Chancellor Javid to ‘simplify’ the tax system in autumn budget August 17, 2019 Chancellor Sajid Javid has suggested he will simplify the tax system when he sets out his first budget in the autumn. Javid said he was a “low tax guy” and that it was important to “always be thinking about the lowest paid” in his first interview since taking on the role, speaking to The Times. [...]
Hong Kong economy grows less than expected as recession fears hit August 16, 2019 Hong Kong’s economy grew less than expected at just 0.5 per cent year-on-year for the second quarter, the government revealed on Friday. It comes amid growing tensions between the US and China as the trade war rumbles on and on the back of continued unrest in the financial hub, igniting fears it could tip into [...]
Markets drop as US and China enter fierce war of words August 15, 2019 A fierce war of words between China and the US broke out today after Beijing vowed to strike back over the 10 per cent tariffs the Trump administration is set to apply to $300bn of Chinese goods. Read more: Recession warning lights flash red as US and UK ‘yield curves’ invert China’s finance ministry said [...]
UK retail sales get surprise boost in July from stay-at-home shoppers August 15, 2019 British shoppers bought more than expected in July, the Office for National Statistics (ONS) said today, in a sign that consumer spending could help the UK economy escape recession in the third quarter. Read more: BRC: July 2019 worst on record for retail sales growth The 0.2 per cent increase in the quantity of retail [...]
Asian stock markets regain ground despite warning lights for global economy August 15, 2019 Asian stock markets have bounced somewhat following a tweet from US President Donald Trump floating a personal meeting with Chinese President Xi Jinping and saying “good things were stated” on a phone call between the two sides. Read more: Recession warnings flash red as ‘yield curve’ inverts in UK and US Equities in Asia recovered [...]
London house prices continue to slide under Brexit pressure August 14, 2019 London house prices have continued their slide with a year-on-year fall of 2.7 per cent in June, figures from the Office for National Statistics (ONS) showed today. Read more: London house prices suffer worst plunge in 10 years The figure marked a slowdown from the 3.1 per cent drop seen in May, however, which was [...]
German economy shrinks in second quarter as exports slump August 14, 2019 Germany’s economy shrank in the second quarter of the year as weak global demand caused exports from the former powerhouse of Europe to drop off, official data showed today. Read more: German factory production slumps in June raising recession fears Output fell 0.1 per cent quarter on quarter, the government said. The economy had grown [...]
Chinese industrial output growth slows to 17-year low August 14, 2019 China’s industrial output growth slowed to a 17-year low in July as the signs mount that the trade war with the US is beginning to take a toll on the world’s second-largest economy. The 4.8 per cent year-on-year growth in factory output was the weakest since February 2002 and far below economists’ expectations of a [...]
What was behind Friday’s National Grid outage? Network theory, not conspiracy August 14, 2019 National Grid is getting a kicking in the aftermath of last Friday’s electricity blackout. Potential explanations swirl around both social and mainstream media. The system cannot cope with too much wind-generated electricity. The Russians hacked into the computers. A puzzling aspect is that the initial shock to the National Grid was a very small one. [...]
US inflation picks up amid presidential pressure for rate cuts August 13, 2019 US inflation picked up in July as the cost of gasoline and housing rose, raising the possibility the Federal Reserve will hold back from rate cuts in the near future. Read more: Fed cuts interest rates for first time in ten years The US consumer price index (CPI) picked up to 1.8 per cent from [...]