UK set to face ‘sluggish’ growth in the face of sticky inflation and Bank of England interest rate hikes
Student spending on the rise as living costs shoot up in the UK September 23, 2015 Student spending could reach its highest ever level this academic year, and may hit over £30bn in total for 2015, according to research from Experian Marketing Services. Students in Manchester are predicted to spend over £1.1bn over the course of this academic year, while Nottingham will see a total student spend of around £800m. According [...]
Eurozone shoppers in good spirits despite September dip in sentiment September 23, 2015 Consumer confidence in the Eurozone has dipped this month to its second lowest level of the year, according to preliminary figures published by the European Commission (EC) yesterday. The EC’s confidence indicator slipped 0.2 points to a score of minus 7.1. Despite the negative figure, confidence remains at levels consistent with spending growth and is [...]
Volkswagen car recall emissions scandal: VW boss Martin Winterkorn clings on as heat rises September 23, 2015 Volkswagen chief executive Martin Winterkorn will today face the company’s supervisory board to explain his role in the emissions scandal engulfing the carmaker, amid reports his job is on the line. Last night New York Attorney General Eric Schneiderman issued a statement confirming his office would be investigating Volkswagen. He said: “No company [...]
BT promises faster and wider broadband internet coverage as fight kicks off between TalkTalk boss Dido Harding and BT CEO Gavin Patterson September 23, 2015 A war of words broke out between the UK’s telecom firms again yesterday, as TalkTalk boss Dido Harding accused BT chief executive Gavin Patterson of “grandstanding” with a series of pledges to improve broadband service unveiled yesterday. The BT boss said the company wants to “forge an ultrafast future for Britain and stand ready to [...]
Card Factory delivers a record profit but warns on wage rise September 23, 2015 Discount greetings card chain Card Factory reported a bumper first-half yesterday but became the latest retailer to warn that the government’s minimum wage rise could weigh on margins next year. The Wakefield-based company, which made its market debut in May last year, said pre-tax profits soared 72.3 per cent to reach £25.7m in the six [...]
London tops 2015 global financial centre rankings and knocks New York into second place September 23, 2015 London is the world’s leading financial centre according to a global study published today, after wrestling back the top spot from New York. The City benefited from renewed political certainty following May’s General Election, the authors say. Yet they warn that, despite storming back to the top of the rankings, London faces future [...]
London house prices: Flats in the capital cost 67pc more than in 2005 and are set to keep climbing September 23, 2015 London flat prices have outstripped every other property type in every other region of the UK over the last decade, according to research published by a major mortgage provider this morning. Affordability is set to continue falling as data from HMRC yesterday showed the market was hotting up with 106,480 homes sold during August – [...]
Greek bank shares bear brunt of the debt crisis September 22, 2015 Greek bank shares have shouldered the brunt of the country's debt crisis, with one index showing they've shed around three quarters of their value so far this year. The FTSE/Athex banks index, which includes banks listed on the Athex and Cyprus Stock Exchange, slumped 8.56 per cent to 241.37 points today. This means it's tumbled 63 per [...]
UK housing market: Interest-only home loans going out of fashion as take up slumps, say Council of Mortgage Lenders September 22, 2015 Warnings that interest-only mortgages are a “ticking time bomb” appear to be filtering through to the market, with figures out yesterday showing a 16 per cent drop in the number of such loans outstanding. A quarter of the reduction is the result of loans reaching maturity and being redeemed while a further 40 per cent [...]
IMF’s Christine Lagarde says downside risks to global growth increased September 22, 2015 International Monetary Fund (IMF) boss Christine Lagarde today warned that the downside risks to the global economy have increased. "The downside risks are greater than they were," Lagarde said at a Brookings Institution event on global economic growth. She cited the commodity price rout, monetary policy realignment, as well as China. Fresh concerns over the [...]