Euro falls as eurozone business growth hits four-year low after France protests and Brexit uncertainty December 14, 2018 Eurozone business growth plummeted to a four-year low in December, according to a closely-followed measure of economic activity, hitting the euro as markets reacted today. The “yellow vest” protests in France and ongoing weak car demand exacerbated a widespread economic slowdown, IHS Markit’s purchasing managers’ index (PMI) showed this morning. The index’s eurozone composite PMI showed [...]
Euro drops as ECB lowers growth forecast and confirms end to €2.6tn stimulus despite growth concerns December 13, 2018 The European Central Bank has confirmed plans to bring its €2.6tn eurozone stimulus programme to an end later this month despite concerns over growth. The bank’s bond purchasing programme, which began in 2015, will wind down at the end of the year as planned, it said today. But the ECB said it would continue to [...]
DEBATE: Should the government’s Making Tax Digital initiative be delayed? December 13, 2018 Should the government’s Making Tax Digital initiative be delayed? Suren Thiru, head of economics and business finance at the British Chambers of Commerce, says YES. The Making Tax Digital initiative represents a significant overhaul to the UK’s tax system, which could not be happening at a worse time for both business and government. HMRC already [...]
DEBATE: Can we stop worrying now that earnings are rising at their highest rate in a decade? December 12, 2018 Can we stop worrying now that earnings are rising at their highest rate in a decade? Michael Hayman MBE, co-founder of Seven Hills and co-author of Mission: How the Best in Business Break Through, says YES. May you live in interesting times – the old Chinese curse has found new life in Brexit Britain. Mired in [...]
Hyperbolic discounting explains why the French are revolting over Macron’s fuel tax December 12, 2018 Economists have long argued that an effective way of reducing carbon emissions is by increasing taxes on energy consumption. This year’s Nobel laureate, Bill Nordhaus, advocated a global carbon tax over 40 years ago. The scientific logic is impeccable. But the practical politics of it are fraught with difficulties. To say that energy taxes, and [...]
The City is braced for a hard Brexit – why aren’t MPs? December 11, 2018 Had things worked out differently we could have woken up this morning to news that MPs voted last night in favour of Theresa May's withdrawal agreement. The transition period was secured, talks would move on to the future trade deal and businesses would breath a mighty sigh of relief. Instead, we rise to find another [...]
Eurozone budget plan still on the table despite ‘very deep split’ among EU members December 11, 2018 Proposals for a Eurozone budget are still on the table despite a “very deep split” among member states, the European Commission said today. After a fiery debate of the European Parliament today economic affairs commissioner Pierre Moscovici said the prospect of a consensus was “bleak” and the window of opportunity for reform was “slowly closing.” [...]
May’s Brexit failure has hit the economy December 11, 2018 Tear your eyes away from Westminster for a moment, and consider Morgan McKinley’s London Employment Monitor. Today’s report is not good. Available financial services jobs in the capital in November were down four per cent month-on-month, and 39 per cent on the previous year. Job-seeker numbers are also down. This is particularly worrying as yesterday’s [...]
The government must resist micro-managing our EU exit December 10, 2018 Unlike many commentators, I believe that a no-deal Brexit still very possible. It is the default as the clock ticks, and parliament must vote for government-backed legislation to change path. For all the threats about a second referendum, the Conservatives would implode if they rowed back on delivering Brexit. And as regrettable as a no-deal [...]
The NHS faces another winter crisis, but politicians continue to fail to learn the lessons of public sector failures December 7, 2018 On Thursday, the British Medical Association warned that NHS England is likely to be 10,000 beds short over the coming winter. The next few months are possibly going to be the “the worst on record”, as projections for A&E admissions are looking to increase by 100,000 this year alone. It’s remarkable that the healthcare season [...]