Confident consumers fuel record growth of new car registrations March 5, 2015 Confident UK consumers bought 76,958 new cars in February, 12 per cent more than in February last year. The figures released yesterday by the Society of Motor Manufacturers and Traders (SMMT) show that February was the 36th consecutive month of growth in new car purchases. “Three years of continuous growth in the new car market is [...]
Cold weather hits February retail sales March 5, 2015 HIGH STREET sales declined in February as the cold weather put consumers off shopping and offset a boost in sales from Valentine’s Day. Mid-market retailers saw sales drop by 0.2 per cent year-on-year, despite easy comparatives on last years when flooding hit large parts of the country. The fashion sector took the biggest hit with [...]
US stocks stall ahead of jobs report today – New York Report March 5, 2015 US stocks closed modestly higher in light trading yesterday as investors held back on big bets ahead of today’s jobs report, which is expected to be a big factor in influencing the timing of a Federal Reserve interest rate hike. Focus on the report was heightened as many investors see it as one of the [...]
George Osborne regrets mistakes over RBS and looks to sell up quick March 5, 2015 George Osborne has conceded he made an error not reforming the state-owned bank RBS when the coalition took power in 2010. Speaking to the Financial Times Weekend Magazine the chancellor said he hopes to move forward "as quickly as we can to get rid of it". He added that he regretted acquiescing to the view [...]
Euro falls below $1.10 for first time 12 years after ECB reveals date of bond buying programme March 5, 2015 After hovering close to the $1.10 for past 48 hours the euro fell below it for the first time since September 2003. The euro has lost 15 per cent of its value against the dollar over the past six months. However, it's not just a weaker euro contributing to the shift – the dollar has [...]
ECB will launch €1 trillion bond buying programme on 9 March March 5, 2015 The European Central Bank (ECB) said it will launch its €1 trillion quantitative easing programme on 9 March, in a bid to ward off a deflation death spiral and kick start economic growth throughout the ailing region. "We will on 9 March 2015 start purchasing euro-dominated public sector securities in the secondary market," ECB governor [...]
Bank of England interest rate decision: MPC holds at record low for sixth year March 5, 2015 The Bank's monetary policy committee (MPC) voted not to touch interest rates for what's now the 72nd month. This means interest rates have been held at a record low 0.5 per cent for six years. If you're struggling to think back this far, this time in 2009, Sacha Baron Cohen's "Bruno" was gracing cinema screens. [...]
Knight Frank Wealth Report 2015: Which is the world’s hottest luxury property market? March 5, 2015 The world's richest individuals are piling into properties in the world's most expensive cities, pushing up prices of luxury homes. The value of luxury residential property across the world rose by an average of about two per cent last year, based on prices in the 100 locations covered by Knight Frank's Prime International Residential Index [...]
General election jitters? UK house prices fall off the boil in February March 5, 2015 The path to house price equilibrium is an undulating one. After a 1.9 per cent spike in January the average cost of a house fell by 0.3 per cent month-on-month in February, according to the latest data from Halifax. This put the price of the average home slightly lower at £192,372, with some analysts suspecting [...]
Serious Fraud Office to probe Bank of England’s liquidity auction March 4, 2015 The Serious Fraud Office (SFO) is investigating Bank of England liquidity auctions held during the financial crisis in 2007 and 2008. The central bank confirmed last night that it had handed over the findings of an independent inquiry conducted by Lord Grabiner QC into whether any bank officials knew of, or took part in, attempts [...]