Government housing minister Brandon Lewis has admitted defeat in the face of the housing crisis: Generation Rent can’t make a “judgement call” about where they live December 2, 2015 The government has admitted defeat in the face of the London housing crisis. At least, that was the conclusion I drew yesterday when the housing minister told people hoping to stay in London to make “a judgement call about what you can afford and where is right for you”. By being “up front about the [...]
Drop in core Eurozone inflation gives European Central Bank extra incentive to boost asset purchases tomorrow December 2, 2015 Annual inflation in the Eurozone was 0.1 per cent last month, according to official estimates released this morning, but core inflation has fallen below one per cent, offering European policy makers extra encouragement to boost their asset purchase programme tomorrow. Inflation was unchanged from October, yet core inflation, which excludes the impact of low energy prices, fell [...]
UK house prices: Residential building growing at its slowest rate for two years as the construction sector loses steam December 2, 2015 UK housebuilding came off the boil in November, according to new figures published this morning, as the construction sector slowed considerably. Markit’s purchasing managers’ index showed house building increased at its slowest rate since June 2013. The overall PMI for the construction sector dropped to a score of 55.3 – its lowest since April, but [...]
UK and London house prices: Where to buy a new build house for the most space? Surprisingly, London December 2, 2015 A new build home may come with all the mod cons, shiny new floors, and fewer problems than a quaint Victorian pad – but buyers are likely to be sacrificing space. Architects have criticised the "rabbit-hutch" homes being built across the country, after new research found most are too small to live in for the average family. Buyers outside the capital are missing out on [...]
Bank of England money printer De La Rue share price rises 4.22 per cent as it cuts banknote production putting 300 jobs on the line December 2, 2015 De La Rue, the world's biggest banknote printer, has announced it will cut banknote production as demand for paper notes falls, putting some 300 jobs on the line. The company, which prints 150 currencies including the Bank of England's notes as well as UK passports, is going to reduce its print capacity from eight billlion to six billion banknotes a [...]
Cebr: Average household savings to increase by £11,700 to £58,000 by 2025 – but here’s why you won’t benefit for 10 years after an interest rate hike December 2, 2015 Household savings are set to grow by £500bn to £1.8 trillion by 2025, according to new research by the Centre for Economic and Business Research (Cebr) and RCI Bank, with the average savings pot increasing by £11,700 in £58,700 in real terms, up from £47,000 now. That'll be pushed up by rising interest rates on [...]
Lenders buoy FTSE 100 after stress over tests fades – London Report December 2, 2015 A buoyed banking sector after passing Bank of England (BoE) stress tests yesterday pushed the FTSE 100 upwards, making up for underperforming European indices in the previous session. Financial stocks added nearly 20 points to a 39.56 point advance for the blue-chip index, which was up 0.6 per cent at 6,395.65 by the close. Barclays’ [...]
Bank of England signals end of the financial crisis era December 1, 2015 The Bank of England has declared the banking crisis officially over, and yesterday sent Britain’s biggest lenders a dovish message on future capital requirements. Following the publication of a biannual Financial Stability Report, the UK's central bank signalled an “inflection point” that marks the conclusion of the post-financial crisis era. Bank of England governor Mark Carney said British [...]
Bank of England to act if needed on the buy-to-let market December 1, 2015 The Bank of England (BoE) has said it’s ready to act if it feels the booming buy-to-let mortgage market is getting out of control. Threadneedle Street’s Prudential Regulation Authority said it was reviewing banks’ lending criteria. The market for buy-to-let mortgages has ballooned 10 per cent in the first nine months of this year. Although there [...]
Union mulls next move over Night Tube and worker pay following a meeting of representatives December 1, 2015 There could be further delays down the line for London's Night Tube, as RMT's general secretary Mick Cash has today revealed that representatives from the union were not satisfied with London Underground's latest offer on pay and conditions. Cash said: "The feedback from the meeting is that the offer has not matched up to the expectations of our [...]