Brent crude and WTI: IEA warns of “false dawn” over oil price optimism February 9, 2016 The International Energy Agency (IEA) has warned that recent optimism over the future direction of oil prices could in fact be a “false dawn”. The Paris-based organisation said it has “major doubts” over the five drivers of a recent bounce in oil prices, leading to a revision of its forecast for future oil output. It trimmed [...]
Worries over German economic growth after industrial production dives February 9, 2016 German industrial production suffered a sharp dip in December, raising fears over economic growth in the Eurozone's biggest economy. Industrial production dropped by 1.2 per cent in December compared with the previous month, German statistical office Destatis said this morning. Manufacturing output contracted by 1.1 per cent, with a big decline in capital goods – goods [...]
UK trade deficit widens in 2015 but outlook is bright for exports February 9, 2016 The UK's trade deficit – the amount it imports over what it exports – widened last year. The deficit widened by £0.3bn to £34.7bn, the Office for National Statistics said this morning. Britain ran a £125bn trade deficit in goods compared with a £90.3bn surplus in services. However, the widening in the trade deficit was [...]
Interest rate hike more unlikely as Bank of England’s Sir Jon Cunliffe signals lending restrictions February 9, 2016 The Bank of England is likely to tighten lending restrictions rather than raise interest rates if the growth rate of credit exceeds that of GDP, a Bank official has said. Sir Jon Cunliffe said: “Given the vulnerability that already exists and the powerful drivers in the UK, particularly in the housing market, if credit began again to [...]
Mind the skills gap: Skills shortages mean just three per cent of companies are capable of delivering their own strategies with their existing in-house team, hindering growth February 9, 2016 Skills shortages are now so serious at UK companies that less than one in 20 are able to successfully keep pace with their own strategy. According to a study released today by business transformation consultants Moorhouse, 97 per cent of the FTSE 250 board members and direct reports surveyed felt they needed new or additional skills [...]
Where do homes sell fastest in England and Wales? Reading is the hottest place for a property sale February 9, 2016 How long does it take to sell a house? The answer depends on where you live – and location makes a big impact. Home owners in Wales expect to wait three times as long as those in Reading before they can take down that “for sale” sign. With the average house selling in 64 days, [...]
Jobs in tech are the most recession-proof February 9, 2016 Some jobs are more recession-proof than others, but it's jobs in technology which suffered least during the recession as wages in the sector grew more than any other. Wages have rocketed 82 per cent since 2002, rising £15bn in real terms, according to calculations of official figures. Travel agents were the least recession-proof job, with the wage bill plummeting by more than [...]
Skills gap could put brakes on UK’s car manufacturing boom – Automotive Council and SMMT February 9, 2016 The UK's booming car industry, one of few bright patches in the country’s struggling manufacturing sector, is being threatened by a shortage of skills. There are up to 5,000 current vacancies in the automotive industry, according to figures published today by the Automotive Council. Around 19 per cent of the unfilled vacancies were having a significant impact [...]
Think tank Niesr criticises quality of facts in UK immigration debate February 9, 2016 A London think tank has slammed the quality of the debate on immigration, arguing that better facts would improve the discussion. The National Institute of Economic and Social Research (Niesr) showed a short video to focus groups to test the view that public attitudes on immigration are stubborn and based on emotion rather than evidence. One [...]
Gold price breaks $1200 as markets fall and investors fret over the health of the global economy February 8, 2016 Stock market woes and fears over an ailing global economy have given a boost the price of gold, pushing it over the $1,200 line for the first time since June 2015. The yellow metal added to gains made over the last week, it’s best in over two years. The so-called safe haven is often used by investors as a [...]