UK house prices: St Ives in Cornwall is having a referendum on banning second homes March 28, 2016 There's an important referendum happening this summer. No, not that one. For the residents of the sunny seaside town of St Ives, as well as voting in the EU referendum, they will vote on something a little closer to home – whether to ban people who are not local to the area from owning property as a second home, many of [...]
Core US prices maintain fast pace as personal income growth slows March 28, 2016 Growth in US consumer incomes slowed in February, according to figures released today. However, inflation is on course to rise toward the US Federal Reserve’s two per cent target this year, the data from the Bureau of Economic Analysis shows. Total personal incomes rose 0.2 per cent, marking a slowdown from January’s bumper 0.5 per [...]
Bank of England poised to announce new measures to clamp down on the buy-to-let market March 28, 2016 The Bank of England appears poised to introduce new rules to clamp down on the buy-to-let property market amid fears that the sector poses big risks to the UK economy. Chancellor George Osborne told MPs last week that it is “highly likely” that he will give the Bank’s Financial Policy Committee (FPC) powers over the buy-to-let [...]
UK pensions: Nearly one year on from the introduction of the pension freedoms rules, annuities remain popular March 28, 2016 Nearly one year on from the introduction of rules designed to revamp the pensions system, annuity sales have bounced back, research out today has found. The study by the Association of British Insurers (ABI) discovered that 21,200 annuity plans, worth £1.1bn, were purchased during the fourth quarter of 2015, while 61,700 annuities, worth £3.3bn, have been bought [...]
US economy: Commerce Department’s estimate revised up to 1.4 per cent with consumer spending boost March 25, 2016 The US economy grew at an annualised rate of 1.4 per cent in the fourth quarter of last year, according to the latest official estimate. The GDP figure, announced by the US Commerce Department today, was above an initial estimate of 0.7 per cent. And the second estimate from analysts suggested growth would be one [...]
Brent crude and WTI: Oil prices heading for biggest weekly slide in two months March 24, 2016 Global oil prices slipped under the $40 per barrel mark today, putting it on course for its biggest weekly slide in two months. Brent crude, the global benchmark, fell 1.6 per cent to $39.81 per barrel this morning. Meanwhile, West Texas Intermediate crude, the US benchmark, slumped 1.9 per cent to $39.05. The oil price [...]
IMF: Low oil prices won’t kickstart economic growth until interest rates rise March 24, 2016 Why haven't low oil prices delivered a "shot in the arm" to global economic growth as many economists had initially expected? The International Monetary Fund (IMF) lays the blame squarely on the world's central banks, which have taken monetary policy into unchartered territory. In a new blog post published today, co-authors Maurice Obstfeld, Gian Maria Milesi-Ferretti, and Rabah [...]
Libor scandal: Judge orders former UBS and Citigroup trader Tom Hayes to pay over £878,806 March 24, 2016 Former UBS and Citigroup trader Tom Hayes was ordered to pay just shy of £900,000 by a court yesterday, or face yet more time in jail. Hayes, who was found guilty last August on eight counts of conspiracy to defraud for his role in manipulating Libor, was hit with an £878,806 confiscation order following a [...]
UK car manufacturing climbs 13 per cent in February as domestic sales accelerate – SMMT March 24, 2016 February was another month of growth for UK car makers as they continued to buck the trend in the rest of the manufacturing sector. The UK made 146,955 cars last month, up 13.1 per cent on the same month last year, according to the figures released today by the Society of Motor Manufacturers and Traders (SMMT). [...]
IFS: Scotland would face £10bn black hole in finances if independent March 23, 2016 An independent Scotland would have faced an even bigger budget deficit than previously thought. The Institute for Fiscal Studies' updated assessment shows Holyrood would’ve had a £10.6bn black hole by the end of 2016/17, more than the £8.2bn initially forecast. By the end of the decade, when the UK as a whole is forecast to [...]