Scotland’s deficit remains at £15bn despite huge fall in offshore oil and gas revenue August 24, 2016 The Scottish balance sheet is still looking grim as falling oil prices hit revenues earned from offshore oil and gas, urging First Minister Nicola Sturgeon to double down on the EU. The Government Expenditure and Revenue Scotland (GERS) showed a huge deficit for the nation after a sharp drop from oil and gas revenue. Scottish public sector [...]
Euro edges down as German GDP growth slows in the second quarter August 24, 2016 The German economy slowed in the second quarter, but its budget surplus jumped in good news for Angela Merkel ahead of next year's crucial elections. The euro fell slightly against the dollar, down 0.3 per cent to $1.1276 in early trading, after statistics body Destatis showed growth had fallen to 0.4 per cent, down from 0.7 per cent [...]
The economy appears to be coping just fine after June’s Brexit vote – but the real test is yet to come August 24, 2016 Two months ago today we were waking up to the frankly astonishing news that 52 per cent of the electorate had voted to leave the European Union. The pound had crashed overnight and the FTSE soon followed suit, losing 200 points on fears of a sharp downturn. In recent weeks we have been treated to [...]
The 52 per cent: Most households worried about Brexit hit to finances August 24, 2016 More than half of working-age households are worried about how the EU referendum result will affect their personal finances, new research has found. The quarterly disposable income index, published by Scottish Friendly and think tank the Social Market Foundation, showed that while households had more spare cash than three months ago, they are also concerned [...]
Financial markets rattled by Bank’s Brexit Bazooka August 23, 2016 The Bank of England's latest bond-buying spree has rattled financial markets by stoking fears that the massive £70bn post-referendum rescue package could be overshooting its mark. Threadneedle Street was forced to pay a premium on £1.17bn worth of government debt because of low market supply yesterday. This caused the going rate for UK bonds to [...]
Sterling stops the Brexit slide by hitting three-week high August 23, 2016 The pound has climbed higher again today as the trickle of strong post-referendum data boosts the outlook for the beleaguered currency. Sterling briefly touched above $1.32 this morning, a three-week high, before falling back to stand at $1.3187, up 0.4 per cent on the day and nearly four cents clear of last week's low. The pound also [...]
Before the bell: What you need to know before the US market open August 23, 2016 The sun is shining in London, the FTSE 100 is higher, and across the pond markets look set for a rise on the opening bell. Here's what you need to know before the US market open at 2:30pm London time. US futures are pointing higher ahead of the open. The S&P is up by 0.24 per cent, [...]
Weak pound prompts overseas spending spree in UK August 23, 2016 Tourists are hitting the UK's shops like never before as they cash in on a weak pound to snap up British goods at knock-down prices, new payment data has revealed. Card payment giant WorldPay said today spending from foreign cards at UK stores has jumped by 12.4 per cent since the referendum. The climb mirrors the 14 per cent [...]
Manufacturing exports jump on weaker pound August 23, 2016 Manufacturing exports are running at their highest level in two years thanks to the pound's post-referendum slump, the CBI's latest Industrial Trends survey has revealed. The survey of manufacturers, published this morning, also showed the overall health of the sector was better than expected, but firms predicted the prices they pay for materials will rise over the next [...]
Male managers more likely to get promoted August 23, 2016 Men are more likely to secure a promotion than their female colleagues, new research has found, in another piece of the gender pay gap puzzle. Analysis of 60,000 employees by the Chartered Management Institute (CMI) shows 14 per cent of men in top management roles scooped a promotion last year, compared to just 10 per cent of [...]