Plan to stop permanent growth of mortgage red tape is rejected October 1, 2014 PLEAS for a sunset clause to be introduced on lending restrictions were pushed aside yesterday, as the Bank of England published its decision on mortgage loans. The Building Societies Association is worried new regulations will be introduced when the housing market is overheating, then never withdrawn when the market cools down. To combat this permanent growth [...]
UK manufacturing catches a cold from Eurozone October 1, 2014 Britain’s strong recovery is under threat from the economic troubles in Europe, as data released yesterday showed the UK’s manufacturing sector continuing a sharp decline that began at the start of summer. The purchasing managers’ index compiled by Markit fell to 51.6 for September, below market expectations and a drop from August’s 52.2. Any figure [...]
Bank official Paul Fisher: Inflation nutters should not be allowed on MPC October 1, 2014 The Bank of England should not focus exclusively on hitting its inflation target, policymaker Paul Fisher said yesterday, arguing only “inflation nutters” would risk financial stability or economic growth for the sake of a minor adjustment in prices. Fisher said the Bank of England had a series of vital goals and must be able to balance [...]
Productivity growth puzzles economists October 1, 2014 PRODUCTIVITY in the UK remains weak as the fierce debate continues to rage over whether it is temporary or a sign of lasting damage to the economy. As measured by output per hour, productivity failed to grow from April to June compared with the previous three months, according to the Office for National Statistics. It was [...]
Weak Eurozone data puts focus on ECB decision on asset purchase programme October 1, 2014 September was a month to forget for the Eurozone as survey data released yesterday shows growth in the manufacturing sector was at a 14-month low over the month. The purchasing managers index (PMI) compiled by Markit scored a 50.3. A score above 50 indicates growth but this very weak growth suggests the Eurozone economy is [...]
Viva Espana: Spain on the mend as northern countries flounder October 1, 2014 SPAIN’S manufacturing sector was the fastest growing of the big four Eurozone nations, according to survey data released yesterday. The purchasing managers index published by Markit was 52.6 for Spanish manufacturing which means the sector is growing at a respectable rate. Spain’s manufacturing PMI has now grown for 10 consecutive months. Meanwhile, the economy grew [...]
US jobs likely to see increase in September October 1, 2014 US ECONOMIC growth looks robust as data released yesterday showed more Americans were getting jobs as well as the manufacturing sector growing strongly. Private employers created 213,000 jobs in September, according to payroll processor ADP.Trade, transportation and utilities led the job gains, with 38,000. Manufacturers added 35,000, and professional and business services, 29,000. Economists now expect [...]
Steve Varley: The boss doing the running for EY October 1, 2014 No celebrations for EY Britain’s boss, Steve Varley, despite a 8.6pc rise in turnover. Steve Varley, head of EY’s British arm, laughs nervously. After three years at the helm, the Yorkshireman has clear, almost PR-perfect soundbite answers to any question about the business. The one that has flummoxed him is how he and [...]
Bank of England’s stress test may threaten Lloyds dividend plans October 1, 2014 Lloyds could fail the Bank of England’s stress tests this Autumn and be banned from paying out a dividend this year, analysts at Macquarie warned yesterday. The bank has hiked its capital ratios over the past year and so is not expected to be forced to issue any more bonds or shares to bolster its buffers. [...]
Numis boss Oliver Hemsley hails old fashioned advantage over hi-tech big banks October 1, 2014 Profits soared at mid-cap broker Numis, the firm said in a trading update yesterday, with its chief executive aiming to increase the firm’s reach to clients of every size. Full-year revenues were up 19 per cent, as the broker completed 44 transactions, including 16 initial public offerings (IPOs). Traditionally, Numis has specialised on small- and [...]