All the places the Autumn Statement will hit your wallet November 23, 2016 The Autumn Statement was lighter on personal finance initiatives than it has traditionally been – but that doesn't mean it had nothing to offer. For pensioners, without a doubt the most important thing was that the pensions triple lock – which guarantees pensions will rise at least 2.5 per cent a year – has been [...]
It’s official: The pound’s fall is set to raise inflation way above target in the next few years November 23, 2016 The UK’s rate of inflation will grow faster than previously predicted, according to new government forecasts. The Consumer Price Index (CPI),the main measure of UK inflation, will rise to 2.3 per cent in 2017, according to new figures from the Office for Budget Responsibility. The figures were released today alongside chancellor Philip Hammond’s first Autumn [...]
Autumn Statement 2016 will be the UK’s last November 23, 2016 The Autumn Statement is being abolished, chancellor Philip Hammond said today. "This is my first Autumn Statement and it will also be my last," he told MPs in the House of Commons today. He is introducing a Spring Statement, and an Autumn Budget instead. Hammond said he would not introduce significant economic and financial changes [...]
Savers will be offered new government-backed investment bond next year November 23, 2016 Savers will be offered a new government backed investment bond at the next Budget, the chancellor said today. The three-year bond will offer a 2.2 per cent interest rate on deposits of up to £3,000, and will be available through NS&I. It will be open to those aged 16 and over, available for 12 months from spring [...]
Boost for UK exporters as chancellor announces doubling of UK Export Finance capacity November 23, 2016 Chancellor Philip Hammond has announced plans to make it easier for British firms to export. Hammond said in his Autumn Statement that he would be doubling the capacity of UK Export Finance. Read more: Live coverage: Autumn Statement 2016 UK Export Finance is Britain's export credit agency and a government department which works alongside the Department for [...]
The deficit now won’t be cut by the end of the Parliament says chancellor Philip Hammond November 23, 2016 The UK government will cut the deficit at a slower rate than previously forecast, according to the Office for Budget Responsibility (OBR). The government's fiscal outlook has been significantly damaged by the cut in GDP growth forecasts. Public sector net borrowing will be £68.2bn in 2016-17, before falling to £20.7bn by 2020-21. During this Parliament [...]
The OBR has cut forecasts of UK growth for the next five years as Brexit takes its toll November 23, 2016 Official forecasts of the UK’s economic growth until 2020 have been cut, as economists start to take stock of the medium-term impacts of the UK’s decision to leave the European Union. The lower growth has also prevented the government from running a budget surplus by the end of this Parliament in 2019-20. The UK’s gross [...]
Uncertainty not totally to blame for UK’s economic problems, says MPC member November 23, 2016 Uncertainty might be causing some wobbles for businesses, but it gets more blame than it deserves, a member of the Bank of England's monetary policy committee (MPC) will say this morning. Speaking at a conference hosted by JP Morgan Cazenove, Kristin Forbes, external MPC member, is expected to say that, while mentions of uncertainty in the likes of [...]
A rising Dow lifts all boats higher around the world’s exchanges as Australian stocks make big gains November 23, 2016 The Dow Jones Industrial Average closed above 19,000 for the first time ever on Tuesday driven by the election of Donald Trump and rising oil prices, leading to continued gains on stocks around the world. As Japanese exchanges enjoyed a public holiday focus turned overnight to Australia, where the S&P/ASX 200 recorded gains of 2.56 [...]
Eurozone PMI rises to highest this year as wheels keep turning in Germany’s economic powerhouse November 23, 2016 There is no sign of Trump-induced hysteria in the Eurozone economy, as an important indicator of economic activity in the bloc's manufacturing and services sectors rose in November despite a slight slowdown in the German economy. Eurozone composite PMI, which measures overall activity, rose to 54.1 from 53.3 in October, according to data company IHS Markit. It now [...]