City economists back rumoured extension of Mark Carney’s Bank of England stay August 28, 2018 City economists have eagerly backed Mark Carney to extend his stay at the Bank of England after a report the Treasury had raised the prospect of an extra year with the governor. Carney’s term as governor is due to come to an end in June 2019, a year earlier than first planned. However, an extension [...]
Rising cost pressures dent profits in Britain’s dominant services sector August 28, 2018 A dramatic rise in costs has dragged back profitability for Britain’s dominant services sector in spite of higher volumes, according to business group data to be published today. Costs for business and professional services firms, including lawyers, accountants and marketers, grew at the fastest pace since before the financial crisis in 2008 during the last [...]
German business confidence jumps after trade war fears ease August 27, 2018 Germany's business confidence improved markedly in August, according to a closely watched survey, in a strong positive signal from the Eurozone's economic powerhouse following a diminished threat from the trade dispute from the US. The Ifo (Insitute of Economic Research) business confidence index rose to a reading of 103.8, up from 101.7 the previous month [...]
US pushing for EU trade negotiations to move faster August 25, 2018 The US is pushing the EU to move faster on trade negotiations following the meeting between US President Donald Trump and EU Commission President Jean-Claude Juncker last month. Emily Haber, Germany’s ambassador to the United States, told reporters a working group formed after the Trump-Juncker meeting had convened for the first time this week, and [...]
Federal Reserve chair Powell defends interest rate increases following Trump’s criticism August 24, 2018 Federal Reserve chair Jerome Powell defended the policy of increasing interest rates to protect the economy today, following President Donald Trump’s attacks on rate increases. Powell said he believes the policy of gradual interest rate increases “remains appropriate” for the US economy. “The economy is strong. Inflation is near our two per cent objective, and [...]
Don’t let the migration target millstone drag back the British economy August 24, 2018 Missed targets are often cause for concern and embarrassment for the ministers involved. In the case of immigration, however, it should be celebrated. Net immigration from the EU has fallen to its lowest level in more than five years, at 87,000 in the year to March, the Office for National Statistics said yesterday. Yet a [...]
Service sector profitability at lowest level in four years August 22, 2018 UK service sector profitability was at the lowest level in four years at the beginning of 2018 in a drop that was driven by the struggling high street. The area saw the sharpest decline in a year between January and March this year due to poor general retailer performance, the Office for National Statistics (ONS) said. Profit [...]
British manufacturing strength bolstered by weak sterling and global economy August 21, 2018 Manufacturing activity slowed slightly over the summer but output remained well above normal levels as the strong global economy supported activity, according to a closely followed survey. The measure of manufacturers’ order books from the Confederation of British Industry (CBI) fell by four points, with a balance of seven per cent of the 379 firms [...]
The UK’s 2017-18 budget deficit hits an 11-year low August 21, 2018 The UK recorded its largest July surplus for 18 years last month, standing at £2bn, as ONS figures revealed robust deficit reduction in Britain’s finances. July’s surplus was double that from a year ago, with economic growth and high employment credited with fuelling the increase, handing Chancellor Philip Hammond cash he can put towards his [...]
Greece’s bailout may have finished, but the economic pain still has a long way to run August 20, 2018 It is a landmark moment: Greece has finally received its last payment from the European Stability Mechanism, with an unprecedented €204bn (£183bn) in bailout loans delivered since 2012 as Europe grappled with a sovereign debt crisis. European Council president Donald Tusk was fulsome in his praise today. “You did it!” he said. “Congratulations to Greece [...]