EU referendum: Brexit could plunge UK into recession, claims Bank of England governor Mark Carney May 12, 2016 A vote to leave the European Union could plunge the UK into recession, Mark Carney warned today. The Bank of England governor said the the effects of Brexit "could possibly include a technical recession" as the Bank said a vote to Leave would lead to a "material" slowdown in growth, lead to higher unemployment and higher [...]
Carney’s warning of a Brexit recession sparks war of words between Threadneedle Street and former Chancellor May 12, 2016 The Bank of England has warned that leaving the European Union could trigger a recession, lead to a jump in inflation, higher unemployment and a “sharp” depreciation in the value of sterling. Threadneedle Street issued its most hard-hitting analysis of the likely effect of Brexit in the final Super Thursday before the referendum on 23 June, [...]
Five things to look out for from Bank of England’s Super Thursday May 12, 2016 It's the fourth instalment of the Bank of England's Super Thursday today, and traders, wonks and campaigners are pumped for some fireworks from the Old Lady at lunchtime today. At 12pm, the Bank will unveil not only the latest decision of the rate-setting monetary policy committee (MPC), but the minutes from that meeting and its [...]
Shadow MPC: City economists agree with Bank of England’s “wait and see” approach May 12, 2016 The Bank of England is set to slash its growth forecasts and ramp up its warnings on Brexit later today, in the latest installment of economic ‘Super Thursday’. The Bank will publish its quarterly Inflation Report – the market-moving dossier of Threadneedle Street’s latest thinking on the state of the UK economy, along with the [...]
EU referendum: Osborne attacks leave campaigners for failing to provide post-Brexit facts May 11, 2016 George Osborne has defended the Treasury’s calculations on the impact of leaving the European Union and attacked leave campaigners for trotting out misinformation about the benefits of Brexit. "Every credible international institution has supported the claims we’ve made,” Osborne told MPs on the Treasury Select Committee this afternoon, as he confirmed he will be dishing [...]
Fresh GDP estimates show economy hasn’t stopped slowing yet May 11, 2016 Growth in the UK economy slowed even further in April, according to the latest GDP estimate from the National Institute of Economic and Social Research (Niesr), published this afternoon. The think tank estimates that the economy grew by just 0.3 per cent in the three months to April – a slowdown from 0.4 per cent in [...]
Before the bell: What you need to know before the US market open May 11, 2016 US stocks are set to open down after pulling in strong rises yesterday. The S&P is down by 0.12 per cent in the pre-market, the Nasdaq is 0.1 per cent lower, while the Dow is 0.2 per cent off. It's been a poor showing so far from European markets, coming off the back of a disappointing trading [...]
EU referendum: EU businesses say Brexit will hurt them – but they want a tough stance in any post-Brexit trade negotiations May 11, 2016 Business across Europe want the UK and the EU to agree a trade deal in the event of Brexit — but they think negotiators should take a hard line and impose strict duties and tariff barriers to make the UK pay the price for leaving. Two-thirds of listed companies in Germany, France, Italy and Spain said [...]
UK production industry falls into recession as manufacturing continues to disappoint May 11, 2016 The UK production industry flat-lined in March 2016, pushing the industry into recession as it continues to act as a drag on Britain's economic performance. Figures released by the Office for National Statistics (ONS) this morning showed that industrial production decreased by 0.4 per cent during the first three months of the year. Manufacturing – the largest component of [...]
The best – and worst – countries to do business in May 11, 2016 While there may be warning lights flashing over the health of the UK economy, it is nothing compared to some of the turmoil being faced in countries further afield. Political uncertainty, an economic slowdown, oil price volatility and violent swings on the financial markets have dominated the start of 2016. Business and consumer confidence surveys are [...]