London house prices: Both buyers and renters suffer brunt of affordability crisis July 28, 2015 London house prices were 9.2 per cent higher in June than the same month last year, according to figures published by the Land Registry today. The capital outpaced the rest of England and Wales, where price growth averaged 5.4 per cent. Renters are not faring much better either. Average rents in London climbed to £699 [...]
UK GDP: London leads the way when it comes to economic growth July 28, 2015 Official data released today has shown that the UK economy bounced back in the second quarter of this year, growing by 0.7 per cent, up from 0.4 per cent in the first quarter and in line with economists' expectations. But which cities are the main drivers of this, and who reaps the rewards? Londoners lead [...]
IMF tells Eurozone: Learn how to hire and fire July 27, 2015 The International Monetary Fund (IMF) has issued a stark warning to Eurozone leaders, saying the economy is at risk of tipping back into stagnation unless it gets on with reforms to promote competition and make hiring and firing easier. “A moderate shock to confidence—whether from lower expected future growth or heightened geopolitical tensions —could tip [...]
“Catastrophic failure”: Careworkers’ warning to George Osborne on minimum wage July 27, 2015 The government has been warned that George Osborne’s new minimum wage for carers could prove to be a “catastrophic failure” if all costs are not fully funded. In a letter to parliament, the UK Homecare Association (UHA) said it welcomed the government’s commitment to low-paid workers, but said it estimates that “to address the existing [...]
David Cameron promises new crackdown on corrupt London home buyers driving up house prices July 27, 2015 Prime Minister David Cameron will today vow to stop the UK from becoming a haven for “dirty money”. He promises to reveal corrupt offshore organisations that purchase high-end London properties using “laundered cash”, which increase prices, exacerbating the capital’s affordability crisis. “I want Britain to be the most open country in the world [...]
Beijing‘s bull market battle plan backfires: Shanghai suffers renewed sell-off as Chinese authorities grapple with volatility July 27, 2015 Chinese authorities are coming in for criticism over “heavy handed” tactics as they struggle to prevent the stock market unravelling further. As the week’s trading began, China’s benchmark Shanghai Composite index suffered the biggest one-day fall since the financial crisis, shedding 8.5 per cent. This renewed sell-off is widely believed to be down to flagging [...]
Eurozone credit and money growth give a boost to growth prospects July 27, 2015 The amount of lending and the money supply climbed in the Eurozone last month. The annual growth rate of loans to households climbed to 1.7 per cent in June from 1.4 per cent in May, according to data released by the European Central Bank yesterday. Lending to companies rose at a slower rate of 0.1 [...]
FTSE wipes all 2015 gains as commodity stocks take a tumble – London Report July 27, 2015 The FTSE fell back to where it started this year, erasing all its gains made since January, down 8.4 per cent since hitting a record high in April. The blue-chip FTSE 100 index ended 1.1 per cent lower at 6,505.13 points, in its longest losing streak so far in 2015. Fears for economic [...]
Plummeting Chinese stocks send negative waves across European and US markets July 27, 2015 Monday's huge fall in Chinese stocks has sent ripples of uncertainty across western markets. Read more: China stocks suffer biggest one-day drop since the financial crisis The Shanghai Composite Index fell by 8.5 per cent in early trading, while the CSI300 index of the largest listed companies in Shanghai and Shenzhen plummeted 8.6 percent, [...]
London rental prices: Renters on living wage priced out of every postcode in the capital July 27, 2015 Exorbitant room rents are pricing low-paid workers out of all parts of London, as new data shows that there is no longer a single postcode in the capital where you can afford to live on the London living wage. On average, renters earning a living wage put more than half of their salary, 56 per [...]