IFS boss: Labour’s spending pledges likely to push up taxes for average earners October 21, 2019 The director of the Institute for Fiscal Studies (IFS) has said Labour’s spending plans are likely to lead to higher taxes for those on average incomes. Read more: Hey, big spender: Institute for Fiscal Studies boss Paul Johnson on the end of economic orthodoxy In an interview with City A.M., Paul Johnson also said the [...]
Scotch whisky producers sound alarm as US slaps tariffs on EU goods October 18, 2019 Scottish whisky producers have warned that the US’s new 25 per cent tariffs on imports of single malt Scotch, which have come into force today, are “very bad news for our industry”. Read more: WTO gives go-ahead for $7.5bn of US tariffs on EU goods The Scottish whisky business is just one of many across [...]
Bank of England deputy suggests Brexit deal could see rates rise October 18, 2019 Deputy Bank of England governor Dave Ramsden has said he thinks gradually increasing interest rates could still be the right path if Britain achieves a smooth exit from the European Union. Read more: PM Johnson scrambles to save Brexit deal ahead of key Saturday vote Threadneedle Street has repeatedly struck a more hawkish tone than [...]
Chinese growth slows to near 30-year low as trade war bites October 18, 2019 The Chinese economy slowed to its weakest pace in almost 30 years in the third quarter, official figures have shown, as the ongoing trade war with the US weighs on the the country’s economy and global demand. Read more: Global markets underwhelmed by US-China trade truce GDP rose by six per cent year on year, [...]
UK retail sales growth holds steady as Brexit day approaches October 17, 2019 Growth in UK retail sales held steady in the third quarter of the year, official figures have shown, as shoppers remained cautious in the run-up to the October Brexit deadline. Read more: UK unemployment rate rises as Brexit fears hit labour market Britons bought 0.6 per cent more goods in the second quarter than in [...]
Eurozone inflation falls to three-year low and below half ECB target October 16, 2019 Inflation in the Eurozone fell to its slowest pace in three years in September, official figures showed today, raising fresh concerns over the direction of the single currency area’s economy. Read more: Falling fuel prices hold UK inflation at three-year low Prices grew at just 0.8 per cent in the year to September, below initial [...]
Soaring corporate debt levels threaten financial stability, IMF warns October 16, 2019 The global financial system is at risk from ballooning levels of corporate and emerging market debt caused by ultra-low interest rates, the International Monetary Fund (IMF) has warned. Read more: IMF warns global growth will fall to lowest level since financial crisis The IMF cautioned that in a downturn half as severe as 2008, $19 [...]
Falling fuel prices hold UK inflation at three-year low October 16, 2019 UK price inflation stayed at a three-year low in September, the Office for National Statistics (ONS) said today, below the Bank of England’s desired rate of two per cent. Read more: UK unemployment rises as Brexit fears hit jobs market The headline annual rate of price growth was 1.7 per cent last month, the same [...]
Sterling edges back as markets await outcome of Brexit talks October 16, 2019 Sterling has slipped against the dollar and euro as traders nervously wait to see whether Britain can secure a last-minute Brexit deal with the European Union. The pound was 0.12 per cent lower against the dollar by 8.10am UK time, buying $1.275. It had fallen 0.29 per cent against the euro to buy €1.154. Sterling [...]
This year’s Nobel economics laureates have made the world a better place October 16, 2019 This year’s Nobel Prize in economics, announced on Monday, was a ray of sunshine amid the prevailing media gloom. The Prize was awarded for the work the new laureates had done on the alleviation of global poverty. This is one reason to be cheerful about it. Another is that Esther Duflo became only the second [...]