IMF’s Christine Lagarde says Greek plan not viable without debt reduction July 17, 2015 IMF chief Christine Lagarde has said that the deal between Greece and its creditors will be "categorically" impossible without some form of debt relief. "The answer is quite categorically not," she said in response to questions on the viability of the €86bn (£59.8bn) three-year aid package on France's Europe1 radio station. Lagarde added any debt [...]
Mark Carney fuels speculation of 2015 interest rate hike July 16, 2015 Bank of England governor Mark Carney last night dropped another strong hint that markets could be underestimating the likelihood of a 2015 interest rate hike. “In the current circumstances there is no need to wait to raise rates because of a risk management approach and run the risk of inflation overshooting target,” he said in [...]
Jeremy Browne is recruited to boost the City’s voice in Brussels July 16, 2015 Former minister of state for foreign affairs Jeremy Browne is set for a new post in Brussels, promoting the interests of the City in EU policy making. The City of London Corporation – the City’s governing body – will be placing Browne in its Brussels office as a special representative for the City, it announced today. [...]
China’s unravelling: Will it devalue the yuan next? July 16, 2015 China could be gearing up to join the global currency wars by devaluing the renminbi. So far this year more than 30 central banks from all over the world, including South Korea and Australia, Canada and Hungary have cut interest rates – which works to weaken their currency. Since the global financial crisis, central [...]
London and UK house prices rise: First-time buyers face stiffest competition as average home in capital hits £615,115 July 16, 2015 London house prices climbed 7.8 per cent over the past 12 months, new figures show, with demand outstripping supply most heavily in the first-time buyer market. The average greater London house price is currently £615,115, according to data published today by Rightmove. Properties at the top end of the market have seen the biggest 12-month [...]
Government on the tourist trail with new regional funding plan July 16, 2015 The Prime Minister will today announce the government’s new five point plan to boost tourism across the UK, with £15m funding available to the north and the south west of England. A group of ministers from several departments, including the Home Office and the department for business, innovation and skills, led by culture secretary John [...]
Londoners more likely to keep savings from spouse: One in ten holds secret stash in bank account report reveals July 16, 2015 Over one in ten Londoners are saving money in bank accounts and deliberately keeping it quiet, a report from Lloyds Bank reveals. Lloyds Bank claims that an average of one in ten UK residents keep at least part of their savings a secret from their partner. London’s rate is slightly above this at 12 per [...]
Interest rate hike decision could come “at turn of the year – Bank of England Governor Mark Carney July 16, 2015 A decision on an interest rate hike – the first since the financial crisis – will be made by policymakers at the end of the year, Bank of England governor Mark Carney said in a speech on Thursday. Read more: Sterling jumps after Carney says interest rate hike "moving closer" The UK's economic recovery has [...]
Got change? Here’s what the Bank of England’s £1m “giant” and £100m “titan” notes look like July 16, 2015 The Bank of England has "giant" and "titan" bank notes, and they're worth £1m and £100m respectively. But you can forget day dreams of a cash machine accidentally dispensing one of these any time soon. While the high denotation bank notes aren't in circulation they're used to back the everyday value of notes issued by [...]
Greek crisis: George Osborne wins guarantee that UK cash used in Greek loan will be paid back July 16, 2015 Chancellor George Osborne has managed to secure a guarantee on £700m of British funds that will be loaned to Greece while it continues to negotiate its bailout. Earlier this week Eurozone officials decided that tapping into a €7bn pan-EU fund called the European Financial Stability Mechanism (EFSM) would be the most viable option. However, [...]