UK mortgage approvals enjoyed a steady increase in October as post-referendum growth continues November 29, 2016 Mortgage approvals in the UK rose to their highest point since March 2016 as the market continues last month's growth. Approvals had fallen steadily from May until August this year. According to the Bank of England, 67,518 mortgages were approved in October – up from the 63,594 approved in September. This adds up to £12bn of [...]
Five evidence-based proposals to make sure executive pay benefits society November 29, 2016 Theresa May is absolutely right that executive pay needs reform as part of creating “a country that works for everyone”. Today, her government is expected to release a Green Paper outlining measures to ensure that chief executive contracts benefit society, not just the executives themselves. At The Purposeful Company, we applaud and share this mission. [...]
Two-thirds of oil and gas firms in the UK have had to cut jobs as low prices continue to haunt industry November 29, 2016 Oil and gas workers are still feeling the squeeze from the crash in global oil prices, with two-thirds of the industry cutting staff and the median pay of operators and contractors declining for the first time in at least 22 years, according to a poll. 67 per cent of companies have cut jobs in the [...]
Draghi takes a tough line on the UK’s Brexit negotiations and says ECB will “assess the various options” on extending quantitative easing at its December meeting November 28, 2016 Europe’s most influential central banker has taken a tough stance against the United Kingdom ahead of it beginning the process of leaving the European Union, while calling for the UK government to lay out its objectives "as soon as possible". European Central Bank president Mario Draghi made it clear he thought Europe should not weaken [...]
The surprise London areas where disposable income’s rising fastest November 28, 2016 Did someone say gentrification? Any resident of south London knows the area's on the rise, but now new figures reveal just how much that's happening: disposable incomes in some of the hottest areas south of the Thames are rising more than 10 times faster than the rest of the UK. Lewisham and Southwark experienced a 5.3 per cent rise in cash in [...]
The OECD becomes the latest in a long line of forecasters to downgrade UK GDP growth prospects after EU referendum November 28, 2016 UK growth will fall sharply in 2017 as uncertainty following the vote to leave the European Union weighs on Britain’s prospects, according to an influential intergovernmental trade group. Real GDP growth will decline from two per cent for this year to 1.2 per cent in 2017 and one per cent in 2018, according to the Economic [...]
The FTSE fell sharply at the open as bank stocks slid and Opec spooked oil markets November 28, 2016 The FTSE 100 is recovering slightly after posting a sharp fall at the open on Monday, as oil and bank stocks weighed on the index. The Bank of England is set to announce the results of its stress tests for UK banks on Wednesday. The stress tests investigate how the banks would fare in a [...]
The Confederation of British Industry says City firms are feeling the pinch, but we’re all still going down the pub November 28, 2016 Service sector profits have slumped in the UK in the last three months but declining sentiment among the sector’s business leaders is slowing. The Confederation of British Industry (CBI) said although morale among firms continued to drop, some sub-sectors were more positive. Hotels, bars and restaurants have been boosted consumer spending according to reports by [...]
Baulking boards to blame for pay probe November 28, 2016 Don't say you weren’t warned. Britain’s big listed companies have, in recent years, been told loud and clear – reform your executive pay structures before the government storms in and does it for you. The Institute of Directors, for example, has been preaching this message in the hope it could ward off any populist interventions [...]
The chancellor’s economic programme contains much the City should welcome November 28, 2016 The chancellor stepped up to the despatch box last week to make his most important speech since taking office in July. Where previously the Autumn Statement was an important political date on the calendar for UK media, it had gone largely unnoticed by the European press. This year, however, was different. Philip Hammond’s address was [...]