Iran deal shakes up oil market as sector prepares for end of sanctions and new supply July 14, 2015 Iran has finally reached an agreement with Western negotiators over its nuclear programme, following years of discussions. The deal will see Iran limit its capacity to build a nuclear bomb, in exchange for the lifting of economic sanctions on the country, including restrictions on its oil and gas industry. The price of oil dipped again [...]
London rents climb higher as affordability falls across the UK July 14, 2015 London rents increased in the three months ending June, new figures show, as housing affordability continues to decline. Average London rents were 4.5 per cent higher over the period compared with the same period last year, according to figures released today from Rightmove. UK rents excluding London climbed 4.2 per cent. Rightmove’s head of lettings [...]
Gender pay gap: Why Cameron’s announcement is good news for the economy July 14, 2015 Like David Cameron, I want to look back at the gender pay gap in the same way we look back at women not voting and working – as something archaic, delusional and fundamentally wrong. Cameron’s announcement that large firms will have to disclose the average salary for both male and female employees will highlight the [...]
Gatwick Airport criticises Airport Commission’s backing for Heathrow expansion as unfair and “flawed” July 14, 2015 Gatwick has hit back at the Airports Commission, calling its report recommending a Heathrow expansion “flawed” and unfair. The airport criticised the report for falling short of requirements of balance and fairness. After three years’ deliberation led by Sir Howard Davies, the Airports Commission released its long-awaited report two weeks ago, backing a third runway [...]
Dollar dives as US retail sales unexpectedly shrink in June July 14, 2015 The dollar fell after the commerce department said US retail sales unexpectedly fell by 0.3 percent in June, missing economists' expectations for a 0.2 per cent rise. Additionally the retail sales figure for May was revised down by 0.2 per cent to show one per cent growth, down from the 1.2 per cent initially reported. This [...]
Sterling jumps after Bank of England Governor Mark Carney says interest rate hike “moving closer” July 14, 2015 The pound jumped to $1.56 this morning after Bank of England boss Mark Carney said an interest rate rise is "moving closer" as he appeared before the newly-formed Treasury Select Committee. "The point at which interest rates may begin to rise is moving closer with the performance of the economy, consistent growth above trend, a [...]
Inflation back to zero: Here’s what the analysts said July 14, 2015 Falling clothing and food prices sent Britain back into "noflation" in June, down from 0.1 per cent in May, according to figures releases today by the Office for National Statistics. Read more: Britain falls back into "noflation" territory Here's what analysts had to say: Chris Williamson, chief economist at Markit, said: Core inflation (excluding energy, food, [...]
Misconceptions about housing: These five charts show how wrong we are about rent, house prices and deposits July 14, 2015 Hot on the heels of the Ipsos Mori poll showing that most of us have no idea how much raising children, buying a house, or paying for education cost, the research institute has dug deeper into our insights on housing – and it turns out we’re pretty far off. Just over three quarters of British [...]
UK inflation falls back to zero as Britain returns to “noflation” territory July 14, 2015 The falling price of clothes and food meant that Britain's consumer price index slipped back to zero last month, from a 0.1 per cent increase in May, and coming in line with economists' expectations. Figures released today by the Office for National Statistics showed clothing and footwear prices fell by 0.4 per cent in the [...]
Greece missed another IMF payment last night July 14, 2015 Raising virtually no eyebrows at all, the International Monetary Fund (IMF) announced last night that Greece has missed another payment – this time of about €456m (£323.9m). Lest we forget, Greece is already in arrears to the IMF, to the tune of €1.6bn, after it missed a payment at the end of June. A statement [...]