Bank of England’s Andy Haldane raises the stakes for UK companies as new speech challenges “shareholder-centric model” July 28, 2015 Bank of England chief economist Andy Haldane has stepped up his case for an overhaul of UK corporate governance with the publication of a surprising new speech. In the previously unpublished speech, first delivered at the University of Edinburgh in May, Haldane argues for a “fundamental re-rooting of company law” to challenge the “shareholder-centric company [...]
UK consumer confidence hits the high notes as interest rate rise looms July 28, 2015 British shoppers are at their most confident since September, new survey figures reveal this morning. The consumer confidence index published by YouGov and the Centre for Economics and Business Research (CEBR) climbed to a score of 114 in July. Consumers are most optimistic on their job security, business activity and house values. However, there has [...]
George Osborne’s budget deficit elimination plan gets IMF seal of approval July 28, 2015 Chancellor George Osborne’s plans to eliminate the budget deficit by 2020 received a thumbs up from the International Monetary Fund (IMF) yesterday. While some have argued that his aim to balance the state books is a risk to the UK’s economic recovery, the IMF said that sustainable growth would require moving away from public [...]
City of London to buy iconic Smithfield building for £34.6m as Museum of London’s new home July 28, 2015 The City of London has agreed to buy back London's historic Smithfield Market for £34.6m, City A.M. understands. The Victorian general market site has lain empty for more than 20 years after several failed attempts to redevelop it. However, it could become the new home for the Museum of London if the sale goes through. [...]
Brent crude oil edges towards $50 per barrel as gold price takes a breather July 28, 2015 Brent crude continued to edge down today, falling another 1.68 per cent in mid afternoon trading to $52.57 per barrel, its lowest price since January. Meanwhile, WTI crude, the US benchmark, stayed well below the $50 mark, at $47.40. The drop came as commodities prices continued to take a hammering: in recent weeks, precious metals [...]
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 [...]