Britain must raise its game on innovation to make a success of Brexit November 7, 2016 The UK economy has so far proved hardy in the face of the vote to leave the EU. While GDP growth has slowed, it’s been higher than many had expected – consumers continue to spend on the high street and exporters have been taking advantage of a weaker sterling. But uncertain times are still ahead [...]
Professors’ retirement fund to invest in future Green Investment Bank projects November 6, 2016 Macquarie Bank is poised to team-up with the pension fund that manages the retirement money of Britain's university professors as part of the privatisation of the Green Investment Bank (GIB). The Universities Superannuation Scheme (USS), a pension scheme that can trace its roots over a hundred years, will help the Australian lender pay for future funding [...]
Sterling’s hit a one month high against the dollar November 4, 2016 Sterling hit a one-month high against the dollar, today propelled by yesterday's ruling that only Parliament could start the process of leaving the EU. It was up as much as 1.6 per cent against the dollar at $1.2492 in afternoon trading in London, and up two per cent to €1.1263 against the euro. Mark Carney also helped [...]
The “whole country should be grateful” that Mark Carney’s staying until 2019, says Bank of England’s deputy governor November 4, 2016 The Bank of England's deputy governor Dr Ben Broadbent has said "the whole country should be grateful" that Mark Carney's staying in place for the next few years. A weekend of speculation over the Bank of England governor's future was brought to a halt by Carney earlier this week when he said he'd be staying in [...]
Editor’s notes: Think Brexit voters were just angry? Think again. November 4, 2016 The hot topic of the day is the process of Brexit. With the High Court ruling in favour of those who claimed that the government lacks the constitutional authority to trigger Article 50 without parliamentary approval, it’s an absolute field day for legal commentators and armchair constitutionalists. Those who cry that the judgement represents “a [...]
Oil boss needs buyers to Shell out for assets November 4, 2016 A brave face. That's the best way to describe this week's trading updates from Britain's two oil behemoths. It’s now a familiar visage for BP's Bob Dudley and Shell's Ben van Beurden. Oil prices continue to hover stubbornly below $50-a-barrel, raising justifiable concerns about the companies’ ability to cover their dividends without substantial further cuts [...]
S&P 500 has its longest losing streak since financial crisis as Trump nerves worsen November 4, 2016 The US S&P 500 has recorded its longest stretch of declines since the financial crisis in 2008. That marks its eight day on the trot of drops – falling 0.4 per cent thanks to a drop in Facebook shares and ongoing uncertainty over the upcoming US presidential election, causing investors to dial back the risk. [...]
The referendum is over: Let’s act like it is November 4, 2016 Brexit is about to be betrayed. Wealthy financiers have coopted unelected judges into a war on democracy, seeking to undermine the will of the people by fair means or foul. Yesterday’s High Court ruling that Parliament must decide on the triggering of Article 50 is an insult to the 17.4m who voted for Brexit, and [...]
The Bank of England’s response to the uncomfortable dilemma of stagflation will be a key test of its credibility November 3, 2016 The Bank of England faces an uncomfortable time over the next couple of years, if its latest forecasts turn out to be broadly correct. The latest projections in the Bank’s Inflation Report published yesterday show that inflation will be pushed up by the fall in the pound and is likely to remain above the 2 per [...]
Mark Carney predicts more uncertainty on economy following Article 50 ruling November 3, 2016 Bank of England governor Mark Carney has described today’s Article 50 ruling as another example of uncertainty around Brexit which is affecting the economy. The Bank’s Monetary Policy Committee (MPC) today held interest rates at 0.25 per cent as it revealed ramped-up inflation and near-term growth forecasts. Read more: Bank holds interest rates as inflation and [...]