Artificial intelligence and robots are one of the biggest technological risks to the world January 11, 2017 Artificial intelligence and robotics are one of the biggest potential risks to humankind of emerging technologies, according to a new report from the World Economic Forum. But, the development of such technology, which is expected to disrupt everything from the world of work to geopolitics, could also conversely bring the biggest benefits to the world. [...]
Sterling falls further after the UK trade balance widens to £4.2bn in November with fast growing imports January 11, 2017 The pound fell sharply on reports the UK’s deficit on trade grew more than was expected in November with imports increasing at a faster rate than exports – despite sterling weakness. The UK’s balance of trade showed a deficit of £4.2bn in November, as imports defied weaker sterling to increase at a faster rate than [...]
UK manufacturing rose in November as the construction sector faced a slowdown January 11, 2017 The UK economy is showing signs of mixed form, as production output increased in November, although construction output showed a small decline month on month. Production was estimated to have increased by 2.1 per cent compared with October, with oil and gas capacity coming back on track after a maintenance period and a strong showing [...]
Corbyn’s Labour pains show no sign of easing January 11, 2017 One of the many problems with Jeremy Corbyn’s so-called “leadership” of the Labour party has been his complete failure to confront the biggest issue facing the country today – Brexit. At key moments, with the government’s approach to Article 50 attracting widespread criticism, Corbyn has been extraordinarily elusive. Even Iain Duncan Smith’s “quiet man” act [...]
Clint Eastwood’s lesson on economic forecasters’ Michael Fish moment January 11, 2017 Economic forecasters are in the dock. Last week, none other than the chief economist of the Bank of England, Andy Haldane, was confessing the crimes of the profession. The failure to predict the financial crisis was, Haldane said, economic forecasting’s “Michael Fish” moment. Thirty years ago, the BBC weatherman predicted that the UK would avoid the [...]
Corbyn’s relaunch shambles plunges Labour into fresh chaos January 11, 2017 Labour leader Jeremy Corbyn plunged his party into fresh chaos yesterday with a series of U-turns on his newly-minted plans to tackle high pay and deal with freedom of movement after Brexit. In a media blitz designed to relaunch his leadership yesterday morning, Corbyn had suggested the party would implement a “maximum earnings limit”, and [...]
UK consumer spending is set to fall as inflation hits growth this year says Cebr January 11, 2017 Surging inflation is set to dent real wages and resilient consumer spending, according to an influential think tank. Inflation will almost quadruple to 2.7 per cent over the course of 2017, according to the Centre for Economics and Business Research (Cebr). The UK’s economic growth will stutter in 2017 as the effects of the consequent [...]
Brexit uncertainty could drag on Europe’s economy says the World Bank as it forecasts a big slowdown in the UK economy January 10, 2017 Brexit uncertainty could drag down growth prospects across Europe according to the World Bank, as it forecasts a sharp slowdown in UK growth this year. UK GDP growth is predicted to fall from two per cent last year to 1.2 per cent in 2017, the World Bank’s twice-yearly Global Economic Prospects report has found. In [...]
Global sovereign default risk to increase as credit rating downgrades to outnumber upgrades in 2017 says S&P January 10, 2017 The risk of governments around the world defaulting on their debt is set to increase over the course of 2017 – although Europe’s sovereigns are expected to improve for the first time since the financial crisis, according to an influential ratings agency. Negative outlooks outnumber positive outlooks on sovereign credit ratings, which aim to measure [...]
US fine will let RBS turn page on horror decade January 10, 2017 During the 2008-2009 banking crisis the UK government had to fork out a total of £115bn to rescue Lloyds Banking Group and RBS from imminent collapse, making the taxpayer a shareholder in both. Now a new milestone has been reached: the government is no longer the biggest stakeholder in Lloyds Banking Group, after it cut [...]