Steve Mnuchin confirmed as US treasury secretary February 14, 2017 Donald Trump’s pick for US treasury secretary has been approved by the Senate in a vote that divided largely along party lines. Steve Mnuchin’s nomination was confirmed in a 53-47 vote. Mnuchin’s nomination was beset by attacks from Democrats and centred on the foreclosure record of OneWest, a bank where Mnuchin acted as CEO. The [...]
Greek bailout delay could result in re-rerun of 2015, says governor February 13, 2017 Bank of Greece governor Yannis Stournaras has warned that the country must secure an immediate release of further bailout funds from its creditors or risk recession. “Any further delay in completion beyond this month will feed a new circle of uncertainty,” he told Greece’s parliament. “Such a vicious cycle could return the economy to recession [...]
Le Project Fear: Frexit will cost France €30bn, says bank governor February 13, 2017 Marine Le Pen’s plans to pull France out of the European Union will raise the costs of servicing the country’s debt by roughly €30bn (£25.5bn), according to the governor of the Banque de France. Speaking on French radio, François Villeroy de Galhau warned quitting the Eurozone and the single currency will “impoverish” France. “With the euro, [...]
Brexit not as bad for the UK as we thought, says EU, as it revises country’s growth figures upwards February 13, 2017 The European Commission has become the latest body to lift its UK growth forecast, admitting today that the impact of Brexit might not be as bad as it originally feared. EU forecasters now expect the UK economy to expand 1.5 per cent this year, up from their prediction of just one per cent growth, made [...]
Japanese economy grows one per cent, helped by weaker yen February 13, 2017 Japan’s GDP grew at an annualised rate of one per cent in the final quarter of 2016, falling slightly short of analysts’ expectations. Growth between the third and fourth quarters fell to 0.2 per cent, the slowest pace in the year and down from the 0.6 per cent growth rate achieved in the first three [...]
For the first time, pensioners are better off than working households February 13, 2017 We all knew older generations are increasingly better off than their younger counterparts – but now a new study has found recent retirees are actually living on more than working households. Incomes across older generations have risen so fast, the average pensioner household now makes £20 a week more than the average working-age household. In [...]
Early signs suggest there’s already been a fall in supply of EU nationals – contributing to UK skills and labour shortages February 13, 2017 Sectors employing a high number of EU nationals are starting to feel the pinch as uncertainty lingers over future prospects. According to the CIPD and Adecco’s Labour Market Outlook, while the short-term outlook for employment remains strong, skills and labour shortages are starting to become evident in sectors employing a raft of EU nationals. Despite [...]
Consumer spending growth at four month low after Christmas boom February 13, 2017 Consumer spending growth slowed to 0.4 per cent on the year in January, putting it at a five month low according to Visa’s UK Consumer Spending Index. Following the Christmas shopping jump of 2.5 per cent in December, January proved sluggish and saw the fastest decline of face-to-face spending in four years (-3.1 per cent). [...]
The Treasury needs to rebuild public trust February 13, 2017 Lord Kerslake popped up on Sunday morning to discuss the findings of his review into the current state of the Treasury. Kerslake, a former head of the civil service, was commissioned by shadow chancellor John McDonnell to assess the capabilities and remit of HMT and his findings look set to make interesting reading. Kerslake’s report is [...]
Inflation to hit 1.9 per cent for January as London businesses battle fastest cost rise since 2008 February 13, 2017 Consumer price inflation is expected to reach 1.9 per cent in January, taking it to its highest level since June 2014. It comes as businesses in the capital have faced the fastest rise in input costs for more than eight years during January. IHS Global Insight forecasts a third successive marked increase for the Consumer [...]