Corporate governance standards among UK companies stay high, as regulator says its code will not be substantially amended for the next three years January 14, 2016 The overall quality of corporate governance among UK companies remains high, as the regulator vows not to make any major changes to its code for the next three years. According to a report published today by the Financial Reporting Council (FRC), 90 per cent of FTSE 350 companies are complying with all but one or [...]
Bank of England monetary policy committee votes 8-1 to hold interest rates as it cuts economic growth, inflation forecasts January 14, 2016 The Bank of England's rate-setting committee held interest rates at historic lows, while it cut forecasts for economic growth and inflation. The monetary policy committee (MPC) voted 8-1 in favour of keeping the benchmark interest rate at 0.5 per cent, with lone hawk Ian McCafferty staying in favour of a rate rise despite a darkening global [...]
UK immigration: International students put £2.3bn into the London economy January 14, 2016 The contribution of foreign students to London’s economy is “overwhelmingly positive,” according to a report by London First. The report, entitled “London Calling: International students’ contribution to Britain’s economic growth,” goes some way to debunking fears about international students overstaying their welcome and their cost to the national coffers. What is more, the report contradicts [...]
Sterling touches 11-month low ahead of the Bank of England’s interest rate decision January 14, 2016 The pound rebounded from an 11-month low against the euro today, as the Bank of England's rate-setting committee was expected to keep interest rates unchanged when it announces its decision later today. Sterling was trading at 0.76p per euro this morning, while it was at $1.44 against the dollar. On Tuesday it fell to a five-and-a-half year [...]
UK skills shortages leading to hindered growth but rising wages in the construction sector January 14, 2016 Wages in the construction industry have shot up as skills shortages continue to plague the sector. According to a survey released today by the Royal Institution of Chartered Surveyors (RICS), just under two-thirds (61 per cent) of construction professionals feel wages in their sector have risen sharply, while average earnings in the industry rose by [...]
City A.M. shadow MPC: Global stock market plunge spooks economists who vote to hold rates January 14, 2016 The Bank of England should refrain from hiking interest rates today, City A.M.’s shadow monetary policy committee has said. With less room to cut interest rates should the economy take a downward turn, Anthony Yates, who spent two decades at the Bank, said it would be better to let inflation overshoot than to increase rates now. [...]
House prices: UK outpaced London as prime central property prices dropped last year January 14, 2016 House prices in central London fell by 8.7 per cent last year as higher stamp duty bills hit demand for £1.5m-plus homes, new research shows. Estate agents Your Move and Reeds Rains said prices dropped sharply in the capital’s five most expensive boroughs, dragging the annual rate of growth in London to 5.6 per cent, [...]
Record Powerball jackpot: Five things you can spend £1bn on January 13, 2016 The US Powerball winner (if there's only one) will receive a record jackpot of $1.5bn. That's about £1bn. If you're stuck for what you would spend it on, here's some tips. 1.Build a couple of Shards The contract cost of the Shard had set the developers back £435m by the time it was completed in 2012. 2.Buy a challenger [...]
Government on the defensive as North Sea suffers through another oil price slump January 13, 2016 The government was forced to defend its efforts to shore up the British oil industry yesterday, as record US stocks sent the price of Brent crude oil falling below $30 a barrel in late evening trading. During Prime Minister's Questions (PMQs), Sir Alan Duncan, a former oil trader, asked Prime Minister David Cameron to launch an [...]
S&P 500 drops below 1900 for the first time since October January 13, 2016 The S&P 500, an index of US companies, has fallen below 1900 points for the first time since September. The index, which entered the new year over 2000, has fallen victim to a global rout in equity prices that has been triggered by volatility in Chinese financial markets. It is currently down 2.31 per cent on [...]