Bank of England money printer De La Rue share price rises 4.22 per cent as it cuts banknote production putting 300 jobs on the line December 2, 2015 De La Rue, the world's biggest banknote printer, has announced it will cut banknote production as demand for paper notes falls, putting some 300 jobs on the line. The company, which prints 150 currencies including the Bank of England's notes as well as UK passports, is going to reduce its print capacity from eight billlion to six billion banknotes a [...]
Cebr: Average household savings to increase by £11,700 to £58,000 by 2025 – but here’s why you won’t benefit for 10 years after an interest rate hike December 2, 2015 Household savings are set to grow by £500bn to £1.8 trillion by 2025, according to new research by the Centre for Economic and Business Research (Cebr) and RCI Bank, with the average savings pot increasing by £11,700 in £58,700 in real terms, up from £47,000 now. That'll be pushed up by rising interest rates on [...]
Lenders buoy FTSE 100 after stress over tests fades – London Report December 2, 2015 A buoyed banking sector after passing Bank of England (BoE) stress tests yesterday pushed the FTSE 100 upwards, making up for underperforming European indices in the previous session. Financial stocks added nearly 20 points to a 39.56 point advance for the blue-chip index, which was up 0.6 per cent at 6,395.65 by the close. Barclays’ [...]
Bank of England signals end of the financial crisis era December 1, 2015 The Bank of England has declared the banking crisis officially over, and yesterday sent Britain’s biggest lenders a dovish message on future capital requirements. Following the publication of a biannual Financial Stability Report, the UK's central bank signalled an “inflection point” that marks the conclusion of the post-financial crisis era. Bank of England governor Mark Carney said British [...]
Bank of England to act if needed on the buy-to-let market December 1, 2015 The Bank of England (BoE) has said it’s ready to act if it feels the booming buy-to-let mortgage market is getting out of control. Threadneedle Street’s Prudential Regulation Authority said it was reviewing banks’ lending criteria. The market for buy-to-let mortgages has ballooned 10 per cent in the first nine months of this year. Although there [...]
Union mulls next move over Night Tube and worker pay following a meeting of representatives December 1, 2015 There could be further delays down the line for London's Night Tube, as RMT's general secretary Mick Cash has today revealed that representatives from the union were not satisfied with London Underground's latest offer on pay and conditions. Cash said: "The feedback from the meeting is that the offer has not matched up to the expectations of our [...]
Libor scandal trader Tom Hayes’s lawyer tells Court of Appeal he was denied a fair trial in an appeal against the 14-year sentence on eight charges of conspiracy to defraud December 1, 2015 Tom Hayes’s name was back in court again today, as his lawyers argued to the Court of Appeal that the former trader was denied a fair trial. According to Reuters, the legal team for Hayes, who was found guilty of eight charges of conspiracy to defraud and sentenced in August to 14 years in jail [...]
When is the next Budget? 16 March 2016 date revealed by George Osborne December 1, 2015 The dust has only just settled on the chancellor's Autumn Statement, but there's no time to sit back and relax. The year's not even over and George Osborne has penned in the date of his next Budget in 2016: get 16 March in your diary. Osborne told parliament today the date has been set. There's little [...]
Bad news for Brazil: Economy contracted 1.7 per cent in the second quarter December 1, 2015 Brazil's economy contracted for the third quarter-in a row during the three months to the end of September. GDP for the Latin American country shrank 1.7 per cent compared to the second quarter, which was a bigger decline than the 1.2 per cent economists expected. Overall, Brazil's economy is now 4.5 per cent smaller than [...]
Christmas trees could be cheaper to import this year thanks to falling oil prices and a weaker euro December 1, 2015 Forget about cheap fuel, Christmas trees could be a bargain this year, thanks to falling oil prices and a weaker euro. The currency in two of the biggest Christmas tree-producing nations, Denmark and Norway, is weaker at the moment, which means British Christmas tree importers will get more for their money. The Danish krone is pegged to the [...]