Bank of England slashes UK growth forecasts amid Brexit uncertainties and global slowdown February 7, 2019 The Bank of England today decided to leave interest rates unchanged as expected, but slashed UK growth forecasts as Brexit uncertainties mount. The bank's monetary policy committee (MPC), which last raised rates to 0.75 per cent in August last year, unanimously voted to hold interest rates for a fourth consecutive meeting. Read more: How will the [...]
Former Greek finance minister Yanis Varoufakis blasts Donald Tusk over Eurozone crisis in response to ‘hell’ tweet February 7, 2019 Former Greek finance minister Yanis Varoufakis blasted European Council president Donald Tusk today for the EU’s role in the Eurozone crisis. Varoufakis was responding on Twitter to Tusk’s tweet yesterday that said: “I've been wondering what that special place in hell looks like, for those who promoted #Brexit, without even a sketch of a plan [...]
Millennium Bug lessons: Stop Brexit stockpiling February 7, 2019 UK manufacturers are stockpiling raw materials at the highest rate since figures were first collected 27 years ago. While it might look like a sensible response to uncertainty, this kind of Brexit anxiety will have long-term implications for supply chains and for the UK economy as a whole, regardless of what happens in the negotiations. “Demand [...]
City A.M.’s shadow monetary policy committee votes to hold interest rates amid peak Brexit uncertainty and global slowdown February 6, 2019 The Bank of England must hold interest rates when its monetary policy committee meets tomorrow amid peak Brexit uncertainty and a global economic slowdown, City economists have warned. The Bank’s rate-setting monetary policy committee (MPC) will announce its decision at midday but is expected to leave rates unchanged at 0.75 per cent. Read more: Household [...]
Three ways to start fixing audit now February 6, 2019 We are living through a pivotal time in the history of audit. Last December saw the release of Sir John Kingman’s report into the operation of the Financial Reporting Council and the preliminary findings of the market study by the Competition and Markets Authority (CMA). This year we are seeing the Business, Energy and Industrial [...]
What’s the point of economists? Look to America’s tech giants to find out February 6, 2019 Despite the dire predictions from the economics profession about Brexit, the UK economy is doing well. Growth continues at a steady pace. An all-time record 32.4m people are in work. Unemployment has fallen to levels not seen since the mid-1970s. In contrast, the Eurozone is on the brink of recession – and Italy is already [...]
Eurozone construction sector endures ‘sluggish’ start to the year as slowdown set to continue February 6, 2019 The Eurozone construction sector endured a sluggish start to the year slowing to its softest expansion in six months in another blow for the bloc. Weaker demand for building work in January led the downturn as purchasing activity rose at its slowest pace since October and job creation eased to a near-two-year low, according to [...]
Charity Commission issues official warning to IEA over legal breaches in Brexit report February 5, 2019 The charities regulator has issued an official warning to the Institute of Economic Affairs (IEA) for breaking charity law in a report about Brexit. The Charity Commission today censured the Westminster think tank for a report into the post-Brexit economy in the UK, which was published in September but has since been taken down. Read [...]
UK new car sales fall as electric and hybrid cars surge in popularity February 5, 2019 New car sales in the UK dropped fell in January as demand for diesel cars collapsed while hybrid and electric cars surged in popularity, industry figures released today show. The 1.6 per cent year-on-year drop follows a five month decline in sales, data from the Society of Motor Manufacturers and Traders (SMMT) reveals. Read more: DEBATE: [...]
Sterling falls with UK economy ‘at risk of stalling’ as services enter slowdown February 5, 2019 The UK service sector lost momentum last month as incoming new work fell for the first time since July 2016, leading to warnings that the economy is close to stalling. Business activity remained flat in January but fears over the UK’s economic outlook led to a reduction in new employment numbers for the first time [...]