Peer-to-peer lender MarketInvoice is lending £14,700 a minute as small businesses turn to alternative sources of finance December 10, 2015 More small business are turning to non-traditional forms of finance as they shun expensive overdrafts and bank loans. One peer-to-peer lender, MarketInvoice, which collects cash from individuals and lends it to small and medium-sized enterprises (SMEs) against invoices, had its busiest ever morning today. Between 9am and 12 noon it lent £2.65m to SMEs, around £14,700 per minute, [...]
The UK economy could gain almost 4,000 new jobs and £1.75bn worth of development if business rates were cut December 10, 2015 Cutting business rates could unlock around £1.75bn worth of development over the next five years, which is more than the development value of the Shard, Walkie Talkie and Cheesegrater combined. According to a report published today by the British Property Federation (BPF), British Council of Shopping Centers and British Council for Offices, reassessing how rates are applied would [...]
Bank of England votes eight to one to hold interest rates as oil prices are expected to weigh further on inflation in the coming months December 10, 2015 The Bank of England will be in no mood to lift interest rates any time soon as it said today there was a high chance that inflation will remain near zero in the coming months due to a renewed fall in oil prices. The Bank’s monetary policy committee (MPC) also warned about uncertainty over the market [...]
UK trade deficit widens in October as imports jump December 10, 2015 The UK's trade deficit, the amount of goods and services imported over the amount that is exported, widened in October. The figures published by the Office for National Statistics this morning show the deficit widening to £4.1bn from £3.1bn in September. An increase in goods imports, which economists warn are volatile on a month basis, [...]
How normal are your spending habits? UK household expenditure reveals what Britons spend most money on December 10, 2015 Do you spend more or less money on wine than the average Briton? How about takeaway coffees? You probably already know that that daily vanilla latte you buy to get you through the morning commute tallies up to astronomical sums over the course of the year. But if you’re worried, or perhaps just curious, about [...]
London financial services job market slows down ahead of Christmas, as available roles drop by 32 per cent in November December 10, 2015 Available financial services jobs in London plummeted to 6,405 in November, a 32 per cent decline compared to October, when there were 9,480 jobs on offer. According to the figures released today by professional services recruiter Morgan McKinley, the number of London professionals seeking new roles also dropped to 10,492, down 27 per cent from [...]
London to grow quicker than other UK regions until 2018 December 10, 2015 London is still expected to be the fastest growing region in the UK over the next few years, according to a report out today from accounting giant EY. The capital is expected to rack up an average forecast Gross Value Added (GVA) of three per cent a year to 2018. This year London GVA is [...]
Londoners opt to stay home following Paris attacks December 10, 2015 Concerns about potential attacks on London have supposedly kept Londoners from dining out in November, according to industry sales barometer, the Coffer Peach Business Tracker. Pubs and restaurants recorded a 1.5 per cent decline in like-for-like sales in the capital, with chain restaurants feeling the biggest impact. In October sales were up 3.5 per cent [...]
With the Bank of England set to keep interest rates at record low City A.M.’s shadow MPC votes six-three to hold December 10, 2015 A renewed drop in oil prices to below $40 a barrel has led many of the members of City A.M.’s shadow monetary policy committee to vote to keep interest rates at their record lows this month. Inflation remained in negative territory in October, well below the Bank of England’s two per cent target. While a [...]
Bubble fears as average London property hits £600,000 with outer boroughs seeing highest rises December 10, 2015 The average price of a London property is now just shy of £600,000, reigniting fears of a bubble and prompting talk of a market correction. The average London house price was £598,173 in October, 5.6 per cent higher than the same month last year, according to figures released today by estate agents Your Move and Reeds [...]