Greek debt crisis: Germany concedes Greece needs debt relief August 15, 2015 Germany has conceded Greece needs debt relief, as the cash-strapped country races to submit a reform plan in time for its midnight deadline. "Debt sustainability is not feasible without a haircut and I think the IMF is correct in saying that," German Finance Minister Wolfgang Schaeuble told a conference in Frankfurt. However he also said "there [...]
Londoners pay £3,000 more in tax than they receive back: However you slice it, everybody’s getting a raw deal from Britain’s tax code August 14, 2015 “Those with the broadest shoulders must bear the biggest burden”… “We’re doing our utmost to lift the poorest out of tax altogether.” The phrases slip off politicians’ tongues with the regularity of clockwork, as much a part of our political environment as Prime Minister’s Questions. Yet it’s clear from even the most cursory look [...]
Greek GDP growth smashes expectations in the second quarter August 13, 2015 Analysts were incredulous this morning after the Greek economy appeared to shrug off uncertainty surrounding its debt crisis during the second quarter. Figures released today by Greece’s official statistics agency Elstat showed the country's gross domestic product (GDP) grew 0.8 per cent in the three months to June, completely smashing economists' expectations for a 0.5 [...]
Bond buying, risks to growth and Grexit threat: Seven key takes from the European Central Bank’s July minutes August 13, 2015 The European Central Bank (ECB) has released the minutes from the meeting of its governing council which took place on Wednesday and Thursday this week. Here are seven key extracts: Read more: ECB "on track" to complete €1 trillion QE programme 1. Bond buying is becoming more difficult Portfolio managers had reported that purchases of eligible [...]
How low can yuan go: China lets the renminbi fall for third consecutive day August 13, 2015 China sought to allay fears that the renminbi could enter into free-fall, as it devalued the currency for the third consecutive day. During a press conference in the early hours of this morning, the People's Bank of China (PBoC) said the strong economic environment, sustained trade surplus, sound fiscal position and deep foreign exchange reserves provided "strong support" to the [...]
UK house prices rose at the fastest pace in a year in July – and could speed up this year August 13, 2015 British house prices rose at their fastest rate in a year last month, while the gap between supply and demand means they could speed up this year. The Royal Institution of Chartered Surveyors (Rics) monthly house price balance rose to +44 in July, from +40 a month earlier. This was the highest since July 2014 and [...]
European Central Bank “on track” to complete its €1 trillion quantitative easing programme August 13, 2015 The European Central Bank (ECB) is on course to complete its €1.1 trillion (£780bn) euro money printing programme, according to details of its most recent meeting. The ECB downplayed the risk to growth from recent economic turbulence in Greece and China, insisting its outlook remained broadly unchanged. Bank officials pointed to a recovery in bank [...]
Pop-up revolution? The pop-up economy is now worth £2.3bn August 13, 2015 The trend for pop-ups, whether that be shops, bars, cinemas or even beaches, may leave some people rolling their eyes, but their success is adding billions to the UK economy. Revenues in the pop-up retail sector grew at 12.3 per cent last year, meaning it's now worth £2.3bn annually, up on £2.1bn last year, and employs [...]
Let’s get fracking: Government pledges to clamp down on sluggish planning applications August 13, 2015 The government has taken its biggest step yet towards giving the green-light to fracking, saying today that ministers could override local councils and fast-track planning applications. Whitehall will intervene when shale gas planning applications to local authorities are “dragged out for months, or even years on end”. The announcement comes less than two months after [...]
IEA: Oil supply glut to last until the end of 2016 August 12, 2015 Low oil prices are set to spur on the fastest growth in oil demand for five years, the International Energy Agency (IEA) said today, but prices could stay lower for a long period as producers opt not to rapidly cut back production. Global oil demand is set to grow by 1.5m barrels per day this [...]