UK housing market: Interest-only home loans going out of fashion as take up slumps, say Council of Mortgage Lenders September 22, 2015 Warnings that interest-only mortgages are a “ticking time bomb” appear to be filtering through to the market, with figures out yesterday showing a 16 per cent drop in the number of such loans outstanding. A quarter of the reduction is the result of loans reaching maturity and being redeemed while a further 40 per cent [...]
IMF’s Christine Lagarde says downside risks to global growth increased September 22, 2015 International Monetary Fund (IMF) boss Christine Lagarde today warned that the downside risks to the global economy have increased. "The downside risks are greater than they were," Lagarde said at a Brookings Institution event on global economic growth. She cited the commodity price rout, monetary policy realignment, as well as China. Fresh concerns over the [...]
UK cider producers fizz upwards to hit record high as sales near £1bn September 22, 2015 The UK cider industry is enjoying the sweet taste of success, as producers have climbed by 50 per cent in the past five years. Medium and large-scale producers numbered 150 across the country last year, up from 97 in 2010, figures from HM Revenue & Customs (HMRC) show, which also show there are also some [...]
Lifetime earnings point to much greater level of equality in Britain September 22, 2015 Income inequality in the UK is significantly less than previous research has suggested, an influential think tank said today. A common measure of income inequality known as the Gini coefficient is 0.49 when looking at peoples’ annual earnings, the Institute for Fiscal Studies (IFS) said. A Gini coefficient closer to zero represents a more equal [...]
George Osborne puts all economic bets on China and plans to bring the London and Shanghai Stock Exchanges closer together September 22, 2015 Chancellor George Osborne will today brush off concerns over volatility in Chinese markets and reveal new plans to connect British and Chinese stock exchanges. Unfazed by August’s market shocks, and the authoritarian response from Beijing, Osborne will say at the Shanghai Stock Exchange today: “Whatever the headlines, regardless of the challenges, we shouldn’t be [...]
New UK restaurant openings soar as pubs dwindle September 21, 2015 The number of restaurants across the UK surpassed the number of pubs that are predominantly drinking holes for the first time this year, fuelled by the booming casual dining trend and improving consumer confidence. Research released yesterday by AlixPartners and CGA Peach reveals that a net 1,770 new restaurants opened in the year to 30 [...]
Rail adds £10.1 bn to UK economy September 21, 2015 Britian’s rail industry is adding up to £10.1bn a year to the national economy, according to a new report. Economists at Oxera Consulting carried out the research on behalf of the Rail Delivery Group, an industry lobby group representing train operators. The economists found that rail boosts economic productivity by up to £11.3bn each year [...]
Small business owners feel benefits of growing economy September 21, 2015 Two thirds of small business owners are confident about the opportunities for business growth over the next five years. A survey by insurers Axa shows that 62 per cent of SME owners say they are thriving as a result of owning their own business. Glen Parkinson, SME business director at Axa PPP healthcare, said: “It’s [...]
Banks brace for tax showdown: City giants warn jobs and growth are at risk from Whitehall interference September 21, 2015 Unpredictable and excessive taxes are pushing the British banking sector to the brink, according to a major new report by a leading industry body. The British Bankers’ Association (BBA) and PwC reveal that the UK banking sector contributed an estimated total of £31.3bn in taxes last year, and warn of the risk posed to [...]
UK house prices: Rightmove says the average London home could cost £1m by end of the decade September 21, 2015 London house prices are climbing at such a rapid rate that the average price could hit £1m by 2020. In news that will buoy homeowners but frighten Londoners with ownership aspirations, house prices in the capital jumped 2.2 per cent this month compared with August, according to figures published today by property website Rightmove. [...]