Pound falls after shock drop in service sector growth points to a loss of momentum in the UK economy October 6, 2015 The UK’s services sector, which makes up 80 per cent of the economy, may have seen its weakest growth for over two years in September, a survey of firms reveals. Sterling dipped by nearly half a cent against the dollar after Markit’s purchasing managers’ index, published this morning, posted a score of 53.3. While the [...]
IMF: The world is close to recession – but UK and US to lead the way on growth as emerging markets struggle October 6, 2015 The world is perilously close to entering a recession again this year and the next, according to the new forecasts from the International Monetary Fund (IMF). The IMF has cut its forecast for global growth by 0.2 percentage points for 2015 and 2016, to 3.1 per cent and 3.6 per cent respectively, with most of [...]
Institute of Directors: Politicians are looking at the UK’s productivity problems in the wrong way October 6, 2015 The government is looking at the so-called “productivity puzzle” in the wrong way, the Institute of Directors (IoD) argues in a new report out today. The business group says that ministers should have a bigger focus on promoting business “agility”, allowing firms to respond quickly and efficiently to various demands. IoD chief economist James Sproule, [...]
SABMiller hit by exchange rates despite fizzing sales October 6, 2015 Craft beer giant SABMiller, currently the target of a takeover by rival Anheuser-Busch InBev (AB InBev to its friends) which will create a $275bn (£177bn) megabrewer, saw a nine per cent fall in reported revenues in the three months to the end of September, due to currency changes. The exchange rate movements took the positive edge off the [...]
Halifax: UK house prices show biggest monthly fall in a year in September October 6, 2015 UK house prices fell by their most in a year in September, figures published today showed, with the average house price falling 0.9 per cent from £204,722 to £202,859 between August and September. That's a huge fall from the 2.7 per cent rise between July and August. The figures, by Halifax, showed prices in the [...]
UK businesses slam Tory tax hikes ahead of Conservative party conference 2015 October 6, 2015 Britain's biggest business groups are putting pressure on the government to row back on its latest tax proposals ahead of the Conservative party conference in Manchester this weekend. In formal submissions sent to the government today, the Confederation of British Industry (CBI), EEF, British Chambers of Commerce (BCC) and Institute of Directors (IoD) have all [...]
Standard & Poor’s warns slow growth in China may have strong knock-on effect on Europe October 6, 2015 Economists at credit rating agency Standard & Poor’s have warned that slowing growth in China would have strong knock-on effects for the Eurozone and some of Europe’s largest economies. S&P ran a simulation to assess the effects of China’s real growth slowing to 4.4. per cent next year and 3.9 per cent in 2017, instead of [...]
British manufacturing slowed in third quarter as export growth drops to six year low – BCC October 6, 2015 British manufacturing data fell further in the third quarter, according to a new report from the British Chambers of Commerce (BCC). The BCC’s quarterly economic survey, based on nearly 7,500 responses from firms across various sectors, found that nearly all of the key national manufacturing balances remained stagnant or fell in the three months to [...]
FCA: Banks will need to appoint a whistleblowing champion from next year October 6, 2015 City financial firms will now be required have a whistleblowing champion to present an annual whistle blowing report, according new rules published today by the UK’s financial watchdog. The new whistleblowing champions, who must be a senior manager, will be responsible for internal whistleblowing arrangements and must be able to handle all types of disclosure from [...]
US multinationals are keeping $2.1 trillion in tax havens, says new report October 6, 2015 US multinational companies are holding over $2.1 trillion (£1.4 trillion) in accumulated profits in tax havens, two left-wing think tanks said today. The report, by the Citizens for Tax Justice and US Public Interest Research Group Education Fund, accuses the companies of ripping off the US Treasury and operating in a way that puts them at an [...]