Nobody wins from a house price crash July 21, 2016 The full effects of the referendum on Britain’s economy are still unknown. Stocks are faring relatively well, with the FTSE 100 bursting over 6,700 and the FTSE 250 hitting a post-vote high. The pound remains slumped below $1.32, however, while consumer confidence appears to have taken a tangible knock. Many business leaders are worried, and some [...]
Ken Clarke says there is a good chance of recession before end of this year July 21, 2016 Tory grandee Ken Clarke has said that the UK could very well be headed for a recession given the current economic instability resulting from the Brexit vote. The former chancellor said there could be a recession before the end of the year. Speaking to LBC, Clarke said: "I think there's a very good risk of recession [...]
German Chancellor Angela Merkel has welcomed the visit of Prime Minister Theresa May with a fresh warning that the EU will not negotiate before the UK triggers Brexit July 20, 2016 German Chancellor Angela Merkel delivered a fresh warning on the timing of Brexit talks when she met Theresa May for the first time since the latter became Prime Minister. Visiting Berlin just a week after entering office, May was told that the UK must activate departure mechanisms before seeking agreements on freedom of movement or single [...]
As a surge of supporters sign up to vote in the leadership contest, can Owen Smith save Labour? July 20, 2016 Atul Hatwal, editor of Labour Uncut, says Yes. Labour is in a very deep hole, and Owen Smith is the man to haul it out. Under Jeremy Corbyn’s leadership, the party has slumped to being over 40 points behind the Tories on the economy and leadership. There has been a total breakdown of its ability to [...]
The Brexit vote will halve expectations of economic growth for the UK’s largest cities, according to the CEBR July 20, 2016 Some of the UK's largest cities will see economic growth drop by as much as half next year, according to one think tank, although some will be set to recover by 2018. A study of 38 cities by the Centre for Economics and Business Research found that while all would continue to grow, the expectations for [...]
Turn that frown upside down: Seven reasons Brexit is a good news story July 20, 2016 Brexit is not going to be a bed of roses but I’m not entirely convinced by the doom-mongers. In my view, and that of many others, Brexit came just in time. Europe is going down – fast Since the result, I’ve spoken to a number of economists and City figures. A growing number believe a [...]
New City watchdog chief thinks he’s got some work to do, and the Brexit vote hasn’t helped July 20, 2016 The new boss of the City watchdog has today revealed he thinks he has his work cut out for him. Speaking in front of the Treasury Select Committee, Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), said "the place needs to be run effectively and tightly". "It's an organisation that has taken a battering," [...]
Conservative support jumps after Theresa May becomes Prime Minister as Labour’s backing falters July 20, 2016 Support for the Conservatives has jumped, according to the first poll since Theresa May became Prime Minister. The Tories have opened up an 11 point lead on Labour under the poll carried out over the first full weekend since May announced her cabinet. The poll by YouGov shows a distinct jump in support compared to voting [...]
Emily Thornberry appointed shadow secretary of state for exiting the European Union July 20, 2016 Shadow foreign secretary Emily Thornberry will also take on the role of shadow secretary of state for exiting the European Union. Thornberry will take on the role in leader Jeremy Corbyn's shadow cabinet after Prime Minister Theresa May made the new department in her cabinet reshuffle. Read more: David Davis – The new Brexit minister's plan [...]
Theresa May has officially delayed plans for a budget surplus in her first PMQs July 20, 2016 Prime Minister Theresa May has confirmed that her government will still seek to achieve a budget surplus, but admitted that it will not be met by 2020. Former chancellor George Osborne suggested at the start of this month that the 2020 target would be axed, and May has now confirmed that her government will not [...]