consumer [...]
Greece won’t accept “illogical” demands from lenders, PM says February 11, 2017 Greece's prolonged bailout review will be completed positively, Greek Prime Minister Alexis Tsipras said today, but he added Athens will not accept "illogical" demands from lenders. Speaking to his leftist Syriza party, Tsipras said the review would be completed "without concessions in matters of principle" and warned all sides to "be more careful towards a country that has been pillaged [...]
The Federal Reserve’s vice chair doesn’t think Dodd-Frank regulations will be fully repealed February 11, 2017 Dodd-Frank financial regulation legislation may be adjusted rather than repealed altogether, US Federal Reserve vice chair Stanley Fischer said in a speech today at a Warwick University economics summit. "There are many aspects that are extremely important," Fischer said. "Significantly reducing capital requirements would reduce the safety of the system. I would certainly hope it's not going to happen." [...]
Growth accelerated in January as UK consumers kept on spending February 10, 2017 The UK economy started the year strongly with an acceleration in January, according to estimates by an influential economic think tank. GDP grew by 0.7 per cent in the three months to January, according to the National Institute of Economic and Social Research (Niesr). That compares to confirmed growth of 0.6 per cent in the [...]
BoE meets CoE: Mark Carney defends the Bank of England’s referendum judgement again and stands up for ethical financial services with the Archbishop of Canterbury February 10, 2017 The governor of the Bank of England Mark Carney has defended the Bank’s role in the EU referendum debate, while saying he is determined to move forward and shape a financial sector fit for a changing Britain. Some pro-Leave campaigners questioned the Bank’s motives when it warned of financial damage if the UK voted to [...]
Pound rises as industrial production climbs to six-year high February 10, 2017 The pound climbed back above $1.25 in morning trading, after official figures showed industrial production in the UK reached a six-year high in December. The Office for National Statistics' index of industrial production rose to 106.03 in December, its highest since January 2011, when it hit 106.16. The figures showed total production rose 1.1 per [...]
UK construction output beat expectations in December February 10, 2017 UK construction output beat expectations in December, rising 1.8 per cent on the month before, compared with forecasts of one per cent. Official figures published this morning showed output was up 0.6 per cent on the year before – and 0.2 per cent on a quarterly basis. The rise was largely driven by private commercial work, which [...]
UK trade deficit narrows in fourth quarter as non-EU countries buy more February 10, 2017 The trade deficit narrowed in the fourth quarter as exports to countries outside the European Union (EU) rose sharply. The deficit shrank to £8.6bn between October and December, a £5.6bn drop from the third quarter, according to the Office for National Statistics (ONS). Exports to the EU rose steadily, but they were outshone by a £43.8bn increase in [...]
An influential German central banker says UK will lose “gateway to Europe” status for the City’s financial services February 10, 2017 An influential German central banker has said Brexit will “end” the UK’s position as the dominant financial services centre in Europe, after “numerous” financial services firms explore moving operations to the EU. The UK will lose its position as a “gateway to Europe” for the world’s financial services industry, according to a speech by Dr [...]