Europe’s banking woes are inherently political October 3, 2016 We live in a time of political absurdity. At home, the opposition is led by an unreconstructed 1970s-style Marxist who spent the last three decades as a backbench irrelevance. Throughout continental Europe, extremist parties remain worryingly popular. And across the pond, there is a genuine threat that Donald Trump, a dangerously reactionary authoritarian megalomaniac, could get [...]
Make Budgets mean Budgets again: We need far better tax policy-making October 3, 2016 At lunchtime today, Philip Hammond will stand up in Birmingham and make his first major speech as chancellor. He will be aiming to reassure audiences that the government will manage the economic consequences of Brexit – and will give the first indications of his approach. The Institute for Government, the Institute for Fiscal Studies and [...]
O2 IPO set to call on retail investors October 2, 2016 Mobile network O2 is planning on making millions of shares available to retail investors when it lists later this year. It’s hoped demand from O2’s 25m strong customer base will push up the stock market value of the company to around the £10.25bn that O2 owner Telefonica agreed to sell the business to Three owner [...]
Former MPC member doubts positive economic sentiment and urges the Bank of England to act October 2, 2016 Former interest rate-setter David Blanchflower has urged Mark Carney to act quickly to manage an economic downturn despite an increase in positive economic sentiment being reported. "[The] time to act is now," said Blanchflower who served on the Monetary Policy Committee (MPC) between 2006 and 2009 and was renowned for championing a rate cut as early as October 2007. Read [...]
Landlords threaten to hike rents after tax changes kick in October 1, 2016 Landlords have claimed they will be forced to raise rents as a result of the government's string of tax changes and crackdowns on the buy to let sector. A new survey also revealed private sector landlords will not be able to invest as much in improving their properties as a result of the extra charges [...]
US Presidential Election 2016: The German government is a little bit worried about Donald Trump October 1, 2016 Donald Trump's controversial bid for the White House has raised eyebrows across the world. But on the European side of the Atlantic, it's been largely a spectator sport as we struggle to understand the American psyche at the best of times (see #Tube_chat), let alone the Republican candidate, whose outrageous campaign techniques seem only to boost his support. However, [...]
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 [...]