IMF Brexit analysis will be published just days before the EU referendum May 13, 2016 The International Monetary Fund (IMF) will publish a full assessment of how Brexit will affect the UK economy less than one week before Brits go to the polls on 23 June. While issuing a stark warning that a vote to leave the EU could trigger a recession – the second in two days after Mark Carney's [...]
Eurozone GDP misses expectations May 13, 2016 Eurozone gross domestic product undershot expectations in the first quarter, data released today has shown. European statistics agency Eurostat said the single currency union's economy grew 0.5 per cent in the first three months of 2016, representing a downward revision from its initial estimate of 0.6 per cent. Read more: Germany records strongest GDP growth for two [...]
IMF head Christine Lagarde backs up Mark Carney in battle over a Brexit recession May 13, 2016 Brexit could push the UK into recession, hit wages, lead to higher prices and shatter London's status as the financial capital of the world, Christine Lagarde, head of International Monetary Fund (IMF) has said today, in the second high-profile Brexit warning in as many days. With less than six weeks to go until the EU referendum, – described [...]
Cranes down: Pound falls as UK’s construction output plummets in the first quarter of 2016 May 13, 2016 If you're a crane enthusiast, look away now: the UK's construction output suffered a shock slowdown in March, official figures have shown, as fears over the referendum began to bite. The pound was down 0.25 per cent, at 1.4415 against the dollar after the figures, which showed output in the sector fell 1.1 per cent in the first [...]
Brexocalypse Now? The multi-billion pound Brexit risk to the Square Mile, mapped May 13, 2016 Here's another apocalyptic view of the potential consequences of Brexit – this time on the City of London. [Scroll to the bottom to see a visualisation of how Brexit could affect the City's property sector] New research suggests billions of pounds in property value and thousands of jobs are at risk of being wiped from the [...]
Germany records strongest GDP growth for two years, but remains in deflation May 13, 2016 Germany confirmed its status as the powerhouse of Europe in the first quarter, as its economy grew by a mighty 0.7 per cent in the first three months of the year. The German statistics agency this morning confirmed that stronger domestic demand, buoyed by higher levels of employment, helped Europe's largest economy to more than double its rate [...]
EU referendum: Brexit threat doesn’t explain economic woes May 13, 2016 June 24th will be a day of revelation. Depending on your perspective, London will either be freed from the shackles of a sclerotic European Union, or the fog of uncertainty will be lifted by a Remain vote, triggering a flood of welcome investment. Those are the cheery viewpoints, at least. Striking a less positive note, Bank [...]
Carney ignites recession row with Brexit warning May 13, 2016 Bank of England governor Mark Carney sparked an intense political row yesterday after he said that a vote to leave the European Union could plunge Britain into recession. Former chancellor Lord Lamont slammed Carney’s “unwise” choice of words, while two Conservative members of the influential Treasury Select Committee – which is appointed by Parliament to [...]
Brazilian President Dilma Rousseff stands down ahead of impeachment trial May 12, 2016 Brazil's Senate has brought down President Dilma Rousseff, after they voted strongly in favour of putting the embattled politician on an impeachment trial. Following a marathon overnight debate, senators voted 55-22 to try Rousseff for breaking budget laws. The rules mean Rousseff has been suspended from office ahead of her trial. Read more: Rousseff's impeachment is Brazil's [...]
Former chancellor says Carney’s Brexit intervention could trigger an economic crisis May 12, 2016 Former chancellor of the exchequer Lord Lamont has warned Mark Carney that his Brexit warnings could spark an economic crisis. The Conservative politician, who is now part of the official campaign group, Vote Leave, said the governor of the Bank of England should choose his words more carefully as he dismissed Carney's claims that Brexit was the most significant risk [...]