Greece repays €2bn loan ahead of crunch bailout talks February 20, 2017 Greece has repaid a €2bn loan from its European creditors ahead of a crunch meeting over the terms of its bailout. The repayment is part of the €86bn bailout programme from the “troika” of creditors, the European Central Bank, the European Commission, and the International Monetary Fund (IMF). Bailout administrator European Stability Mechanism (ESM) announced [...]
Spain’s trade deficit fell by 22.5 per cent in 2016 February 20, 2017 Exports from Europe’s fifth largest economy rose to their highest level on record, while the trade deficit fell to its second lowest level since 1997, according to Spain’s economy ministry. It left the economy with a trade deficit of €18.8 billion euros (£16bn) for 2016, while the value of exports reached €254.5bn, an increase of [...]
Demand in UK industry reaches two-year high despite price rises says CBI February 20, 2017 Demand for UK-manufactured goods rose to a two-year high in the three months to February with output expectations rising to their highest since September 2013, according to a survey of industrial firms. More than a quarter of the industrial firms polled reported total orders above normal levels, according to the Confederation of British Industry (CBI). [...]
UK growth smashes developed nations average to sit atop G7 says the OECD February 20, 2017 UK growth smashed the average for advanced economies around the globe at the end of 2016, with expansion slowing across more developed countries. The GDP growth rate amongst the richer countries was 0.4 per cent in the fourth quarter of 2016, according to the Organisation for Economic Co-operation and Development (OECD). OECD nations grew by [...]
German producer price change doubles to set path to consumer inflation breaking ECB target February 20, 2017 Producer price inflation in Germany more than doubled in January as inflationary pressure continues to build in the Eurozone’s largest economy. Factory gate prices rose by 2.4 per cent year-on-year, according to flash estimates by the German Federal Statistics Authority, the fastest pace of inflation for manufacturers since March 2012. German producer prices were falling [...]
Lowest earning families have just £95 in savings pot as inequality grows February 20, 2017 Low income families have just £95 in their savings and investments compared to £62,885 among high income families, according to research by Aviva. The news highlights growing inequality in the UK as the savings gap grows by 25 per cent annually, up from £50,072 last year to £62,790 in winter 2016/17. Around one in four [...]
Improved fiscal outlook for the chancellor as he prepares the Spring Budget February 20, 2017 The Office for Budget Responsibility (OBR) is expected to provide some “fiscal cheer” for the chancellor, with a forecast showing greater growth for the economy and lower borrowing costs. According to the Ernst & Young ITEM Club, forecasted GDP figures for 2017 are expected to be revised upwards, from 1.4 per cent to 1.6 or 1.7 [...]
Entrepreneurs remain optimistic after strong growth February 20, 2017 The UK’s entrepreneurs remain optimistic about business prospects, following a period of strong growth. In a poll conducted by Ernst and Young (EY), 69 per cent of entrepreneurs reported an increase in profits in the last 12 months, with 38 per cent experiencing double-digit growth. That positive trend looks set to continue, despite any recent [...]
Britain must boost investment in skills beyond apprenticeship levy to compete with Europe after Brexit, according to report February 18, 2017 The UK must significantly increase its skills investment beyond plans for the apprenticeship levy if it is to compete with European rivals in the post-Brexit world economy, according to a new report. The government’s new apprenticeship levy will not bring employer investment in skills up to levels seen before the financial crisis, according to the [...]
German chancellor Angela Merkel says there is a problem with the weak euro February 18, 2017 German chancellor Angela Merkel has said there is a “problem” with the value of the euro, in an unusual comment at a time when the country has come under sustained criticism over the currency. At a security conference in Munich Merkel said: "We have at the moment in the Eurozone of course a problem with [...]