Former Prudential Europe boss: There’s no way we’ll leave the EU – A Brexit means it would take 15 years to “disentangle” our deals December 8, 2015 A vote for Brexit could be a vote for 15 years of commercial red tape, as the UK struggles to untangle itself from countless agreements dependent on EU membership, according to a leading financial services figure. Speaking at an event hosted by EY today, Mark Wood, former boss of Prudential Europe, revealed that he thought [...]
US JOLTS: Federal Reserve on course to hike rates as quits rate holds steady and hires edge down December 8, 2015 The number of US job openings in October edged down to 5.4m in October from 5.5m the month before, according to the Bureau of Labor Statistics’ jobs and labor turnover report (Jolts) released today. An important gauge of worker confidence was also little changed. There were 2.8m quits in October, up from 2.7m. Quits count [...]
NIESR: The Bank of England will hike interest rates in February December 8, 2015 UK interest rates will go up in just two months' time, a think tank has forecast. The National Institute of Economic and Social Research (NIESR) said today that the economy grew 0.6 per cent in the three months ending November, faster than in the 0.5 per cent it is forecasting for the three months to October. “This rate [...]
Eurozone economy fails to get a boost from cheaper euro as growth is confirmed at 0.3 per cent December 8, 2015 The Eurozone economy failed to be boosted by a cheap euro in the three months to September, as new figures showed the growth of exports falling. Total economic growth came in at 0.3 per cent, with export growth slowing to 0.2 per cent in the period, compared with 1.6 per cent over the three months to June, according [...]
Brent crude oil prices crash below $40 for the first time in seven years December 8, 2015 Brent crude crashed below $40 per barrel today for the first time in nearly seven years, after Opec failed to specify a production level ceiling on Friday. Brent crude, the global benchmark, shed two per cent to $39.89 per barrel this afternoon, while Western Texas Intermediate crude slumped 2.58 per cent to $36.68 per barrel. Tamas Varga [...]
Treasury Select Committee tells fiscal watchdog to start working on improvements after £11.5bn VAT forecast blunder. December 8, 2015 A group of influential MPs has today told the government’s fiscal watchdog to come up with ways to improve its models after some tweaks in its latest forecast granted Chancellor George Osborne and extra £11.5bn to spend over the next five years. Nearly every economist expected the Office for Budget Responsibilty (OBR) to reduce the amount [...]
UK house prices: Mortgage rates hit record low as more people opt for fixed rate deals December 8, 2015 Mortgage rates dropped to their lowest on record between July and September, according to figures released by the Bank of England this morning. The overall average interest rate on mortgage advances dropped to 2.76 per cent, from 2.83 per cent. The proportion of new mortgages that are fixed-rate climbed to 80.7 per cent from 78.9 [...]
UK industrial production beats expectations in October but manufacturing still drags December 8, 2015 UK industrial production grew 1.7 per cent in the year to October, beating economists' forecasts for 1.2 per cent growth, and painting a positive picture for the sector, new data from the Office for National Statistics shows. Mining and quarrying rose 8.5 per cent, followed by water supply, sewerage and waste management output, which rose four per [...]
House price growth dips as UK housing value increases by £1.8 trillion in 10 years December 8, 2015 The value of the UK's housing stock has jumped by £1.8 trillion in the past decade, research by Halifax showed today. UK homes are now worth £5.1 trillion, a 53 per cent jump from £3.3 trillion in 2005. That's a £76,316 rise for each home in the UK. The news came as Halifax reported annual house price [...]
London economic growth will outstrip New York by 2030 December 8, 2015 London's economy is expected to grow more quickly than New York's over the next 15 years, helped by its ability to benefit from international growth. The capital's economy will grow by an average of 2.9 per cent a year between now and 2030, outpacing New York's 2.6 per cent, according to the report by consultancy [...]