Michael Saunders to replace Martin Weale on the Bank of England’s MPC April 15, 2016 Veteran Citibank economist Michael Saunders will replace Martin Weale on the Bank of England's rate-setting committee. Saunders will step into Weale's role as an "external member" on the nine-strong panel when he leaves the central bank on 9 August. Read more: Bankers, meet your new boss Saunders recently said he thinks that the inflation rate could start to creep up soon. [...]
UK trade could tumble by up to £92bn if we leave the EU, warns London business group April 15, 2016 You wouldn't know it, but the EU referendum campaigns officially kick off today – meaning we're about to be hit by even more claims about what will or will not happen in the event of Brexit. Today, business group London First waded into the debate, with data showing UK trade could fall by up to £95bn if we leave the EU. The research shows [...]
China economy’s growth slows to 6.7 per cent, but government says it represents “good start” to 2016 April 15, 2016 China's economy grew by 6.7 per cent year on year in the first quarter of 2016, the nation's government has said. It marks the slowest quarterly growth for the country's economy since 2009. But the figure is in line with expectations and China's own growth targets. Read more: China's economy grew by seven per cent in [...]
Spike in level of UK firms in balance sheet trouble ahead of Brexit vote April 15, 2016 The number of businesses suffering financial distress leapt 20 per cent in the last year, according to analysis by insolvency firm Begbies Traynor. More than 274,000 firms across the UK were either behind on their debt repayments in the first quarter, or had experienced a “marked deterioration” in their financial health since the start of [...]
UK managers admit they don’t really know how to increase profits April 14, 2016 Half of Britain’s top bosses do not know how to raise their profit margins, according to a survey of some of Europe’s largest businesses. Just 48 per cent of UK executive directors said they could think of one thing their company could do which would immediately improve their bottom line, while one-third said they believed their [...]
The International Monetary Fund (IMF) is going big on its economic warnings April 14, 2016 The International Monetary Fund has been dishing out bitter pills all week from its spring conference taking place in Washington DC. Europe’s banks have been told they face a profitability crisis, countries around the world, including the UK, have had their growth forecasts slashed, and the Fund’s managing director Christine Lagarde has taken a generally [...]
Inflation slips back in the United States, but Federal Reserve still likely to raise rates in June April 14, 2016 US INFLATION slipped back in March as cheaper clothes and food helped to offset a jump in petrol prices, easing the immediate pressure on the Federal Reserve to raise interest rates. The headline consumer prices index (CPI) came in at 0.9 per cent in the 12 months to March — down from a reading of [...]
Bank of England holds interest rates at 0.5 per cent and steps up its warnings on Brexit April 14, 2016 Brexit could cause a prolonged period of instability in the UK economy, dramatically reduce the value of the pound and weaken growth, the Bank of England has warned, as it voted unanimously to hold interest rates at their record low of 0.5 per cent for another month. The rate-setting Monetary Policy Committee (MPC) made no [...]
Updated figures show the Eurozone isn’t in deflation after all as prices remained unchanged in March April 14, 2016 The Eurozone isn't in deflation after all, official statistics released this morning have shown. The final estimate for the consumer prices index (CPI) measure of inflation for the single currency bloc, released this morning, came in at zero per cent – meaning prices actually remained unchanged over the last 12 months Two weeks ago, Eurostat, the [...]
UK business optimism shattered by “potent combination” of global threats and fears of Brexit April 14, 2016 Confidence among Britain’s businesses slumped in the first quarter of the year, plummeting by the sharpest level anywhere in Europe, according to new research out today. A “potent combination of fragile financial markets, volatility in oil prices, concerns over terrorist attacks and regional issues including the prospect of a Brexit and the US presidential race” [...]