BCC downgrades UK’s 2015 growth forecast – but predicts earnings are set to rise June 5, 2015 The British Chambers of Commerce has downgraded its UK growth forecast for 2015, following weaker than expected growth at the start of the year. The BCC's forecast for UK GDP was revised downwards from 2.7 per cent to 2.3 per cent. However, the business group said that, despite the downgrade, it expected the slowdown to [...]
Greece shocks IMF by holding back €300m June 4, 2015 The standoff between Greece and its creditors intensified last night when the embattled Mediterranean state refused to cough up €300m (£218m) owed to the International Monetary Fund (IMF). The payment, due today, is one of several instalments in June which Athens now says it will bundle into one transfer at the end of the month. [...]
Bonds rocked again after Mario Draghi’s volatility warning June 4, 2015 European traders faced extraordinary levels of volatility yesterday, just a day after European Central Bank (ECB) chief Mario Draghi’s warning that markets should “get used to it”. The volatility of the German bund, an interest-paying IOU from the German government, was the biggest surprise, given that it is one of the more stable bonds. The [...]
Wages in London grow faster than in the rest of the country June 4, 2015 Wages in the capital are increasing faster than they have in nearly a year, according to a new survey out today. The survey, carried out by the Recruitment & Employment Confederation and KPMG, found that wages for permanent employees in London increased for the twenty-fourth successive month in May, marking an uninterrupted, two-year trend of successive [...]
Fitch: It is still too difficult to compare banks June 4, 2015 Investors cannot fairly compare banks’ capital buffers and financial soundness because the rules allow them too much flexibility in how they report their numbers, analysts at credit ratings agency Fitch warned yesterday. The biggest banks calculate their risk-weighted assets (RWAs) based on internal models of risk, which are then approved by regulators. But the models [...]
Savills says housing shortfall to reach 1m without more supply June 4, 2015 The housing shortfall in England is set to reach 1m homes within 10 years, according to new research from a leading estate agent. Savills said that England faces an annual housing shortfall of 100,000, a problem that the estate agent said can only be solved by the government boosting the supply of development land in high-demand locations [...]
Royal Mail share price drops as government announces plans to sell off its remaining stake June 4, 2015 Shares in the Royal Mail fell more than three per cent to 510p in early afternoon trading, after the chancellor said the government will begin selling off its remaining stake in Royal Mail this year. Read more: Royal Mail revenues rise by a measly one per cent During a debate over the contents of the [...]
Supermarket sweep: Here’s how Britain’s rapidly changing grocery sector will look in 2020 June 4, 2015 Here's a slither of good news for Britain's embattled grocery sector – growth is likely to pick-up over the next five years, according to food and consumer goods researcher and charity IGD. The grocery market will swell by 13 per cent to £200.6bn by 2020, as growth picks up from a low of 1.7 per [...]
UK car sales slowed slightly in May June 4, 2015 Car sale growth slowed to 2.4 per cent in May, down from a rate of 5.1 per cent a month earlier, nevertheless economists said that this wasn't a cause for concern. Dealers registered 198,706 vehicles in May, marking 39 months of consecutive growth according to data released today by the Society of Motor Manufacturers and Traders (SMMT). [...]
UK house prices drop in May: Tug of war as high price-to-earnings ratios and a lack of supply affect market June 4, 2015 UK house prices dropped for the first time in three months this May, according to data from Halifax. The market is feeling the effects of a tug of war as a lack of supply drives prices higher, stretching finances and affecting sentiment. The figures On a monthly basis – the most volatile measure – house [...]