London property prices: City rents rocketing as estate agent warns the only way is up October 16, 2015 London rents reached a record high in September after rising 11.6 per cent over the last year, according to new figures released this morning, with agents warning that the only foreseeable trend is an upward one. Rental price growth in the capital was far higher in September than the UK average of 6.3 per cent, the [...]
Treasury’s U-turn plugs brain drain fears: City bosses welcome “reverse burden of proof” retreat October 16, 2015 City bosses have welcomed the Treasury’s U-turn on controversial plans for a so-called “reverse burden of proof” for senior bankers, saying that the reversal will help the Square Mile retain and attract top talent. A leading City head-hunter told City A.M. that the Treasury’s initial proposals, which would have required bankers to prove they were unaware [...]
Could Crossrail be creating skills shortages in parts of Britain? Recruiter Randstad thinks so October 16, 2015 Crossrail could be to blame for skills shortages in certain parts of Britain, according to a new report out today from Randstad CPE, the specialist recruiter. Randstad says that more than a quarter of Crossrail’s workforce is drawn from regions more than 30 miles away from the project, with one in 20 moving more than [...]
European firms are too reliant on big banks, according to EY and TheCityUK October 16, 2015 Europe's financial stability could be at risk due to a lack of understanding about alternative forms of finance, a new report out today from EY and TheCityUK has warned. The report argues that the scarcity of information on alternative finance not only could this hinder firms’ future growth potential, but also leave businesses exposed in [...]
US deficit narrows to smallest level since 2007 October 15, 2015 The United States budget deficit has fallen to 2.5 per cent of gross domestic product, narrowing to its smallest level since 2007. The government's deficit, which is a measure of how much the government has spent against what it raised in taxes, shrunk to $439bn (£283.6bn) in the 12 months to the end of September, from [...]
Record number of tourists flock to London between April and June, spending £3.2bn October 15, 2015 The capital welcomed a record 5.1m tourists between April and June this year, continuing London’s five-year tourism boom. The number of international visitors to London was up six per cent on the same period last year, according to the figures published by the Office for National Statistics today. The total spent in the capital by tourists [...]
London house prices: The property rental market is being haunted by ghost-listings October 15, 2015 The crazy London property market has created another spectre that will leave renters with a chill down their spine. The letting market is being haunted by ghost-listings – ads for properties to rent that don't really exist. Eerily reminiscent of ghost gazumping which plagued house buyers last year, some estate agents (as if they weren't despised enough) are listing details of properties they've nicked [...]
London house prices might be mind-boggling for renters and young buyers, but it’s forcing creative solutions to the problem like never before October 15, 2015 This month, Daniel Radcliffe reportedly put his New York apartment up for rent at an eye-watering price of $19,000 (£12,500) per month. But now you can live the real “Harry Potter” lifestyle for a snip of the cost after an eager London renter in search of a new home tweeted a ‘room’ that was available to rent [...]
US inflation rate drops to zero in September but core inflation is nearly on target October 15, 2015 Annual inflation in the US dropped to zero per cent last month from 0.2 per cent in August, weighed down by cheap fuel, according to figures released today by the Bureau for Labor Statistics. The consumer price index (CPI) – the basket of goods and services used to measure inflation – fell 0.2 per cent from [...]
Adam Posen, Simon Wren-Lewis and Lord John McFall to join former rate-setter Danny Blanchflower on Labour committee reviewing the Bank of England’s remit October 15, 2015 Labour economic adviser David "Danny" Blanchflower will be joined by US economist Adam Posen, Oxford professor Simon Wren-Lewis, and former Treasury Select Committee chair Lord John McFall, to develop proposals for a change to Bank of England’s remit. The Bank currently adjusts interest rates to ensure inflation will be two per cent over a two-year horizon. Read more: Blanchflower [...]