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 [...]
Northern Powerhouse: Businesses and government have a collective responsibility to end youth unemployment and close the skills gap May 11, 2016 With youth unemployment three times the national average, and businesses across all sectors citing the skills gap as one of the biggest barriers to growth, the talent pipeline is one of the most pressing issues facing England’s economy. It is for this reason that today’s announcement by the secretary of state for education, Nicky Morgan, of a new [...]
Is Britain on the edge of recession? History is an unreliable guide to the future May 11, 2016 Concerns are growing about a marked slowdown in the UK economy. The Lloyds Bank purchasing managers’ index, for example, fell to 52.1 in April, its lowest point since 2013. The initial estimate for GDP, total output, in the first quarter of this year shows an increase of just 0.4 per cent on the final quarter [...]
London tops the UK as tourism hotspot, with tourists spending £36bn a year in the capital May 10, 2016 The tourism industry is worth more than £15bn to London’s economy, more than any other region in the UK, new figures from the Office for National Statistics (ONS) have shown. Foreign tourists in the capital on business and holidays, along with day-trippers from the rest of the UK spent more than £36bn in London in [...]
The Bank for International Settlements is unconvinced that ending the dominance of the US dollar will protect the world economic order May 10, 2016 Ending the dominance of the US dollar will not be enough to promote stability in the international monetary and financial system, a top official at the Bank for International Settlements has argued (BIS). The BIS, often called the central bank for central banks, questioned the prevailing theory that when one currency becomes the world’s effective [...]