Single Market blues: The pound’s fallen to its lowest level against the dollar since October January 9, 2017 The pound today fell to its lowest level against the dollar since October last year, after comments by Theresa May caused investors to shy away from the currency. The pound plunged one per cent to $1.2122 in afternoon trading. It also fell more than one per cent against the euro, to a day-low of €1.1491, [...]
Experts say experts under threat: A third of economists think central bank independence is under threat January 9, 2017 Almost a third of European economists believe that central bank independence will come under increased pressure over the next four years, according to a new survey. 32 per cent of economists polled in a survey by the Centre for Macroeconomics and the Centre for Economic Policy Research (CEPR) think politicians will try to gain more [...]
Eurozone youth unemployment rises sharply despite wider EU falls January 9, 2017 Unemployment in the European Union fell to its lowest point since February 2009 but youth unemployment rose sharply, adding further weight to concerns about the uneven nature of Europe's recovery. The unemployment rate in the EU fell to 8.3 per cent in November, down 0.1 percentage points from the month before, according to the European [...]
Christmas celebrations boost overall consumer spending for December January 9, 2017 Visa cardholders spent more in the final quarter of 2016 than they had for two years, according to Visa’s UK Consumer Spending Index, pointing toward a solid increase in household spending. The monthly report showed that consumer spending in December was up 2.6 per cent on the year in December with online purchases leading the [...]
Economists need to start playing catch-up – here’s why January 9, 2017 Last week was something of a cathartic one for the economics profession, as the Bank of England’s chief economist, Andy Haldane, conceded that those who engage in forecasting need to adapt to regain the trust of politicians and the public. Since last summer’s referendum, experts from the OECD, IMF, Bank of England and the Treasury [...]
We should all be concerned by Britain’s anxious, insecure young people January 9, 2017 "It was the best of times, it was the worst of times” is the opening line of Charles Dickens’s novel A Tale of Two Cities, published in 1859. While the words were written over 150 years ago, I cannot think of a better phrase to encapsulate the situation facing young people in London and the rest [...]
This trade expert has warned of a “catastrophic” Brexit January 8, 2017 In the week that one of the UK's most "seasoned and tough" negotiators spectacularly resigned with a dig at the government's "muddled thinking", another negotiation expert has warned of the potentially "catastrophic" decision to leave the EU. Jason Langrish, a Canadian trade expert who worked on the country's deal with the EU, has said a deal between [...]
FTSE 100 closes above 7,200 for first time ever to end first week of 2017 on a high January 6, 2017 The FTSE 100 ended the first week of January on a high as it closed above 7,200 points for the first time ever, driven by healthy US jobs data and strong performances in the defence sector. London’s blue chip index has posted consecutive record closes since 22 December, and built on its winning streak on [...]
Four graphs that tell the story of jobs during the Obama administration – as Donald Trump prepares to be President January 6, 2017 US President-elect Donald Trump will come to office in two weeks’ time with the promise to “create a dynamic booming economy that will create 25 million new jobs over the next decade.” He might struggle. So far this has mostly taken the shape of tweeting at various companies planning to outsource production jobs to other countries, [...]
US non-farm payrolls miss expectations by 20,000 in Obama’s final jobs numbers January 6, 2017 The number of jobs added in the US missed expectations in December, although the run of relatively solid economic data continued ahead of the Federal Reserve’s next meeting to decide monetary policy in February. The final non-farm payroll data under President Barack Obama showed an increase of 156,000 jobs in the month, after rising by [...]