One chart showing why it doesn’t really matter how many members of the monetary policy committee voted for an interest rate rise November 5, 2015 Given it's been held at 0.5 per cent since what feels like the dawn of time, there isn't an awful lot to say about UK interest rates these days – so when monetary policy committee (MPC) meeting time comes around, analysts tend to busy themselves looking at details. Thus, the fact Ian McCafferty was again alone in voting in favour [...]
Bank of England: No UK interest rate rise under present conditions until 2017 November 5, 2015 If global market conditions remain as they are we are unlikely to see an interest rate rise in the UK until spring 2017, according to the latest inflation report from the Bank of England (BoE). The pound fell sharply on the news, and at pixel time was trading at 1.526 against the dollar. The BoE said since the [...]
Bank of England lowers UK growth outlook to 2.7 per cent as MPC votes 8-1 to hold interest rates November 5, 2015 The Bank of England's monetary policy committee (MPC) lowered their UK growth outlook to 2.7 per cent from 2.8 per cent today, as its more hawkish members failed to be convinced of the merits of a rate rise. Although some economists had expected Kristin Forbes or Martin Weale to join the ayes, Ian McCafferty was left alone voting to [...]
ECB president Mario Draghi says quantitative easing has been “undoubtedly effective” November 5, 2015 European Central Bank (ECB) chief Mario Draghi has shed a positive light on the success of the central bank's quantitative easing programme to date. During a speech in Milan today, he said the security-purchase scheme implemented so far was “undoubtedly effective”. Launched earlier this year, the programme involves the purchase of government securities from Eurozone member states. [...]
London property prices: Here’s how many houses have sold for £1m in the last five years – and where is seeing the biggest growth November 5, 2015 Here's a million-dollar question for you: how many £1m-houses does London have, and which boroughs are seeing the fastest growth? Over the past decade, nearly 54,000 £1m (or more) homes have been sold – and Kensington & Chelsea accounts for more than 10,000 – almost a fifth of the total. But this borough appears to be slowing – perhaps as [...]
Halifax house price index: What tightening conditions? House price growth hits its highest since last August November 5, 2015 Year-on-year house price growth hit 9.7 per cent in the three months to October, according Halifax's house price index – its highest since August 2014. Prices rose 2.8 per cent in the three months to October to £205,240, up from £202,931 in September and £186,469 in October last year. But while house price growth may be in rude health, there have been recent concerns about the sector. Yesterday shares in Countrywide, the UK's biggest estate [...]
Better skills are needed for better productivity, argues parliamentary report November 5, 2015 Developing skills is key to solving the UK’s productivity problem, a report published today by the government’s Education Committee and Business, Innovation and Skills Committee has argued. The paper, which features commissioned research from the National Institute of Economic and Social Research (NIESR), compares skills and productivity in the UK to that in the US, [...]
City A.M. shadow MPC votes 6-3 in favour of holding interest rates at current level November 5, 2015 City economists who enjoy poring over Bank of England data (we know who you are) will think Christmas has come early today, as Threadneedle Street publishes its latest interest rates decision, minutes from the meeting, and its quarterly inflation report. Dubbed “Super Thursday”, the hat-trick of releases should give a stronger indication of how the [...]
Social rents cuts a greater benefit to the exchequer than to tenants, finds think tank IFS in new report November 5, 2015 Slashing social rents will benefit the exchequer more than tenants, research published today by think tank the Institute for Fiscal Studies (IFS) has revealed. The report, which was funded by Trust for London, found that cutting social rents – the amount charged to social housing tenants – would only increase renters’ total disposable incomes by £0.7bn. [...]
Investors hold back after Fed hint on rates – New York Report November 4, 2015 Investor caution after Federal Reserve Chair Janet Yellen yesterday pointed to a possible rate hike in December weighed on Wall Street, retracing recent gains along with energy shares. The Dow Jones industrial average fell 50.57 points, or 0.28 per cent, to 17,867.58, the S&P 500 lost 7.48 points, or 0.35 per cent, to 2,102.31 and [...]