Average pay in Scotland is now higher than England for the first time January 17, 2016 Average pay in Scotland has overtaken that of England for the first time, a new think tank report has found. Average hourly pay north of the border has risen at a faster rate over the past two decades, closing the gap between pay in the two locations. That means average pay now stands at £11.92 per hour [...]
UK economy on track for growth despite global turmoil, EY Item Club forecasts January 17, 2016 Consumer spending will help fuel UK economic growth in 2016, according to new forecasts, painting a more positive picture amid global market turmoil which has wiped trillions from global equities this year. The economy is expected to grow at an accelerated rate of 2.6 per cent in 2016, up from 2.2 per cent last year and previous forecasts [...]
Li Keqiang: China’s economy grew by seven per cent in 2015 with GDP totalling more than $10trn January 16, 2016 China’s economy grew by seven per cent in 2015, said the country’s Premier Li Keqiang today, broadly in line with analysts’ warnings that the world’s second-largest economy is hitting its slowest growth rate in 25 years. Keqiang announced that China’s gross domestic product (GDP) totalled more than $10trn in 2015 when speaking at the opening [...]
New York manufacturing activity index falls to financial crisis-era low January 15, 2016 Manufacturing activity in the New York-area shrank at its fastest pace since the financial crisis. The New York Fed's empire state index fell thirteen points to -19.37 in January, from a revised reading of -6.21 in December. This was the sharpest fall than at any time since the 2007-09 recession. "The new orders and shipments indexes plummeted, indicating [...]
FTSE 100 closes lower on mining stocks as US markets tumble following a sharp drop in Chinese markets and oil prices January 15, 2016 You probably saw this one coming: The FTSE 100 finished the week 1.92 per cent lower, closing under 6,000 points for the second Friday running, as US markets tumbled. The FTSE 100 finished at 5,804 points, pushed down by miners including Anglo American, which finished the day 11.5 per cent lower at 232.7p, Glencore, which fell 6.5 per [...]
Generation Rent is fleeing London as housing costs soar January 15, 2016 Is London bracing for a mass exodus of millennials? The capital’s exorbitant housing costs are hardly news, but a new survey suggests that the situation is getting so bad that more than 80 per cent of London’s twenty-somethings may be sent packing to other parts of the UK. At £1,507, the average monthly rent for [...]
UK property prices: Average cost of house has risen by 300 pc to over £680,000 in two decades – Savills January 15, 2016 The average house price in the UK has risen by 300 per cent and is now almost £200,000 higher than it was 20 years ago, according to upmarket estate agent Savills. The country's most expensive areas have seen an even steeper 538 per cent increase in the average house price from £108,032 to £689,649, found [...]
UK Construction output suffered its biggest annual drop since 2013 adding to disappointing economic data January 15, 2016 Construction output suffered its biggest annual drop since 2013 in November, adding to a string of disappointing data which suggests the UK economy is struggling to recover from a mid-year slowdown. Construction output fell 0.5 per cent in the month to November, data from the Office for National Statistics has shown, missing economists' expectations for a [...]
Brent crude and WTI: Oil prices dip back below $30 January 15, 2016 Brent crude oil dipped back below the $30 per barrel mark today, as the prospect of more Iranian oil looms over an already oversupplied market. Brent crude, the global benchmark, shed 3.5 per cent to $29.89 per barrel this morning. Meanwhile, West Texas Intermediate (WTI) crude, the US benchmark, shed 5.05 per cent to $29.62. "It was [...]
Chinese economy: Chinese markets including Shanghai Composite and Shenzhen Composite fall on oil price volatility with knock-on effect for Nikkei, Hang Seng, ASX January 15, 2016 Here we go again. After some sense volatility had subsided (even a little) in Chinese markets in morning trading, the Shanghai Composite tumbled in the afternoon, leading Asian markets into the red. Volatility in oil prices contributed to a late spell of sell-offs in China, leading the Shanghai Composite to finish 3.55 per cent lower at 2,900 points in [...]