Bank of England appoints Charlotte Hogg as deputy governor as hawkish Kristin Forbes prepares to step down February 9, 2017 Charlotte Hogg has been appointed as a deputy governor to the Bank of England as the rate-setting Monetary Policy Committee’s Kristin Forbes prepares to complete her three-year term in June. The Treasury announced the appointment of Hogg to one of the Bank’s top roles for a renewable five-year term, starting on 1 March. Hogg became [...]
Here’s how much less millennial men are earning February 9, 2017 Were you born after 1980? Are you a man? You're probably earning less than previous generations were at the same age. Millennial men have earned less than generation X (those born before 1980) every single year of their 20s, new figures reveal. And by the time they reach 30, the cumulative loss in earnings compared to the [...]
Germany exports reach record £1 trillion amid currency manipulation claims by Trump administration February 9, 2017 Germany’s trade surplus has reached a record high, as exports continue to rise to new heights from Europe’s largest economy. The figures come only two weeks after US President Donald Trump’s new trade adviser, Peter Navarro, accused the German government of manipulating its currency to “exploit” the US. Exports rose to €1.2 trillion (£1 trillion) [...]
We must take a wrecking ball to political correctness to achieve our true economic potential February 9, 2017 Just how big is the size of the state in the UK? A simple question you might think. Surely all you need is a numerator (a tax or public spending measure) and a denominator (a GDP measure)? Divide one by the other and hey presto there’s your size measure – as a proportion of GDP. [...]
UK’s small businesses confident it can grow profits as it turns to global exports after Brexit February 9, 2017 Small businesses in the UK are confident about their future business prospects in the face of Brexit as they move their focus to export growth, according to a survey of executives. Half of British small-business executives think they can increase revenues by at least four cent over the next year, according to the survey by [...]
“Our aim certainly is not to punish the UK,” insists Brussels’ financial services commissioner February 8, 2017 Politicians tend to seek the limelight. They court media interest with controversial policy ideas, catchy soundbites and displays of tribal affiliation. But it's people like Valdis Dombrovskis, quiet bureaucrats who do their best to keep beneath the radar and get their job done, who exercise a hidden power. This is particularly true of the European [...]
Top EU envoy Valdis Dombrovskis jets into town for talks with chancellor and City chiefs February 8, 2017 One of the EU's top commissioners jets into London this morning for a whirlwind pre-Brexit tour of the capital, telling City A.M. that a future deal on financial services must "work for all". Valdis Dombrovskis, vice president in charge of financial services, said the European Commission would not set out to “punish” the UK during [...]
As China’s central bank hauls in several bitcoin exchanges, could governments crush the cryptocurrency? February 8, 2017 Harriet Green, deputy business features editor at City AM, says Yes: If governments like China’s perceive bitcoin to be a threat, they will seek to undermine it. While they couldn’t destroy existing bitcoins, they could destroy demand. Any cryptocurrency is at risk of being made illegal by any government. Granted, users can move underground, but [...]
The UK economy is gaining momentum despite Brexit fears, says the OECD February 8, 2017 UK economic growth is gaining momentum despite concerns over Britain's future EU trade deal, according to the Organisation for Economic Co-operation and Development (OECD). The composite leading indicator rose to 99.5, according to the group of richer nations, continuing a clear upward trend from July 2016, the month after the UK's referendum on EU membership. The [...]
UK investment levels expected to stay low says Bank of England February 8, 2017 The Bank of England says it expects investment levels to stay weak in the UK, as it finds four in five publicly owned firms saying pressure to create short-term returns has dented investment levels over the past five years. Sir Jon Cunliffe, a deputy governor and member of the rate-setting Monetary Policy Committee, said in a [...]