Construction drop casts more doubt on Eurozone growth August 19, 2015 The Eurozone's construction sector stumbled in June, with output down 1.9 per cent compared with May. On the year, construction was down 2.4 per cent, according to the figures released this morning by Eurostat. The sharpest monthly fall in the 19-member currency-bloc was in Germany at 4.5 per cent, which was followed by France. Greece [...]
Over-qualified and under-employed: The majority of graduates are “in non-graduate jobs”, says the CIPD August 19, 2015 New graduates are being massively under-employed when they try to join the labour market, with thousands taking their first step in their career in jobs that don't require their hard-won degrees, a new study has found. The research, by the Chartered Institute of Personnel and Development (CIPD), found graduate over-qualification has reached “saturation point”, with [...]
Outgoing BoE official says interest rates to rise “pretty soon” August 19, 2015 Outgoing Bank of England (BoE) rate-setter David Miles has said that the time for interest rates to rise from the record low is drawing closer. Speaking during an interview on BBC Newsnight Miles, who has already cast his final vote as member of the monetary policy committee (MPC), said that rates would rise "pretty soon", adding: "I don't think it's [...]
Cost of renting a room in London rises to an all-time high August 19, 2015 Renting a room in the capital costs more than ever before, according to a new report out today. SpareRoom, the flat and house share website, said that the average monthly rent for a lodger in London in the first six months of this year was £694, a 5.3 per cent increase over last [...]
Jeremy Corbyn slams rail fare rise as “rip off” August 19, 2015 Regulated rail fares may be set to rise by just one per cent next year, but Labour leadership front-runner Jeremy Corbyn has called them a “rip off”, insisting only his plan to renationalise the railways will deliver savings for consumers. Speaking at a rally at Kings Cross Station yesterday, Corbyn said that “extricating the [...]
Light at the end of the North Sea oil pipeline: Oil firms have all taken a hit by the decline in global crude prices. But has it hit rock bottom? August 19, 2015 The affect of fraught conditions in oil markets on North Sea companies was revealed yesterday as John Wood Group and Cairn Energy announced their half-year results. Wood Group revealed it has axed around 5,000 jobs in response to the decline in crude oil prices, with 1,000 of them coming from North Sea operations. The company’s [...]
George Osborne facing pressure from UK building societies over ‘perverse’ bank surcharge August 19, 2015 The Treasury is under fire from Britain’s building societies, who say that a new tax will cost them at least £630m over the next five years – and choke off £20bn worth of lending. Mortgage lenders want the government to think again. “As you would expect the sector is positively engaging with HM Treasury,” Building [...]
Fitch upgrades Greece’s long-term currency rating to CCC August 18, 2015 Fitch has become more optimistic about Greece's ability to pay off its debt. Today, the ratings agency upgraded the country's long-term foreign and local currency ratings by one notch from CC to CCC. It said the change was down to an agreement reached last week by Greece and its European creditors to release [...]
Shortage of prime London homes fuels frenzy of 24-hour exchanges August 18, 2015 An acute shortage of property in prime central London is driving more buyers to exchange on homes within 24 hours even as the top end of the market slows, according to search agent Banda Property. The boutique firm, which acts on about 50 sales a year, said that buyers were insisting on a 24-hour exchange [...]
Mayfair sees fastest rent price growth in prime central London August 18, 2015 Mayfair is leading the way in prime central London rental price growth, a lettings agent said yesterday. Rents in Mayfair have shot up 7.5 per cent over the last 12 months, according to E J Harris. Prime central London has seen rents rise 4.1 per cent. The firm warned that prices are likely to keep [...]