US GDP beats expectations – but still falls by 0.7 per cent May 29, 2015 US GDP fell by 0.7 per cent in the first three months of the year, official statistics published today showed – better than the 0.9 per cent drop expected by analysts, but nevertheless a disappointing performance. The figure is a sharp fall from the 0.2 per cent growth originally estimated for the first quarter, although [...]
Greece falls back into recession as IMF chief Christine Lagarde warns on Grexit May 29, 2015 New data published this morning has confirmed Greece plunged back into recession last quarter – just as International Monetary Fund (IMF) chief Christine Lagarde said this morning that a comprehensive deal with Greece to avoid it defaulting on loan repayments is "very unlikely… in the next few days". Read more: What happens if Greece defaults [...]
UK directors tell Fifa backers to speak out after Visa sponsorship threatened following corruption charges May 28, 2015 Britain's bosses have piled more pressure on Fifa’s sponsors to end their support for the under-fire football governing body. In light of the latest scandal to engulf Sepp Blatter’s organisation, the Institute of Directors (IoD) called on sponsors and their shareholders to act, unless Fifa radically reforms its standards of governance. Visa has [...]
FCA watchdog Martin Wheatley: I am not hunting for bankers’ scalps May 28, 2015 Top watchdog Martin Wheatley yesterday denied he wants to “put heads on sticks” or to go “scalp hunting” in his campaign to make banks and managers more accountable. In a firm defence of the plan to make bosses of failed banks prove they took reasonable steps to mitigate risks, the Financial Conduct Authority (FCA) chief [...]
Mortgage lending rises as buyers borrow more despite election worries May 28, 2015 Mortgage lending kept growing in April despite the uncertainty of the election hanging over the housing market, according to figures yesterday from the British Bankers’ Association (BBA). A total of 73,650 of mortgage loans were given out in the month, up from 72,074 in March. April’s loans were worth a total of £11.7bn, up from £11.5bn in [...]
London bucks trend of growth in UK new home registrations May 28, 2015 New home registrations declined in London during the period between February and April, despite an increase across the UK in general. Registrations of new homes increased by 20 per cent in the quarter, compared to the same period in 2013, according to the National House Building Council (NHBC), and 12,459 homes were registered in April, [...]
£1 trillion pot: Landlords’ wealth grows as UK house prices and rents rise May 28, 2015 Landlords earned £112bn last year from rent and rising house prices, according to a study out yesterday from Kent Reliance. The total value of their assets is up 11 per cent on the year to £990.7bn – just shy of £1 trillion. London’s private rental sector is worth £406.5bn, up £50.7bn on the year. As [...]
Helical Bar chief predicts record City office rents of £100 per sq ft and £75 per sq ft in Shoreditch May 28, 2015 The meteoric rise in London office rents is unlikely to slow down for at least another year, the chief executive of property developer Helical Bar said yesterday, as companies compete for limited office space. Mike Slade predicts that rents in the City will rise to a record £100 per square foot by 2017 and £75 [...]
Lloyds and Aldermore lead SME loan rise May 28, 2015 Banklending to small businesses picked up at last in the first quarter, Bank of England figures showed yesterday. Net lending to small- and medium-sized enterprises (SMEs) rose by £615m in the first quarter of 2015. It marks a sharp reversal after years of decline – in the final quarter of 2014, net lending [...]
British consumers are upbeat after General Election outcome May 28, 2015 UK shoppers were slightly less confident this month, but confidence levels remain relatively high, according to survey figures published today. The consumer confidence index put together by market researchers GFK edged down to a score of one for May, from April’s four. However, it is up on the same month last year when it scored [...]