London house prices: Why Canary Wharf is experiencing a residential property boom October 12, 2015 Estate agents are reporting a small “property boom” in east London, with prices rising by nearly 15 per cent in some areas during the first half of this year. In a new report out this week, Chestertons, an estate agent, points to the success of London’s technology, creative and financial sectors to explain the jump [...]
UK household spending has a soft September – Visa October 12, 2015 UK shoppers tapered their spending last month, according to new figures published today by a credit card giant. Visa’s consumer spending index – which looks at total spending, not just that on credit cards – showed spending post a lift of 1.8 per cent in September compared with the same month last year. Despite the gain, [...]
UK private sector pay is growing at its fastest rate in 15 years – Resolution Foundation October 12, 2015 Pay in the private sector is likely to be growing at its fastest pace in 15 years, a think tank has said today. The Resolution Foundation believes workers’ pay packets – once inflation has been taken into account – will have grown between 3.4 and 3.6 per cent in the three months to August when [...]
London professional jobs market has slow start to autumn – Morgan McKinley October 12, 2015 London's professional jobs market came off the boil last month, but there are signs of activity picking up and pay growth remains robust. The number of jobs of available fell 14 per cent in September compared with August, data from recruiter Morgan McKinley reveals today. However, the number of jobs available is up 12 per [...]
UK economic growth lost momentum in September – Lloyds Bank October 12, 2015 The UK saw a nationwide loss of momentum in its economic growth in September, according to survey figures from a major bank released this morning. Lloyds Bank’s purchasing managers’ index – a survey of firms – dropped to a score 53.8 in September from August’s 55.7. While it is above 50 and so implies business [...]
First-time home buyers are being priced out of UK cities – Countrywide October 12, 2015 Renters are looking further afield for their first property as housing affordability in cities begins to bite, research from the UK’s largest estate agency group reveals this morning. To get on the first rung of the housing ladder, 36 per cent of London renters end up buying outside the M25, up from 21 per cent [...]
Oil firm Ineos goes on a shopping spree for DEA’s North Sea assets October 11, 2015 Ineos has agreed to purchase all of the UK North Sea gas fields owned by Russian billionaire Mikhail Fridman’s DEA Group. The deal comes only weeks ahead of a deadline set by the government in April for DEA owner investment firm LetterOne to dispose of the oil and gas fields it bought from German utility [...]
IMF’s Christine Lagarde hails TPP as economic upgrade October 9, 2015 The Trans-Pacific Partnership (TPP) is an economic "upgrade" with the potential to kick start world markets, International Monetary Fund (IMF) managing director Christine Lagarde said today. Speaking at the annual meeting of the IMF and the World Bank in Lima today, Lagarde stressed the importance of implementing the free trade deal. "I am hopeful that, building on the recent TPP agreement, we can restart the stalling engine of global trade. These upgrades will [...]
UK growth threat as construction sector output falls for the first time since May 2013 October 9, 2015 Output in the UK construction industry fell unexpectedly in August – its first fall since May 2013. Figures by the Office for National Statistics published this morning showed construction fell 4.3 per cent in August compared with the month before, and 1.3 per cent compared with the same month in 2013. The news came as [...]
Emerging market debt threatens global economy according to IMF warnings October 8, 2015 The global economy is struggling under a mountain of debt and heading for a fresh financial crisis, the International Monetary Fund (IMF) has said. Emerging market debt is chief among the “triad” of risks facing the globe, as these economies have over-borrowed by $3.3 trillion (£2.15 trillion) in the last decade, the IMF said in [...]