London mayor Boris Johnson unveils plans to build 200,000 homes as part of his “city in the East” October 22, 2015 London Mayor Boris Johnson wants to expand the capital eastwards by building more than 200,000 homes, after new research showed the area's building potential is actually four times greater than previously thought. Johnson's "City in the East" plan, launched today, stretches from from London Bridge to the Isle of Dogs and Greenwich Peninsula, through to Ilford in Essex and Dartford [...]
Foxtons says London property transactions at “historically low levels” October 22, 2015 Upmarket estate agents Foxtons has said strong house price growth and stamp duty charges mean the capital's property transactions remain stuck at "historically low levels", pushing its focus towards outer London. Foxtons has opened seven new branches in the last year, most recently in high growth, outer London areas. "We are in a strong position to capitalise on market growth [...]
Iron ore prices fall to three-month low October 22, 2015 Iron ore prices fell to the lowest level since July, amid a supply glut and crumbling global demand, particularly from its biggest consumer China. Benchmark 62-per cent grade iron ore for delivery to China's Tianjin port fell 0.8 per cent to $52.10 a tonne on Tuesday, according to The Steel Index. That was its lowest since [...]
Rate of global M&A slowest for three years thanks to Fed uncertainty and China October 22, 2015 Global M&A will slow over the next six months as interest rate uncertainty and the global slow-down led by China erodes business confidence. 2015 is on track to be a record year for M&A, according to a forecast from Intralinks, but the number of early-stage deals being prepared is slowing. Globally, there is likely to [...]
Bank of England governor Mark Carney warns Brussels against curbing the central bank’s powers October 22, 2015 Bank of England chief Mark Carney last night warned Brussels against stepping on its toes, in a highly-anticipated speech on Britain’s EU membership. Carney warned that inflexible financial regulations are making it harder for the Bank to watch over the UK’s financial centre. He took aim at the EU’s bankers’ bonus cap, arguing that it [...]
UK government finances back on track as George Osborne tries to balance the books October 21, 2015 The government borrowed £1.6bn less in September than it did in the same month in 2014, according to figures published by the Office for National Statistics yesterday. Government borrowing since April, which tends to be a better indicator of state finances than single monthly figures that can be volatile, is down £7.5bn to £46.3bn. Chancellor George [...]
British Bankers’ Association warns banking jobs are shifting from London to regional cities October 21, 2015 Banking jobs are shifting from London to smaller, regional cities, according to a new report from the British Bankers’ Association (BBA). According to the banking industry group, while the industry has shrunk in the capital in the past two years, banking jobs are booming in such places as Tunbridge Wells, South Gloucestershire, Chelmsford and North [...]
IMF fires growth warning to Middle East Gulf states amid oil price falls October 21, 2015 The IMF expects economic growth to slow down across the Gulf States over 2015 and 2016, blaming falling oil prices and geopolitical instability for the downturn. It estimates a growth of 3.3 per cent across the Gulf Cooperation Council (GCC) economies this year, followed by a 2.8 per cent growth next year. This reflects a [...]
Mark Carney praises EU migration but blasts financial regulations as Bank of England weighs in on EU referendum debate October 21, 2015 The benefits of free migration and free trade provided by EU membership has greatly benefitted the UK economy, the Bank of England said today, but the central bank warned it was vital that Britain maintain a degree of independence from Europe over its financial regulation. In a speech delivered at Oxford University, Bank governor Mark [...]
Reports of the high street’s death are greatly exaggerated October 21, 2015 Reports of the high street’s death are greatly exaggerated. At least in London. Forget e-commerce or retail parks: When it comes to what we like best, a majority of Britons still rate the high street best, as a new study has found that Londoners visit our high streets 97 times per year. This is quite [...]