Turkish President Erdogan says collapse in lira a political plot against the country August 12, 2018 Turkish President Recep Tayyip Erdogan said today that the collapse in the value of the Turkish lira was a political plot against the country. Speaking to a crowd of supporters in the Black Sea coastal city of Trabzon, Erdogan said: “What is the reason for all this storm in a tea cup? There is no [...]
Sterling volatility continues over no deal Brexit fears August 9, 2018 Hedge fund boss Crispin Odey said today he would continue betting against sterling in the run up to Brexit, even after it fell to its lowest point for a year yesterday. Nervousness over the UK’s prospects of striking a deal with the EU has sent sterling sliding in recent days, falling as low as $1.2842 [...]
Quilter posts strong debut profits after growth in new client money August 8, 2018 Wealth manager Quilter reported rising profits yesterday in its first ever set of results since listing as a standalone business. Quilter, which was spun out of insurance company Old Mutual earlier this year, posted pre-tax profits of £110m in the first half of 2018, rising 16 per cent compared with the same period last year. [...]
The global financial crisis 10 years on: A timeline of the global events that shaped the crash from the credit crunch to the recession and beyond August 7, 2018 Ten years ago this week the credit crunch started to bite. Take a look back at the global events that shaped one of the biggest recessions in history. Early tremors: February to June 2007 Early signs of trouble build, but are mostly missed. The giant Freddie Mac, also know as the Federal Home Loan Mortgage [...]
Britain’s perception of immigration improves dramatically July 10, 2018 British people's perceptions of the impact of immigration improved markedly between 2015 and 2017, according to an authoritative survey published today. The British Social Attitudes (BSA) survey, which canvasses the opinions of almost 4,000 respondents, found that 47 per cent of Britons think that immigration has a "good" impact on the economy – a striking [...]
UK keeps crown as best in Europe for financial services investment July 9, 2018 The UK has kept its crown as the top location in Europe for financial services investment, despite Brexit uncertainty causing projects to decline. In 2017, UK financial services brought in 78 foreign direct investment (FDI) projects, higher than any other country in Europe, although it was down from record levels of 106 the year before. [...]
Taxes are too high and too complicated – it’s time for urgent reform July 9, 2018 A week ago, this newspaper bemoaned the government's drift towards tax rises – and the lack of any proper low-tax Tories coming to the fore. Without a doubt, Jeremy Corbyn's Labour has shifted the Overton Window (the range of policies deemed acceptable by politicians) and the debate now largely concerns which taxes to raise and [...]
Bank of England bosses criticised for £390,000 expenses bill June 26, 2018 The expenses bills run up by two of the Bank of England's top officials were today described as "staggering" by an MP. The Bank employs multiple members of its financial policy committee (FPC), which seeks to protect financial stability, who live in America. The central banking bigwigs have run up big expenses bills. Simon Clarke, [...]
Central bankers warn of recession risk from ‘debt trap’ to global economy June 24, 2018 The global economy risks falling into a “debt trap” in developed markets and particularly in China, according to a warning issued today by an influential central banking body. The Bank for International Settlements (BIS) said nations must tread a “narrow path” to avert disaster in the next slowdown, in its annual report on the state [...]
Bank of England must hold interest rates and wait for signs of a rebound says shadow MPC June 20, 2018 City economists are all but certain the Bank of England will not announce a rise in interest rates tomorrow, with City A.M.’s shadow monetary policy committee (MPC) voting unanimously to hold fire. The Bank’s top economists have made it clear that they see rising upward pressures on wages, a key component of domestically generated inflation, [...]