EU referendum: IMF calls on UK and EU to play nicely during divorce proceedings June 24, 2016 The head of the International Monetary Fund (IMF) has urged the UK and the EU to reach an amicable divorce, as the fallout from the vote for Brexit ripples across the world. Christine Lagarde, who warned Brexit could trigger a recession, called on both sides to work together to reach a new settlement which helps [...]
Central banks around the world have moved to try and calm markets in the aftermath of Brexit June 24, 2016 As financial markets adjust to a post-Brexit world, central bankers are rushing to try and restore calm. The immediate reaction to the UK vote to leave the European Union was a harsh sell-off that in which the pound plummeted and markets around Europe followed their Asian counterparts sharply lower. The Bank of England governor Mark Carney has already said he will prop [...]
Before the bell: What you need to know before the US market open June 24, 2016 The UK's vote to quit the European Union in a so-called Brexit has thrown markets around the world into meltdown and the US looks like it's heading the same way. Here's what you need to know before the US market open at 2:30pm. In the pre-market, US stocks are pointing straight down. The S&P is off by [...]
EU referendum: UK set to lose gold standard AAA credit rating June 24, 2016 The UK's gold standard credit rating is set to be slashed following the decision to leave the European Union, leading ratings agencies warned today. All three of the leading ratings agencies – Standard and Poor's (S&P), Moody's and Fitch, said the UK's AAA rating on its sovereign debt was likely to be cut. In theory, that would [...]
EU referendum: Markets expect Bank of England to cut interest rates after vote for Brexit June 24, 2016 Leading economists have predicted the Bank of England will need to cut interest rates this summer to prop up the UK economy in the wake of the vote to leave the European Union. This morning, governor of the Bank of England Mark Carney told markets the Bank stood ready to do whatever is needed to support financial stability [...]
EU referendum: Bank of England to take “all necessary steps” in wake of Brexit vote June 24, 2016 The Bank of England will take "all necessary steps" to protect the financial markets in the wake of the vote to leave the European Union, it confirmed this morning, in its first intervention since the result of the referendum became clear. In a statement issued at 7am this morning, Threadneedle Street said: The Bank of England [...]
S&P warns Britain likely to lose its AAA credit rating after Brexit June 24, 2016 Credit ratings agency Standard & Poor's has warned Britain could lose its AAA credit rating, after it voted for Brexit heralding a period of political, economic and financial uncertainty. Moritz Kraemer, chief ratings officer for S&P, reiterated that he expected the risks associated with the UK voting to leave the European Union will lead to a credit downgrade [...]
New car sales to drop 20 per cent in Brexit recession, analyst says June 24, 2016 Demand for new cars could tumble by 20 per cent if the UK falls into a recession following the historic vote to leave the European Union. BNP Paribas warned economic downturns usually shrivel car sales by up to one fifth, in a market update after media organisations called the EU referendum for the Leave side. [...]
This is the end of Cameron, Osborne and Carney, says former MPC member Danny Blanchflower June 24, 2016 Brexit will spell the end of Prime Minister David Cameron, chancellor George Osborne and Bank of England governor Mark Carney, economist Danny Blanchflower has warned. Speaking to City AM, the former BoE policymaker said: "Brexit will spell the end of David Cameron, George Osborne and Mark Carney because they just told us Brexit would be a disaster for [...]
Conservative MP Jacob Rees-Mogg says there could be another general election as soon as this autumn June 24, 2016 There could be a general election in the autumn, Conservative MP and Leave campaigner Jacob Rees-Mogg has warned. "I wouldn't rule out a new election altogether. It's complicated under the Fixed Term Parliament Act, but it's not impossible," he said. His comments come as the Leave camp gained ground through the night. The possibility of Brexit [...]