Mark Carney just confirmed when he will step down from the Bank of England November 15, 2016 Bank of England governor Mark Carney has confirmed he will step down from his post as governor of the Bank of England at the end of June 2019. In an appearance in front of the Treasury Select Committee today, Carney confirmed he will step down on 30 June even if Article 50 is delayed, adding [...]
UK property prices went up in September as new buyer enquiries rose – but new sales listings went into decline November 15, 2016 Property prices continued to rise in September, as new buyer enquiries increased modestly – but the number of new homes being listed for sale dropped. The average price of a property in the UK was £217,888 in September, with official statistics showing prices went up 7.7 per cent on an annual basis. Property prices rose 0.2 [...]
Public borrowing could overrun by £100bn over the next five years November 15, 2016 Philip Hammond could be on track to overshoot previous public borrowing forecasts by £100bn in total by 2021, a report out today has warned. PwC also found that, if the new chancellor opts to keep the status quo on spending despite June's referendum result, this year's public sector net borrowing will come in at £67bn, around £10bn [...]
The Trump-Hammond-Keynesian consensus is wrong: Higher infrastructure spending does not equal greater growth November 14, 2016 To a man with a hammer, everything looks like a nail. Or when it comes to the UK economy: to an economist who believed in fiscal stimulus in 2011, every period of time looks like an opportunity for more government spending. In the aftermath of Donald Trump’s victory last week, even his most vociferous left-leaning economic critics [...]
Donald Trump’s $1 trillion spending plan spurs global bonds sell-off as Dow reaches record highs November 14, 2016 The global bond market is undergoing a massive sell-off as investors weigh the implications of US President-elect Donald Trump’s unorthodox policy proposals. Today the yield on 30-year US Treasury bonds rose above three per cent for the first time since the start of January, owing to fears that inflation will rise once Trump’s policies take effect. [...]
Just when you thought it was all going to be ok, Eurozone industrial production has fallen again November 14, 2016 Eurozone industrial production fell 0.8 per cent in September after a strong 1.8 per cent rise in August, adding to a volatile 2016 so far for European industry. Denmark and Germany posted the largest individual country declines, according to the data released today by the European Union’s statistics agency. They fell 8.1 per cent and 1.9 [...]
Japan GDP growth smashes expectations, pushing the Nikkei to a nine-month high November 14, 2016 Japan’s gross domestic product (GDP) grew at an annualised rate of 2.2 per cent in the third quarter of 2016, outperforming analyst expectations of around 0.8 per cent and helping to drive the country’s stock market, the Nikkei, to a nine-month high. The GDP growth rate grew by 0.5 per cent from July to September, beating the 0.2 [...]
Iran is open for business with a post-Brexit UK November 14, 2016 Iran is officially open for business after four years in the global wilderness. Following the imposition of financial sanctions in 2012 by the US for its burgeoning nuclear weapons programme, it was almost impossible for the west to do any business with Iran. Those sanctions were lifted earlier this year after France, Germany, UK, Russia and [...]
Shelve the EU’s anti-innovation precautionary principle to turbocharge the UK’s Fourth Industrial Revolution post-Brexit November 14, 2016 Thirty years ago, Big Bang launched a wave of technological change, transforming the City’s fortunes and securing its future. Facing down vested interests and naysayers, the Thatcher government understood that championing innovation would turbo-charge Britain’s economy – and seized the day. June’s EU referendum result was also a decisive turning point. Both Remainers and Leavers [...]
My key aim as lord mayor is to promote London’s unique business and cultural offering November 14, 2016 It has been a busy few days since starting as the 689th lord mayor. After my swearing in at the ancient Silent Ceremony on Friday came the world’s biggest and oldest street pageant: the Lord Mayor’s Show. Since 1215, every newly-elected lord mayor has travelled through the City of London to Westminster to swear loyalty to the [...]