OECD slashes growth forecasts and says Brexit could spark panic in global economy June 1, 2016 The Organisation for Economic Development and Co-operation (OECD) has warned that a vote to leave the European Union would set off a chain reaction of market turmoil across the global economy. The body said the "most immediate" risk facing the world economy was the prospect of Brexit as it slashed its growth forecasts for the UK [...]
Oil slides away from $50 ahead of Opec meeting June 1, 2016 Oil prices fell away from $50 this morning, as production from major Middle Eastern exporters was expected to remain high or even increase. Middle Eastern oil producers have been ramping up their supplies to Asia in an aggressive tussle over market share. It comes ahead of a meeting of the Organisation of Petroleum Exporting Countries (Opec) tomorrow. "Many [...]
Brexit vote too important to be left up to politicians June 1, 2016 Moan all you like about the EU referendum but it's got people talking. From Cornwall to the City and from the Western Isles to Westminster, people are engaged and discussing the issues. People are debating in restaurants and outside pubs and, as is always the case in political campaigns, they're doing so with more nuance and [...]
The IMF’s strawman critique of “neoliberalism” puts successful liberal reform in jeopardy June 1, 2016 The International Monetary Fund published a paper last week which was widely reported as a repudiation of “neoliberalism”. According to the Fund, the opening up of countries to free capital flows and a desire for fiscal consolidation over the past three decades have not delivered obvious economic benefits. In fact, these policies were said to [...]
EU referendum: Britain Stronger in Europe and Vote Leave trade blows over Brexit jobs risk June 1, 2016 If the UK leaves the European Union and the single market, London could miss out on tens of thousands of extra jobs, pro-EU campaigners have claimed, as Remain campaigners today seek to put forward the case for membership from manufacturers. Analysis by the Centre for Economic and Business Research (CEBR) for the official Britain Stronger in [...]
2016 set to be year of retail failures as number of shoppers on Britain’s high streets in “terminal decline” June 1, 2016 The number of consumers on Britain’s high streets is in “terminal decline” as shopping habits change fundamentally, raising the prospect of more retail failures this year. Speaking to City A.M. after the demise of suits-specialist Austin Reed was confirmed yesterday, Diane Wehrle from top retail analyst Springboard said: “We’re no longer going to see increases in footfall [...]
A shock poll showing an emerging lead for Brexit campaigners has hit the value of sterling May 31, 2016 Sterling plummeted yesterday after two surprise polls showed the British public moving closer towards a vote to leave the EU. The pound dropped to below $1.45 against the dollar last night, printing its lowest value since 23 May. The drop followed the publication of a shock poll yesterday afternoon which showed a possible lead for [...]
FTSE quarterly review: Inmarsat’s share price tumbles ahead of expected relegation May 31, 2016 Inmarsat’s share price fell nearly four per cent today ahead of its expected demotion from the FTSE 100. The satellite services company is set to be replaced in the FTSE 100 by Hikma Pharmaceuticals. Read more: At the close: Brexit poll sends FTSE 100 down for the month While Inmarsat’s share price dropped to 719.5p, [...]
New polymer banknotes could cost businesses £236m to implement May 31, 2016 New polymer banknotes being introduced by the Bank of England (BoE) in September this year will cost businesses a staggering £236m to implement, research by an independent payments consultancy has found. CMSpi claims that the process of switching to polymer banknotes will leave businesses with a hefty bill, thanks to the costs of upgrading and replacing cash-handling [...]
What analysts expect from the Opec meeting on Thursday May 31, 2016 Delegates from the increasingly divided Organisation of Petroleum Exporting Countries (Opec) will be hoping for a quiet meeting on Thursday. The gathering will mark the first meeting since Opec and non-Opec members failed to agree a production freeze deal in April. This was largely due to a long-running enmity between regional rivals Iran and Saudi Arabia. Read [...]