Bank of England governor Mark Carney reaffirms Brexit no longer the biggest risk to UK’s financial stability January 11, 2017 The governor of the Bank of England confirmed today that Brexit is not the biggest risk to the UK's financial stability. Speaking in front of the Treasury Select Committee, Mark Carney said that it was the opinion of the Bank that the biggest risks to the UK's financial system were global ones. "[Brexit] has some [...]
Artificial intelligence and robots are one of the biggest technological risks to the world January 11, 2017 Artificial intelligence and robotics are one of the biggest potential risks to humankind of emerging technologies, according to a new report from the World Economic Forum. But, the development of such technology, which is expected to disrupt everything from the world of work to geopolitics, could also conversely bring the biggest benefits to the world. [...]
Sterling falls further after the UK trade balance widens to £4.2bn in November with fast growing imports January 11, 2017 The pound fell sharply on reports the UK’s deficit on trade grew more than was expected in November with imports increasing at a faster rate than exports – despite sterling weakness. The UK’s balance of trade showed a deficit of £4.2bn in November, as imports defied weaker sterling to increase at a faster rate than [...]
UK manufacturing rose in November as the construction sector faced a slowdown January 11, 2017 The UK economy is showing signs of mixed form, as production output increased in November, although construction output showed a small decline month on month. Production was estimated to have increased by 2.1 per cent compared with October, with oil and gas capacity coming back on track after a maintenance period and a strong showing [...]
Turkey stuffing: The lira continues to plummet against the dollar on disappointing trade data January 11, 2017 Turkey’s lira has fallen to fresh record lows as the currency continues its precipitous decline over the course of the last year. The lira hit lows of 3.8951 lira to the dollar on Tuesday amid more signs of weakness in the Turkish economy. The dollar had strengthened 1.71 per cent against the lira at the [...]
Tullow Oil announces new chief executive as it reports “another tough year” January 11, 2017 Tullow Oil today announced that chief executive Aidan Heavey will leave the role to become group chairman later this year, and will be replaced by the company's chief operating officer, Paul McDade. Heavey, who founded Tullow and has led it for 31 years, will take on the chairman role after the group's annual general meeting on [...]
Corbyn’s Labour pains show no sign of easing January 11, 2017 One of the many problems with Jeremy Corbyn’s so-called “leadership” of the Labour party has been his complete failure to confront the biggest issue facing the country today – Brexit. At key moments, with the government’s approach to Article 50 attracting widespread criticism, Corbyn has been extraordinarily elusive. Even Iain Duncan Smith’s “quiet man” act [...]
Clint Eastwood’s lesson on economic forecasters’ Michael Fish moment January 11, 2017 Economic forecasters are in the dock. Last week, none other than the chief economist of the Bank of England, Andy Haldane, was confessing the crimes of the profession. The failure to predict the financial crisis was, Haldane said, economic forecasting’s “Michael Fish” moment. Thirty years ago, the BBC weatherman predicted that the UK would avoid the [...]
Corbyn’s relaunch shambles plunges Labour into fresh chaos January 11, 2017 Labour leader Jeremy Corbyn plunged his party into fresh chaos yesterday with a series of U-turns on his newly-minted plans to tackle high pay and deal with freedom of movement after Brexit. In a media blitz designed to relaunch his leadership yesterday morning, Corbyn had suggested the party would implement a “maximum earnings limit”, and [...]
UK consumer spending is set to fall as inflation hits growth this year says Cebr January 11, 2017 Surging inflation is set to dent real wages and resilient consumer spending, according to an influential think tank. Inflation will almost quadruple to 2.7 per cent over the course of 2017, according to the Centre for Economics and Business Research (Cebr). The UK’s economic growth will stutter in 2017 as the effects of the consequent [...]