Government borrowing falls to fresh 17-year low as income tax revenue grows by £3bn March 21, 2019 Government borrowing has fallen to a fresh 17-year low so far this financial year as the UK's strong labour market saw income tax revenue increase by £3bn. Public sector borrowing from April 2018 to February was £23.1bn, the lowest year-to-date borrowing since 2001 and £18bn less than the previous year, according to the Office for National [...]
Enquest rebounds as production is set to increase at Kraken oil field March 21, 2019 Enquest shares bounded this morning as it said it would prioritise efficiency at its Kraken oil field just a week after the shares took a battering when partner Cairn reduced its forecast for the joint venture. The firm said it expects gross oil production to fall between 30,000 and 35,000 barrels per day from the [...]
How field marshal May can get out of the Brexit trenches March 21, 2019 The name of field marshal Douglas Haig, commander-in-chief of the British Expeditionary Force from 1915-18, is not one that usually trips off the tongue in connection with Brexit. But with the whole Brexit process having become mired in Flanders-type mud, and increasingly settling into First World War style trench warfare, he would seem a most apposite [...]
Go back to the drawing board and help UK businesses become top of the class March 21, 2019 If you walk into any classroom in the country, you will find a small group of diligent pupils at the front, hands raised, offering an answer to today’s problem. There’s also likely a second lot at the back of the class monopolising the teacher’s time. This leaves the majority of students in the middle who [...]
Report predicts sluggish UK growth and lower consumer spending March 21, 2019 Britain’s economic growth is due to slow in 2019 as political uncertainty bites, professional services giant PwC has said, making it the latest forecaster to predict sluggish growth for the country. Consumer spending growth is also predicted to slump to 1.4 per cent in 2019, from 1.9 per cent the year before, according to PwC’s [...]
Petrofac workers to strike at BP oil rigs after disagreement over paid leave March 20, 2019 Union bosses have said Petrofac workers plan to walk out of all BP’s North Sea oil rigs amid a dispute over leave. Unite members had demanded three weeks paid leave, but today voted for industrial action at the platforms after only being offered two. Read more: Petrofac faces potential £400m lawsuit following bribery revelations Alternatively [...]
City A.M.’s rate-setting committee vote to hold interest rates as Brexit uncertainty peaks March 20, 2019 The Bank of England must hold interest rates as Brexit uncertainty looks set to continue beyond 29 March, City economists have said. The Bank’s rate-setting monetary policy committee (MPC) will announce its decision at midday on Thursday and is expected to leave rates unchanged at 0.75 per cent. Read more: Bank of England leaves policy unchanged [...]
US Fed slows balance sheet reduction and holds dovish line on interest rates March 20, 2019 The Federal Reserve tonight announced that it will hold interest rates and predicted no hikes this year in a dovish decision amid stronger economic headwinds than previously anticipated. In line with market expectations the Fed also said it would slow the reduction of its holdings of US Treasury bonds, built up following its programme of quantitative [...]
‘Spotify of stock exchanges’ Aquis goes live with Paris hub amid Brexit frustration March 20, 2019 Pan-European trading platform Aquis Exchange has gone live with its Paris hub and said it would now stay open permanently “whatever the outcome” of Brexit. Chief executive Alasdair Haynes told City A.M. its new Paris office would now be permanent as the company had been forced to commit to the move amid Brexit uncertainty. Read more: [...]
Analysts expect outward looking Federal Reserve to keep rates on hold March 20, 2019 The US’s central bank is widely expected to leave interest rates on hold today when it announces its decision at 6pm UK time, with analysts predicting limited market reaction. Analysts also expect the Federal Reserve’s Federal Open Market Committee (FOMC) to give a date by which it will have ended “winding down” of its balance sheet. [...]