EU referendum: Bank of England warns In/Out vote is the most significant short-term risk to the UK economy March 29, 2016 The referendum on Britain’s European Union membership poses the most significant short-term risk to the UK economy, the Bank of England has warned. In a statement today, the Bank’s Financial Policy Committee (FPC) said the outlook for Britain’s financial stability has “deteriorated” since the end of last year, with existing risks “supplemented” by uncertainty in [...]
Lending to Eurozone households climbs at fastest rate since 2011 as money supply growth remains robust March 29, 2016 Lending to Eurozone households and businesses gained momentum in February, according to figures published by the European Central Bank this morning. The money supply also continued to grow at a robust rate, an indication stronger demand is on the way. Household borrowing from banks climbed by 1.6 per cent in February compared with the same month [...]
Landlords braced for tough new lending restrictions, as Bank of England concludes investigation into buy-to-let mortgages March 29, 2016 The Bank of England could today respond to concerns about a frothy housing market by announcing new lending restrictions on landlords and those taking out buy-to-let mortgages. This morning the Prudential Regulation Authority (PRA), the Bank’s supervisory arm, will publish the results of a four-month long investigation into underwriting standards – the terms and conditions lenders [...]
Why the US West Texas Intermediate oil price could clock its best month in around a year March 29, 2016 Despite today's losses, US oil is heading for its biggest monthly gain in nearly a year. West Texas Intermediate crude, the US benchmark, is currently down 1.1 per cent at $38.96 per barrel. Nevertheless, it's gained around 13 per cent so far this month, putting it on course for its largest jump since April last year. [...]
Ecuador oil minister Carlos Pareja to visit Colombia, Mexico to push output talks between Opec and non-Opec producers March 29, 2016 Ecuador could meet with Colombia and Mexico this week, over a potential meeting between Latin American oil producers to unify the region in backing a wider output freeze deal. Ecuador's oil minister, Carlos Pareja, told reporters yesterday that they were hoping to convene ahead of a bigger meeting in Doha next month. It follows an earlier agreement between Saudi [...]
UK pensions: One in five Brits expect to retire after their 70th birthday, and it’s stressing people out March 29, 2016 We hope you enjoyed your bank holiday weekend but don't get too used to the downtime – a study out today by Willis Towers Watson has found that one in five (21 per cent) Brits don't expect to retire until after their 70th birthday. Not to be too big a bearer of bad news but the study [...]
UK pensions: Shortfall in UK private sector defined benefit (DB) pension schemes has doubled over the last decade to £0.8 trillion March 29, 2016 Private sector defined benefit (DB) pension schemes carried a collective deficit of £0.8 trillion in 2015, around double the shortfall compared with roughly a decade ago, according to research out today. The study by JLT Employee Benefits discovered that DB schemes had £1.3 trillion in assets in 2015, compared with £0.65 trillion in 2006, but the schemes also had liabilities [...]
Financial services lead strong growth in professional sector pay March 29, 2016 Pay the professional sector is rising robustly, new figures released today show. The average salary in the professional sector – which includes lawyers, doctors, accountants and generally any role requiring a degree – was 5.1 per cent higher in February than the same month last year. Pay for accountants rose 8.9 per cent, the data [...]
Oil price dips on low volumes as growing stockpiles spook investors March 28, 2016 Oil prices dipped under $40 per barrel yesterday, adding to declines recorded in the tail end of last week. The price of international benchmark Brent crude climbed to $42.51 in early trading last week, before sliding five per cent over four days. Last night the price of a barrel of Brent was trading at $39.92, while [...]
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 [...]