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 [...]
Pessimism on global economic growth fails to put investors off risky assets March 23, 2016 Investors have become more downbeat on the global economy, according to new survey figures released today. However, they are in no hurry to start ditching risky assets, the data from Absolute Strategy Research (ASR) shows. The survey of 210 asset allocators, strategists and chief investment officers showed they believed the probability of a global recession [...]
Chinese economy carried on growing at a sluggish pace in March, according to business survey March 23, 2016 China’s economy continued to grow at more moderate pace in March, according to new business survey data released today. The sales managers’ index produced by World Economics scored 51.2 in February, equal to the month before. As the score is above 50, it implies the economy grew over the month. While it is the joint-lowest [...]
Flash crash trader: Judge rules Navinder Singh Sarao can be extradited to the US to face trial March 23, 2016 A judge has ruled that Navinder Singh Sarao, the so-called hound of Hounslow, can be extradited to the US to face charges carrying a maximum sentence of 380 years. Sarao plans to appeal the verdict and has been released on bail. The US Secretary of State must now make an order for the extradition to the Home Office within the next [...]
Brent crude and WTI: US oil falls below $40 per barrel after EIA data March 23, 2016 US oil fell below $40 per barrel today, after fresh data suggested the global oversupply still has some ground left to cover before markets rebalance. Data released today by the Energy Information Administration (EIA) showed US crude oil inventories jumped by 9.4m barrels last week to a record total of 532.5m. This was much more than analysts expected, with [...]
Saudi Arabia will go ahead with production freeze deal in April without Iran, sending the oil price up 50 per cent in just two months March 22, 2016 Saudi Arabia has signalled it will go ahead with a deal with Russia and other Organization of the Petroleum Exporting Countries (Opec) members to freeze production in April despite Opec rebel Iran vowing to continue to increase output. The deal, which already includes Venezuela and Qatar, is scheduled to be finalised at a meeting in Doha [...]
UK workers much less interested in salary when job hunting than their global counterparts and much more interested in the job description and type of work March 22, 2016 You may think you can lure top talent to your company by offering them wads of cash, but, if you're recruiting for your UK office, you might be disappointed. A study out today by ManpowerGroup Solutions has discovered that jobseekers in the UK are among the least likely to be motivated by salary, with only a quarter [...]
London house prices 53 per cent higher than pre-crisis peak as UK price growth accelerates to 12-month high – ONS March 22, 2016 UK house prices climbed 7.9 per cent in January compared with the same month last year, the Office for National Statistics said this morning. It marks faster house price growth than December's 6.7 per cent. Price growth was driven by the South East and London where prices rose 11.7 per cent and 10.8 per cent respectively. [...]
Blow for chancellor George Osborne as government borrowing overshoots in February March 22, 2016 The government borrowed £7.1bn in February, down £0.5bn compared with the same month last year. It takes total borrowing for financial year to date (April 2015 to February 2016) to £70.7bn, according to the figures released by the Office for National Statistics this morning. The Office for Budget Responsibility, the government's fiscal watchdog, last week [...]
Going nowhere fast: UK inflation stays at 0.3 per cent in February March 22, 2016 The UK's inflation rate remained at 0.3 per cent in February, according to data released this morning by the Office for National Statistics. Inflation, as measured by the year-on-year change in the consumer price index, was equal to January's 12-month high of 0.3 per cent. Transport costs were the biggest downward contributor falling 1.1 per cent on the [...]