Don’t fear a jobs apocalypse: The UK economy is already adapting well to automation March 1, 2017 The Hollywood vision of a jobless, authoritarian future has the super-rich minority living forever and the rest of the population in dangerous poverty, not able to do anything of interest or value. Possibly in response to this, we regularly hear scare stories from some politicians (for example Nick Clegg in the Evening Standard earlier this [...]
Britons taking the day off work cost the economy £18bn every year March 1, 2017 People taking days off work cost the UK economy billions every year, with the toll to rise considerably over the next decade, a new study has found. Absences from work account for £18bn in lost productivity every year, according to the Centre for Economic and Business Research (CEBR) – a figure which could swell to £26bn [...]
India’s economy defies banknote chaos to grow by seven per cent February 28, 2017 The Indian economy defied economists’ expectations at the end of the year by avoiding a big slowdown after demonetisation. India’s GDP grew by an annual rate of seven per cent in the last quarter of 2016, according to the government’s statistics authority. That represented a slowdown in the previous quarter, when the growth rate hit [...]
Transitional arrangements after Brexit could take 18 months or more, says Charlotte Hogg, the new Bank of England deputy governor February 28, 2017 The Bank of England (BoE)'s new deputy governor Charlotte Hogg today said UK banks will need 12 to 18 months at least to make transitional arrangements after certainty on Brexit negotiations is reached. Appearing before the Treasury Select Committee, Hogg said banks will need additional time after the two-year negotiations are reached to change their business models in terms [...]
The Dow Jones hits 12th record high close as Trump promises a big infrastructure announcement February 28, 2017 The US Dow Jones index closed at a record high for the 12th day in a row on Monday after President Donald Trump promised a "big" infrastructure announcement was to come. That marks the longest winning streak for the share index since January 1987, with the Dow Jones Industrial Average finishing 15 points higher at [...]
Why it matters if the public has lost faith in government economic forecasts post-Brexit February 28, 2017 As chancellor Philip Hammond and US President Donald Trump begin work on their respective budgets, speculation is rife about changes to spending plans and taxes. Will there be significant infrastructure investment? How fast will government spending be cut, if at all? Underpinning all these decisions lies a modelling assumption with arguably much more significance than any [...]
Mixed data for the US economy as investors hold their breath for landmark Donald Trump speech February 27, 2017 Important indicators in the US economy showed a mixed picture as investors await a landmark speech by President Donald Trump. Trump will address the US Congress on 9pm GMT on Tuesday evening. He is expected to deliver some long-awaited detail on his economic policies, including campaign promises of up to $1 trillion (£800bn) in infrastructure [...]
Businesses place trust in UK economy as consumers brace for inflation February 27, 2017 Businesses remain confident in the UK economy’s prospects despite consumers bracing for the impact of inflation, according to a long-running survey by the European Commission (EC). Confidence in the economy “markedly improved” to a 14-month high across industry and consumers, according to the survey, but expectations of rising inflation reached their highest point since January [...]
The Bank of England has admitted to a Michael Fish moment – but economists have plenty to learn from weather forecasters February 27, 2017 So British economists are like the nation's most notorious weatherman when it comes to Brexit? That's what the Bank of England (BoE) has reasserted before the Commons Treasury Select Committee. The nation's number crunchers, said BoE chief economist Andy Haldane, mostly thought Britain's economy would crumble and growth would go into reverse following a Yes vote in last year's EU referendum. [...]
Sterling tumbles against the dollar on speculation over another Scottish independence referendum February 27, 2017 The pound fell during early Asian trading after reports that Scotland could be about to call a second independence referendum. Concerns around a renewed push for Scottish independence have increased in strength since the EU referendum, however yesterday the Times reported that Theresa May is preparing for another vote. The pound tumbled to $1.2392 against [...]