Brent crude and West Texas Intermediate (WTI) oil prices sink on profit taking and easing tensions in Iraq October 20, 2017 Oil prices dropped below key levels today as tensions in the Middle East eased and investors looked to take profits. Brent crude oil futures dropped 0.8 per cent to $56.77 a barrel while US benchmark West Texas Intermediate (WTI) prices fell 0.99 per cent to $50.78 a barrel. Malcolm Graham-Wood, analyst at Hydrocarbon Capital, said [...]
Chancellor Philip Hammond gets good news as lowest borrowing since 2007 boosts Treasury ahead of squeezed Budget October 20, 2017 Government borrowing has fallen to its lowest level year-to-date since before the financial crisis, delivering some welcome relief to chancellor Philip Hammond, who is otherwise expected to have limited room for manoeuvre in the upcoming Budget. Public sector net borrowing (excluding state-owned banks) decreased by £2.5bn to £32.5bn in the financial year from April to [...]
Pound sterling fallen against the dollar as Bank of England deputy governor Sir Jon Cunliffe hints he’ll vote against a rate hike in November October 20, 2017 The pound continued on its downward trajectory against the dollar this morning, after comments from the Bank of England’s deputy governor put a question mark over the chances of an interest rate hike in November. In an interview with the BBC, Sir Jon Cunliffe argued most of the inflation the economy is currently experiencing is [...]
Bank of England needs more diversity Treasury Select Committee head Nicky Morgan tells chancellor October 20, 2017 The Bank of England needs to improve “diversity at the most senior levels”, according to a letter written today to the chancellor by the influential head of the Treasury Select Committee, Nicky Morgan. Morgan said: “The Treasury must make all efforts to encourage as diverse range of candidates for the Bank’s policy committees as possible.” [...]
To save our treasured NHS, we must first acknowledge that it is failing the country October 20, 2017 The NHS is failing. No, this isn’t some attempt to “American-ize” the UK’s healthcare system. The US is the only developed country in the world not to offer universal access to healthcare, making it the weakest comparison for an NHS alternative. Nor is this some rogue or unpopular opinion. It is what the statistics around [...]
A successful industrial strategy requires letting zombie firms die October 20, 2017 As the government considers its industrial strategy white paper, due later this year, it must first break free from blinkered thinking. While doubtless well intentioned, the familiar policies under discussion so far – additional public infrastructure investment, more state-funded research, and skills enhancement, with a particular focus on management training – are not sufficient to [...]
Growth returns to the UK fashion industry after 14 months of decline October 20, 2017 The British fashion market has returned to growth after 14 months of decline and heavy discounting by retailers. In the year to 24 September, the fashion market grew by 0.2 per cent, according to figures released today by Kantar Worldpanel. Figures from the Office for National Statistics, published yesterday, showed clothing and footwear sales jumped [...]
Blackstone beats expectations as assets hit record levels October 19, 2017 Earnings at the US’ biggest buyout firm today swelled by almost a quarter, beating analysts expectations. New York-listed Blackstone said its third-quarter earnings had grown by 23 per cent to $385m (£293m). Shares rose over 1.55 per cent in trading. Net income for the three months to September was $834m, up 21 per cent and [...]
Brewdog considers New York Stock Exchange float in London snub October 19, 2017 Brewdog could snub London to list in the US when the beer business floats. Co-founder James Watt said in an interview with City A.M. that the irreverent Scottish brewery could choose the New York Stock Exchange for an IPO. It follows a push by Brewdog to expand into the US, having built a brewing facility [...]
Treasury select committee launches inquiry into women in UK finance October 19, 2017 The Treasury select committee (TSC) is starting an investigation into women in finance, seeking to understand why relatively few women occupy the top jobs in the City. The Treasury has pledged to deliver gender balance in financial services as part of its Women in Finance Charter. However, the TSC wants to investigate whether progress has [...]