Business loans up as recovery gets underway October 9, 2013 SMALL businesses are at last benefitting from improved loan availability and better interest rates, Bank of England data revealed yesterday. Banks are also witnessing increased demand from firms as confidence increases and encourages investment plans. A net balance of 8.5 per cent of banks saw demand for loans rising from small firms, compared with a negative [...]
UK’s industry bucks expectations with surprise slump in August October 9, 2013 DESPITE strong signals that growth will be robust in the third quarter of the year, the industrial production of UK firms fell by 1.1 per cent in August, when compared to July. While the quarter has seen some of the best purchasing managers’ indexes (PMI) on record from the sector, the Office for National Statistics [...]
UK trade deficit dips to £3.3bn October 9, 2013 THE UK’S large trade deficit remained stubbornly high as the summer ended, with an upswing in growth doing little to close the gap between exports and imports. The seasonally adjusted trade deficit in goods and services, announced by the Office for National Statistics yesterday, dipped slightly from £3.4bn in July to £3.3bn in August. Exports [...]
OBR blames cuts for errors October 9, 2013 THE UK’s fiscal watchdog, the Office for Budget Responsibility (OBR), yesterday said government spending cuts are not the most likely explanation for low growth. The OBR addressed errors in its overly optimistic previous forecasts yesterday, suggesting that external inflation shocks, weak export demand and tight credit conditions were the more likely culprits for the UK’s [...]
Global wealth to rise 40pc by 2018 October 9, 2013 HOUSEHOLD wealth across the world is predicted to grow by as much as 40 per cent over the next five years, hitting $334 trillion (£209 trillion) by 2018 according to research out yesterday. According to the Credit Suisse Research Institute, global household wealth has risen by 4.9 per cent in the last year, jumping to $241 [...]
Inside Track: Imperial’s Napier under pressure as shareholders rebel October 9, 2013 IT has been a poor week for the UK’s quoted tobacco companies. Even by the standards of a sector used to being the target of political hammerings, the suite of measures passed by MEPs on Tuesday was tough for investors to swallow: a ban on smaller packs, enlarged health warnings and new restrictions on products [...]
Profile: New Fed chair Janet Yellen October 9, 2013 Janet Yellen has an impeccable economics pedigree for the role, with a family of professors and her own history as a high-flying academic. The incoming Federal Reserve chair is currently in the deputy position, meaning she was already a leading contender for the top job. Her role means she represents a degree of stability and [...]
Q and A: What can we expect from Yellen? October 9, 2013 Q Is she a hawk or a dove? A Yellen is considered a dove – that is, she is expected to be happy to keep the printing presses on until unemployment falls substantially, with little regard for inflation. Q What impact will that have? A Markets will enjoy her appointment, as more money printing means [...]
HS2 minister to drive Goodwill October 9, 2013 ALL aboard the ever-changing payroll at the Department for Transport. The department yesterday announced the roles of Baroness Kramer and Robert Goodwill, who joined the office as part of this week’s government reshuffle. Kramer, a former Lib Dem MP for the London constituency of Richmond Park, will have the northern legs of High Speed 2 [...]
CMA painted into a corner October 9, 2013 CONSUMERS need a stronger voice, according to the government, and the Competition and Markets Authority (CMA) is being set up to fight their corner. But the new consumer champion’s own voice was lost yesterday as an unforeseen problem got in the way of chief exec Alex Chisholm’s big launch speech last night – redecorating. He was [...]