George Osborne faces more tax credit pressure October 20, 2015 Pressure is building on chancellor George Osborne to reconsider his plans to slash tax credits, with Labour and Conservative MPs alike attacking the proposals ahead of an expected “fatal motion” in the House of Lords. MPs debated the tax credit cuts in the House of Commons yesterday, with new Tory MP Heidi Allen drawing attention [...]
Revival in business financing justifies UK interest rate hike, says Bank of England’s Ian McCafferty October 20, 2015 Solitary Bank of England dissenter Ian McCafferty has said a recovery in lending justifies an interest rate hike coming sooner rather later, especially if rates are to go up only gradually in future. McCaffery who was the only member of the Bank’s nine-strong monetary policy committee to vote for a hike at the beginning of [...]
Mark Carney says Bank of England’s EU referendum input will be “a bit of a yawner” October 20, 2015 Bank of England governor Mark Carney has played down the Bank’s analysis of a UK exit from the EU, telling an influential group of MPs it would be "a bit of a yawner". The Bank is due to publish its findings tomorrow after investigating the potential impact leaving the EU would have on its ability to steer the [...]
UK and London house prices: How long does it take to save a deposit for a property? 104 years for people in Brighton October 20, 2015 Wannabe homeowners in Brighton are worse off than Londoners when it comes to jumping onto the first rung of the property ladder. A resident in the town would need to save for more than 104 years to amass a deposit for a property in the area, based on average salaries and property prices, The average cost of a [...]
Well, this is awkward: Xi Jinping’s trade deals visit overshadowed by growing concern over China’s impact on UK steel industry October 20, 2015 The government is making its case for stepping up the Sino-British relationship by announcing £30bn worth of new trade and investment deals, despite escalating concerns that the UK steel industry is crumbling at the hands of Chinese manufacturers. The Prime Minister announced the business deals, which the government says will create more than 3,900 jobs [...]
Britain’s businesses are not rattled by Chinese slowdown, Grant Thornton research shows October 20, 2015 Britain’s businesses are standing firm as world-wide business sentiment takes a hammering from China. UK business confidence over the three months to the end of September towered above the global average of 38 per cent at 67 per cent, down from the peak of 79 per cent in the previous quarter when businesses were buoyed [...]
Treasury reveals £15bn annual saving from chancellor George Osborne’s tax credit reforms October 19, 2015 The government has leapt to the defence of its plan to slash tax credits, publishing figures that reveal a £15bn annual saving from reforms introduced since 2010. Chancellor George Osborne is under growing pressure to row back on his plan to slash the threshold at which tax credits start to be withdrawn. Some members of his [...]
EU referendum: Bank of England governor Mark Carney poised to make Brexit intervention October 19, 2015 Bank of England governor Mark Carney could make a major intervention in the Brexit debate tomorrow when the Bank publishes its view on the impact of a British exit from the EU. In the run up to last year’s vote on Scottish Independence BoE governor Mark Carney dealt a blow to separatists when he said that [...]
Wall St stays flat despite tech advances – New York Report October 19, 2015 Cautious investors at the start of a heavy week of earnings helped Wall Street stay flat yesterday, but advances in top tech names gave some support. The Dow Jones industrial average rose 14.57 points, or 0.08 per cent, to 17,230.54, the S&P 500 gained 0.55 points, or 0.03 per cent, to 2,033.66 and the Nasdaq [...]
London house prices: The capital leads the way with Build to Rent scheme October 19, 2015 Calls for more properties to be built in London to slow rampant price growth are being partly answered. The capital is leading the way in the Build to Rent scheme, with the number of rental developments in the pipeline more than double that in the rest of the UK. The scheme allows developers to build properties for rent [...]