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 [...]
Petrol prices will fall throughout January to catch up with the latest slump in the oil price January 13, 2016 The supermarket petrol price war is set to intensify, as the "lower for much longer" mantra sweeps through global oil markets. Oil has fallen around 15 per cent since all big four supermarkets – Sainsbury's, Tesco, Asda and Morrisons – slashed diesel prices to below £1 earlier this month. "It takes two to three weeks [...]
Parliament to debate quarterly tax updates after online petition receives more than 100,000 signatures January 13, 2016 People's dislike of filling in tax returns will become the topic of parliamentary debate in less than a fortnight after an online petition received more than 100,000 signatures. The petitions committee, which considers petitions submitted to petition.parliament.uk, yesterday scheduled a debate for a petition called "Scrap plans forcing self employed & small business to do 4 [...]
US Federal Reserve’s Eric Rosengren says slowing growth and stock market swings pose threat to rate hike path January 13, 2016 Threats to US economic growth are rising, one of the country’s interest rate-setters has said, and could mean rates will rise a slower pace this year. “Stock markets in much of the world began the year on a decidedly weak note, with declines in the Chinese stock market generating particular attention. These declines have been [...]