Fracking could cut house prices by up to seven per cent July 2, 2015 Fracking could cut nearby house prices by up to seven per cent and increase the cost of insuring a home, according to previously redacted sections of a government report released yesterday. The Shale Gas Rural Economy Impacts by the Department for Environment, Food and Rural Affairs (Defra) looked at the impact of fracking operations on [...]
Swedish Riksbank cuts interest rates again to -0.35pc to stop krona strengthening July 2, 2015 Sweden has cut its interest rates again, from -0.25 per cent to -0.35 per cent. The Riksbank acted to weaken the Swedish krona, citing worries about the situation in Greece as well as economic uncertainty as explanations. The Eurozone economy is strengthening, but the past days’ events in Greece have created a good deal of uncertainty. [...]
We’re spending billions shopping online while commuting July 2, 2015 The daily commute can be almost unbearable, but it seems we've found a way of occupying our travel time that's also good for the economy. More than a fifth of online sales are taking place on a commuter journey, with spending totalling £9.3bn every year. Spending by London commuters accounts for more than half of that [...]
UK construction sector confidence hits an 11-year high July 2, 2015 Confidence across the UK construction sector hit an 11-year high in June, while growth continued to rebound, according a widely-watched industry survey released today. The Markit/CIPS UK Construction Purchasing Managers’ index smashed economists' expectations rising to 58.1 in June, up from 55.9 a month earlier, the fastest increase in four months. "The extent of the recent rise [...]
UK house prices: Surprise drop in house price growth sends annual rate to two-year low, according to Nationwide house price index July 2, 2015 House price growth has dropped to a two-year low on the back of declines in June, according to Nationwide's latest report. Prices have dropped a surprise 0.2 per cent in June – halting increases in both May and April – causing the annual rate of increase to drop to just 3.3 per cent. One [...]
George Osborne under pressure to tweak bank levy in July Budget July 1, 2015 Self-fulfilling prophecy, wishful thinking, fantasy economics: call it what you will, but the prospect of George Osborne fulfilling the desires of Britain’s banks in next week’s Budget is, to say the least, remote. Misplaced expectations that the chancellor would announce a review – or even the abolition – of the bank levy in his [...]
Eurozone factory figures tepid in June as Greek fears drag markets July 1, 2015 Eurozone factory growth picked up slightly last month but remained tepid as uncertainty around Greek debt talks – and the country’s possible exit from the bloc – swept across the region, a survey found yesterday. Fears of further Greek turmoil, and a possible exit from the euro, kept Markit’s final Eurozone manufacturing purchasing managers’ index [...]
Moody’s downgrades Greek bond rating to Caa3 July 1, 2015 Moody's has become the third ratings agency to downgrade Greece in three days. Read more: S&P downgrades Greece and puts chances of Grexit at 50 per cent Today, it lowered the struggling economy's government bond rating from Caa2 to Caa3, and placed it on review for a further downgrade. Moody's said it made [...]
European and US markets close higher on fresh hopes of a Greece deal July 1, 2015 Greece's economic prospects took a positive turn today, after Prime Minister Alexis Tsipras showed more willingness to compromise with creditors. Read more: No vote does not mean leaving the Eurozone, says Tsipras In a letter to Eurozone partners, he put forward new proposals accepting most of what was on the table before talks collapsed. [...]
Bank of England is making plans to “protect” the UK from Greece, says governor Mark Carney July 1, 2015 The Bank of England (BoE) is drawing up plans to protect the UK's financial system from the crisis unfolding in Greece, according to governor Mark Carney. Read more: Mark Carney voices concern about Greek crisis in Bank of England Financial Stability Report In an interview with Sky News, he said the central bank was [...]