The UK’s mammoth current account deficit hasn’t disappeared September 30, 2016 Fears over the UK's massive current account deficit have resurfaced today as the extent of the UK's most recent balance of payments shortfall has been revealed. The Office for National Statistics (ONS) said the current account deficit, which measures the difference between the amount of money coming in and going out of the country, was £28.7bn in [...]
Eurozone prices rise at fastest pace in two years September 30, 2016 The slow-and-steady march of higher prices across the Eurozone took another step forward today, as inflation climbed to its highest level in more than two years. Prices across the 19-member single currency area rose by 0.4 per cent in the year to September, according a flash estimate produced by Eurostat. That was up from 0.2 [...]
UK GDP growth revised up to 0.7 per cent before EU referendum September 30, 2016 The UK economy grew by 0.7 per cent in the three months to the end of June, the Office for National Statistics (ONS) confirmed this morning as it revised up its previous estimates. The ONS initially thought the UK grew by 0.6 per cent in the run up the the referendum, though it now estimates [...]
Deutsche Bank hammers European bank stocks and FTSE 100 September 30, 2016 UK markets have fallen in early morning trading with eyes across Europe glued to Deutsche Bank as its shares set fresh record lows amid ongoing speculation about the lender's financial health. Deutsche Bank collapsed by more than nine per cent in Frankfurt this morning after key partners took fright and started to cut back their exposure to [...]
National living wage fears grow ahead of Autumn Statement as two-thirds of affected firms will hike prices September 30, 2016 Employers have warned they will be forced to raise prices, freeze hiring or cut hours if the government pushes ahead with plans for a £9 an hour national living wage (NLW) by 2020. A new survey from the British Chambers of Commerce (BCC) found one-third of business had been affected by the new £7.20 minimum [...]
Consumer confidence hits pre-referendum levels, but could inflation knock the UK economy off course? September 29, 2016 Brits are feeling just as optimistic about the state of the UK economy as they were before the referendum, a leading indicator has revealed. GfK’s consumer confidence barometer, out today, has bounced back to levels last seen in May and June, before the UK’s historic vote to leave the EU sent the index crashing at [...]
US economy set to feast out on super-size food exports September 29, 2016 The US economy is set to come roaring back to life in the second half of the year on the back of a bumper summer food harvest. Figures out this afternoon showed the world's largest economy grew by 1.4 per cent on an annualised basis in the second quarter of the year – a slight upwards [...]
Before the bell: What you need to know before the US market open September 29, 2016 Oil has given up some of its gains after the first Opec deal to curb supply in eight years sent it higher last night and it's not just Deutsche Bank that's in trouble as Commerzbank announces nearly 10,000 jobs are set to go. Here's what you need to know before the US market open at 2:30pm [...]
Liam Fox has hinted at the end of EU customs union membership, promising the UK will lead the charge for free trade September 29, 2016 One of Theresa May's "Three Brexiteers" has today suggested the UK is set to exit the EU's customs union, vowing the country would lead the charge for free trade. International trade secretary Liam Fox, alongside foreign secretary Boris Johnson and Brexit secretary David Davis, is one of the most Eurosceptics in government, and he made the case for [...]
Bank of England announces latest details of landlord crackdown September 29, 2016 The Bank of England's crackdown on landlords kicked up a notch this morning, with a set of tough new lending restrictions for buy to let mortgages. Threadneedle Street's banking supervision arm, the Prudential Regulation Authority (PRA), has long been concerned with the risks the UK's buy-to-let sector poses to financial stability and has again tightened [...]