Fall in first quarter US GDP was less than we thought June 24, 2015 The fall in US first quarter GDP was less than we previously thought, after the Bureau of Economic Analysis revised its figure up. GDP contracted 0.2 per cent in the first three months of the year, less than the 0.7 per cent originally mooted. However, it's a fall from the first estimate of a 0.2 [...]
UK house prices: Mortgage approvals rise to their highest in 14 months June 24, 2015 Mortgage approvals continued their inexorable rise last month, figures published this morning showed, suggesting growth in UK house prices is unlikely to abate anytime soon. The figures, from the British Bankers' Association, showed mortgage approvals for house purchases rose to 42,530 last month, up from 42,020 in April – and way up on a 20-month [...]
Bank of England monetary policy committee could split over timing of first interest rate rise June 24, 2015 One of the MPC’s nine members, Dr Martin Weale, has indicated that the Bank of England should be prepared to raise the cost of borrowing as early as August. The comments indicate the monetary policy committee could soon face a split over when to raise interest rates from the historic low of 0.5 per cent they [...]
Greek Prime Minister Alexis Tsipras “confident on deal” despite Syriza rumblings June 23, 2015 Greek prime minister Alexis Tsipras will meet with European officials in Brussels today as part of the attempt to hammer out an agreement over his country’s debts. Read more: What Yanis Varoufakis can learn from a real game theory master The Greek government yesterday expressed confidence that the country’s parliament would approve a [...]
Productivity puzzle solved? Productivity set to increase by over 10 per cent over the next five years June 23, 2015 Britons’ disposable income will be driven up from an increase in productivity over the next five years, but employment growth will not follow the same upward trend, according to research out today. Economists at Oxford Economics are predicting a dramatic turnaround with significant improvements forecast between 2015 and 2020. Productivity will rise by 10.7 per [...]
UK property prices: Property sales tick up in May – but the outlook is uncertain June 23, 2015 The number of UK residential properties sold climbed in May, new data show. A total of 98,540 properties changed hands, according to figures released by HMRC yesterday. It marks a rise on April’s 97,610. However the market is slower than it was a year ago when 101,710 properties were sold. The figures translate to a [...]
Cole Commission calls for an overhaul of export approach June 23, 2015 A review of the UK’s export industry has called for cabinet-level political leadership to boost firms’ access to foreign markets. The proposals suggested in the Cole Commission published today also include a public procurement strategy to encourage firms that sell to the government to help small and medium-sized UK firms start up their export operations. [...]
Eurozone business growth accelerates to a four-year high in June June 23, 2015 Eurozone business growth accelerated to a four-year high in June, as factories and services firms reported stronger growth and hiring. The Markit Composite Flash Purchasing Managers' Index (PMI) rose to 54.1 in June, up from 53.6 a month earlier, and in line with economists' expectations. PMI has now been above the crucial 50 threshold that separates [...]
Greek crisis: Four questions we still need answers to June 23, 2015 European stocks rallied again this morning, after it appeared negotiations between Greece and its creditors went well last night, with European Union President Jean-Claude Juncker saying he's "convinced" a deal will happen this week. But only the next act will show whether this was always going to be a Greek tragedy, or whether it was [...]
US Treasury secretary Jack Lew urges an agreement as Greek drama continues June 23, 2015 The United States has heaped on the pressure for a deal between Greece and its creditors with Jack Lew, the US treasury Secretary, holding phone calls with Greek Prime Minister Alexis Tsipras to push for an agreement in a “delicate” situation. "The Prime Minister had a phone conversation with US Treasury secretary Jack Lew in [...]