London house prices: First-time buyers pay £91,000 deposit as fewer get on the property ladder in 2015, according to Halifax January 11, 2016 First-time home buyers needed an average deposit of £91,409 to buy a house in the capital last year, according to figures from a major British lender. The figures, published this morning by Halifax, showed London deposits were nearly three times the national average at £32,927. The deposits paid by first-time buyers nationally rose 13 per [...]
London leads the UK’s economic expansion January 11, 2016 London's economic growth is outpacing the rest of the UK, according to new survey figures published this morning. Lloyds Bank’s purchasing managers’ index (PMI) – compiled from a survey of businesses – scored 56.9 for the capital. Scores above 50 signal growth. The second and third fastest growing regions were the East and South East while the [...]
New EEF survey shows only half of UK manufacturers think Britain is a competitive place to do business, saying strong sterling, volatile markets, EU referendum pose big risks for 2016 January 11, 2016 Britain is “losing its gloss” as a global leader in manufacturing, according to a new poll out today from the EEF. The annual survey, conducted by the EEF and Aldermore, found that just 56 per cent of British manufacturers view the UK as a competitive location for manufacturing, down dramatically from the 70 per cent [...]
If we all budge up, we can house a growing London January 10, 2016 Londoners now take for granted the facilities, amenities and urban buzz of which they are a part. With that comes a rising population and urgent need for more housing. It’s hard to imagine that there were five decades before 1984 when London, along with cities across the western world, were depopulating. This depopulation coincided with [...]
Fixing the sink estate we’re in: Institutional cash is already building homes in London January 10, 2016 Despite London’s status as a safe haven for investors, for many living on crumbling housing estates it’s anything but. For decades politicians have ignored the link between poor housing are various social ills. While Tony Blair did much to help cities, he did little for housing. Today’s plans to redevelop sink estates by harvesting institutional capital should therefore be [...]
These are London’s startup hotspots: More new businesses were created in Westminster, Hackney and Camden than any other part of the UK January 10, 2016 London continues to attract more startups than anywhere else in Britain, easing fears that rising rents could scare entrepreneurs away from the capital. Westminster was home to more new businesses than any spot across the country with almost 20,000 new ventures set up in the borough last year alone. Hackney and Camden were ranked second and third [...]
Insurers which snoop on customers using social media could be in line for a crackdown as Financial Conduct Authority finishes gathering input on big data use January 10, 2016 The Financial Conduct Authority (FCA) finished gathering input on how insurers use big data late last week, which might mean a crackdown could be around the corner for those who use social media to snoop on customers. In November, the FCA launched a Call for Inputs on big data in the retail general insurance sector, [...]
Bank of England’s monetary policy committee to keep interest rates at record lows this week January 10, 2016 The Bank of England’s committee of rate-setters will be keeping interest rates at record lows this week. A renewed drop in oil prices and slower pay growth are set to weigh on the Bank’s inflation outlook. Last month it voted to keep rates at 0.5 per cent – it aims to bring inflation to two per [...]
David Cameron promises £140m turnaround of sink estates January 10, 2016 David Cameron has promised £140m to redevelop so-called sink estates in an effort to tackle poverty and social problems. Some 100 housing estates across the UK will be redeveloped and some knocked down "starting from scratch" under new plans. "Behind front doors, families build warm and welcoming homes. But step outside in the worst estates [...]
UK trade deficit shrinks in November on oil price slump January 8, 2016 Britain's trade deficit shrank in November, as cheaper imports on the back of the oil price rout helped offset a record goods trade deficit with other EU countries. The Office for National Statistics (ONS) said the UK's total trade deficit narrowed to £3.170bn in November, from £3.507bn a month earlier. The deficit in goods alone narrowed [...]