Bank of England quarterly bulletin says that cash isn’t dead just yet September 15, 2015 Reports of the death of cash have been greatly exaggerated, the Bank of England claims. Well, not perhaps greatly exaggerated, but certainly a little premature. "Over the next few years, consumers are likely to use cash for a smaller proportion of the payments they make," Tom Fish and Roy Whymark of the Bank’s notes directorate said in [...]
“We write what we want”: OBR chief Robert Chote reappointed after playing down Treasury influence over summer Budget economic forecasts September 15, 2015 Robert Chote has been reappointed as chief of the Office for Budget Responsibility (OBR) following a grilling from MPs in which he fended off accusations that the watchdog had been influenced by the Treasury in its analysis of the summer Budget. However, the saga is not yet over as more evidence has been demanded from [...]
London and the South East push up UK house prices in July, but property gets cheaper in Scotland and the North East September 15, 2015 House prices climbed 0.8 per cent July, the Office for National Statistics said this morning, keeping annual house price growth above five per cent. Year-on-year price growth was 5.2 per cent, down from 5.7 per cent in June. The East, South East and London led UK’s annual price growth, while houses actually got cheaper in Scotland [...]
Abcam confident on China despite global fears of a chronic slowdown September 15, 2015 Biotech firm Abcam yesterday remained bullish on growth in China, despite concerns of a slowdown in the world’s second-largest economy. The Aim-listed firm, which makes and sells antibody-related products, delivered strong full-year results, with revenue up 14.2 per cent to £144m and pre-tax profit up 5.9 per cent to £46.1m. Growth was boosted by China, [...]
London Fashion Week kicks off as China slowdown is becoming an increasing headache for luxury brands September 15, 2015 Friday marks the start of London fashion week, when luxury brands flaunt their Spring/Summer collections on the catwalk and throw champagne-fuelled parties to celebrate the arrival of the next fashion season. But behind the scenes, the party mood is more subdued as luxury companies nervously assess how great an impact the ongoing economic slowdown [...]
National living wage for over-25s to have modest impact on costs September 14, 2015 Chancellor George Osborne’s new Living Wage, a higher minimum wage for over-25s, will be affordable to most industries but could severely impact others, a think tank said today. Around half of the employees set to benefit from the National Living Wage (NLW) are in industries where the resulting wage bill increase will by 0.6 [...]
UK public’s inflation expectations rebound from their record lows September 14, 2015 Expectations of inflation have bounced off record lows, according to survey data released by Barclays yesterday. The general public expect inflation to be 1.6 per cent over the next year, up from a record low of 1.3 per cent three months ago. Barclays has published its Basix inflation expectations figure since 1986. [...]
Eurozone industrial production accelerates to five-month high September 14, 2015 Eurozone industrial production beat economists' expectations in July, rising to a five-month high, amid a higher volume of energy, capital and durable consumer goods. Data from Eurostat has shown industrial output in the single currency bloc rose 0.6 per cent compared to June, and 1.9 per cent year-on-year. Economists polled by Reuters had been expecting a [...]
Shanghai Composite Index shares suffer amid disappointing Chinese economic data September 14, 2015 Chinese shares came under pressure again today, after disappointing economic data stoked concerns that the world's second-largest economy is losing momentum. The Shanghai Composite Index closed down 2.7 per cent, taking it to 3,114.80 points, also constituting the sharpest one-day drop since late August. Mainland Chinese shares have shed nearly 40 per cent since its [...]
Bank of England chief economist Andy Haldane will answer questions on Twitter today September 14, 2015 A member of the Bank of England's rate-setting committee, chief economist Andy Haldane, will be answering questions about how the central bank should regulate financial markets in the UK on Twitter today. Haldane, who has been touted as a possible replace to ousted Financial Conduct Authority boss Martin Wheatley, will conduct the Twitter Q&A from the [...]