Downing Street plays down talk of Mark Carney tension October 17, 2016 Downing Street appears keen to play down perceived tension between the Prime Minister and governor of the Bank of England, with allies saying he is "highly regarded". The Bank’s Mark Carney said in a speech on Friday that he would not be told what to do by politicians, adding: Read more: May you leave us [...]
Theresa May is angering both Leavers and Remainers October 17, 2016 Theresa May’s approach to Brexit has proved immensely frustrating to those who found themselves on the losing side of the referendum debate. This frustration, based at first on the idea that the government lacked any kind of plan, is turning into despair at the realisation that the PM does not intend to give any ground [...]
As Mark Carney warns of troubles ahead, should the Bank of England tolerate rising inflation? October 17, 2016 Scott Corfe, associate director at the Centre for Economics and Business Research, says Yes. Inflation will rise next year, and it is likely to rise sharply as sterling’s remarkable decline feeds through into higher import costs. CPI inflation of 3 per cent is well within the realms of possibility and inflation of 4 per cent – [...]
London Remainers drag down consumer confidence in the capital October 17, 2016 London consumers are feeling less confident than the rest of the UK, data out today shows. Confidence fell in London during the third quarter despite climbing to a five-year high across the rest of the country, according to the latest survey from accountancy giant Deloitte. Consumer sentiment in the capital fell by three percentage points over [...]
Footfall drops but shoppers keep spending October 17, 2016 Spending on the high street rose last month despite a decline in footfall, the latest data has shown. Retail spending grew in September by 1.3 per cent, while at the same time both footfall and shop prices have dropped year-on-year, according to figures released today by the British Retail Consortium (BRC) and retail analysts Springboard. Total [...]
May you leave us alone? Mark Carney says Bank of England won’t be instructed by politicians October 15, 2016 Mark Carney has said the Bank of England will not be told what to do by politicians. Speaking shortly after Prime Minister Theresa May questioned the impact of quantitative easing policies, the Bank’s governor said on Friday that his job is sometimes made more difficult by comments from the political world. Read more: Theresa May [...]
Solid figures show US still on course for December rate hike October 14, 2016 The US Federal Reserve is still on course to hike rates by the end of the year after a reassuringly uneventful set of economic data out this afternoon. New numbers showed retail sales jumped by 0.6 per cent in September, bouncing back from a 0.2 per cent fall the month before. On an annual basis, consumer [...]
Construction industry still struggling for momentum October 14, 2016 British builders downed tools over the summer, as construction output missed economists' expectations in the wake of the EU referendum. Activity in the sector, which accounts for around six per cent of the UK economy, dropped by 1.5 per cent between July and August, the Office for National Statistics (ONS) confirmed this morning. The fall [...]
Be afraid: Market volatility and the fear index are on the rise October 14, 2016 After a surprisingly quiet summer, nerves have returned to the financial markets and volatility is on the rise. In the UK, the FTSE 100 has moved by more than 0.5 per cent on 10 of the last 13 days and sterling has suffered some chunky jolts back-and-forth, often crashing through multiple resistance points in single trading sessions. [...]
Editor’s diary: Adam Smith gets a rebrand for 21st century politics October 14, 2016 We hear a lot about neoliberalism these days. More often than not it’s a phrase thrown around by pro-Corbyn activists as a form of insult that ranks alongside “Blairite”. Indeed, you’ll often hear the two phrases together. Owen Smith, who challenged Corbyn for the leadership on a policy platform of higher taxes, nationalisations and state expenditure [...]