The run on the pound hasn’t finished yet and will fall further when the PM triggers Article 50 November 1, 2016 Sterling will lose a further five per cent of its value against the dollar when Prime Minister Theresa May formally pushes the button to leave the EU. A poll of analysts revealed that the pound will most likely drop to $1.15 when May triggers Article 50, but Britain's currency will keep its nose above parity against the euro. [...]
Jobseekers enjoy lower competition for jobs as number of vacancies recovers slightly November 1, 2016 Advertised vacancies were up 0.8 per cent in September in the latest sign that the job market could be experiencing a slight recovery after a slip over the summer. The total number of advertised jobs was 1,132,844 in September, a slight rise from the 1,123,365 seen in August, new figures from Adzuna showed, concluding that confidence [...]
Repeat after me: Post-Brexit tariffs would primarily hurt UK consumers – not European exporters October 31, 2016 Tariffs primarily hurt the consumers of the country imposing them on imported goods. That is such an important insight that it deserves reiterating, nay, repeating ad nauseam until everyone understands it: *tariffs hurt consumers in the importing country*. Both the Remainers who want us to stay within the EU’s protectionist customs union, as well as [...]
As he commits to stay until 2019, have political attacks on Mark Carney undermined the Bank of England’s independence? October 31, 2016 Kathleen Brooks, research director at City Index, says Yes. While the Bank of England’s decision-making has not been affected by recent political attacks, the fact that the government thinks that the Bank is fair game for criticism could undermine the perception of the Bank’s independence in future. Although it’s unlikely that it will take political [...]
Mark Carney to step down as governor of the Bank of England in 2019 October 31, 2016 Mark Carney, the governor of the Bank of England, has said he will stay in his role until 2019 to help secure an "orderly transition to the UK's new relationship with Europe". Carney, who was appointed to the role in 2012, was appointed for eight years, but made it clear he only intended to serve [...]
Spooky sterling: Pound spikes against the dollar October 31, 2016 The pound has jumped 0.2 per cent up against the US dollar as October trading revealed sterling's worst monthly performance since the June referendum. The pound leaped up by half a cent against the dollar to $1.2217 at around 16.00 GMT today, though the reason isn't certain. It's also up half a per cent against the euro, to €1.114. This was [...]
Here’s what Martin Sorrell thinks about Mark Carney, Philip Hammond and Brexiting Britain’s economic prospects October 31, 2016 WPP chief executive Sir Martin Sorrell has given his backing to Mark Carney, saying his departure from the Bank of England would be “disastrous”. Speaking to City A.M., Sorrell also expressed his support for chancellor Philip Hammond but said he was concerned over the suggestion of tension between him and the Prime Minister. Despite WPP [...]
September mortgage approvals well behind 2015 levels but edge up on August numbers October 31, 2016 UK mortgage approvals flopped nearly 10 per cent in September compared to last year, the Bank of England reported this morning. Although the figures did bounce back from the 19-month low recorded in August, the 62,932 approvals were well behind the 69,619 recorded in September 2015. Read more: Time to remortgage? Fixed rates are low, but watch out [...]
Eurozone GDP rose 0.3 per cent in the third quarter as inflation hit a 28 month high October 31, 2016 Eurozone GDP rose 0.3 per cent between the second and third quarters of the year, figures published today showed – as inflation hit its highest since June 2014. A flash estimate by Eurostat showed GDP in the Eurozone rose 1.6 per cent compared with the third quarter of 2015. Meanwhile, consumer price inflation in the [...]
Mark Carney has just been accused by Brexiteer Daniel Hannan of behaving like a “rock star banker” October 31, 2016 Conservative MEP for South East England Daniel Hannan has criticised Mark Carney for acting like "a rock star banker" on BBC Radio 4. On the Today programme this morning, Hannan, who has been a long-term supporter of Brexit and a long-term critic of Carney (who warned of the consequences should Britain leave the EU) said: "If you do stay, [...]