Bank of England slaps down moaning pension funds October 5, 2016 The Bank of England has told pension funds to stop blaming low interest rates and quantitative easing for their measly returns and ballooning deficits. Ben Broadbent, deputy governor of the Bank with responsibility for monetary policy, said this morning that without the Bank’s swift rate-cutting action in both 2009 and more recently in the wake of [...]
Irish services PMI pushed down by Brexit October 5, 2016 Ireland's services sector grew at its slowest pace in over three years in September as companies reported less customer interest as a result of the UK's Brexit vote. Ireland is widely considered to be the most at risk from Britain's decision to leave the EU given its close trade ties. The Investec Purchasing Managers' Index [...]
Parents with bulging pay packets are much more likely to work flexibly October 5, 2016 Parents picking up more than £70,000 a year are considerably more likely to work flexibly than those earning £10,000-£40,000, according to research from charity Working Families. Polling over 1,000 working parents, it found that 69 per cent of those with hefty pay packets (over £70,000) worked flexibly, compared to 47 per cent of those taking home pay in [...]
Bittersweet trading day leaves FTSE shy of record October 5, 2016 The FTSE 100 came close to an all-time closing high yesterday as shares were boosted by the fall in the pound. A lower pound lifts the earnings potential of some of the UK’s biggest companies that count their revenue in dollars and dominate the FTSE 100. When the closing bell rang at 4.30pm the blue-chip [...]
Theresa May sets down her vision for bigger government as she slams “divisive” Labour party October 5, 2016 Theresa May will wrap up the Conservatives’ conference today with a dramatic pledge to move her party further away from free-market liberalism and towards an approach that favours even greater government control. The new Prime Minister, who replaced David Cameron in July, will set out her vision for Britain, which she says will put “the power [...]
IMF U-turns on Brexit warning as UK poised to be fastest growing G7 economy this year October 4, 2016 The International Monetary Fund said today that it expects the UK to be the fastest growing G7 economy this year, backtracking on its post-Brexit recession warning. It comes despite an earlier prediction from the Washington-based fund that a Leave vote would plunge Britain into recession and crash its stock market. The IMF now predicts Britain's gross domestic product will [...]
Bank of England could unleash another £280bn of quantitative easing October 4, 2016 The Bank of England could take interest rates to zero and unlock another £280bn of quantitative easing if the economy slows in the wake of the Brexit vote. In fresh analysis by Michael Saunders, the newest member of the Bank's monetary policy committee (MPC), he outlines how the Bank would respond should the economy perform [...]
Businesses have reacted horribly to Amber Rudd’s visa crackdown October 4, 2016 Businesses have hit out at the government’s new plans to tighten visa rules for workers who come to the UK from outside the EU. Home secretary Amber Rudd told the Conservative Party Conference earlier today she is considering making it harder for UK businesses to recruit from overseas by introducing a new rigorous test to [...]
Is globalisation dying out? October 4, 2016 The annual meetings of the International Monetary Fund and the World Bank take place in Washington this week, against a backdrop of gloomy predictions for the future of global trade. According to its latest prediction forecasts, the World Trade Organisation expects total trade to grow by its slowest pace since the financial crisis this year, [...]
IMF steps up attacks on Donald Trump and issues fresh Brexit warning October 4, 2016 Political risks are the greatest threat to the world economy, the International Monetary Fund (IMF) said today, in a thinly veiled attack on US Presidential hopeful Donald Trump. In its half-yearly economic outlook, the Fund downgraded its outlook for the world's largest economies over the next two years and warned a growing backlash against trade, [...]