The euro falls as ECB chief Draghi delivers pessimistic verdict on Eurozone economy April 10, 2019 The European Central Bank (ECB) kept up recent tradition today when it announced it would hold interest rates at record low levels and reaffirmed that it will not raise them before the end of 2019. Read more: US threatens tariffs on $11bn of EU goods ECB boss Mario Draghi struck a more pessimistic tone than [...]
Jeremy Corbyn and Alexandria Ocasio-Cortez love Modern Monetary Theory, but it is just the magic money tree again April 10, 2019 As the Brexit process unfolds, the possibility of a Corbyn government has become much more tangible. Last month, John McDonnell, the shadow chancellor, wrote to the Treasury to say that in power he would require them to “widen the range of economic theories and approaches in which its officials and those in the rest of [...]
Manufacturers urge May to revoke Article 50 if Brexit deal cannot be secured April 7, 2019 Manufacturers have urged Prime Minister Theresa May to revoke Article 50 is she cannot secure a Brexit agreement this week amid growing fears the UK could crash out of the EU without a deal. In an open letter to May and Labour leader Jeremy Corbyn, trade body Make UK said the industry had already been [...]
Brexit uncertainty has cost the UK economy £66bn, says S&P April 4, 2019 Brexit has cost the UK economy £66bn in lost growth, according to ratings agency S&P. Had the UK voted to remain in the EU in 2016s referendum the economy would have been three per cent larger by the end of 2018, the group’s report said. Read more: Brexit delay wins MPs' support by a margin [...]
The European Union is on the backfoot, but few seem to notice April 2, 2019 There is a very bad habit that many of our broadcasters have of focusing on what might befall us. It reminds me of Frankie Howerd in Up Pompeii bemoaning “woe is me, woe is me” – as if he might warn his master against leaving the Empire without a deal. It would be refreshing were there [...]
Eurozone economic sentiment dips as UK confidence grows March 28, 2019 Economic sentiment in the European Union and the eurozone fell this month, while confidence in the UK jumped 1.6 points. Sentiment in the euro area dropped by 0.7 points to 105.5 and in the EU sentiment fell by 0.4 points to 105, according to the European Commission’s latest business and consumer survey. Read more: Draghi [...]
Asian stocks slump amid fears of global economic slowdown March 25, 2019 Fears of a global economic slowdown took its toll on Asian markets overnight, as stocks slumped amid growing investor caution. Read more: Fed slows balance sheet reduction and holds line on rates Japan's benchmark Nikkei 225 index tumbled 3.1 per cent, as trading opened on Monday after a week of unrest across global markets. Hong [...]
KPMG downgrades UK economic growth forecast for 2019 due to Brexit March 25, 2019 Audit firm KPMG has downgraded its short term expectations for the UK economy due to the lack of clarity around Brexit and global headwinds. The firm forecasts that the UK economy will expand by 1.2 per cent in 2019, assuming that a Brexit deal is reached. The predictions are included in KPMG’s latest quarterly Economic [...]
Euro drops as Eurozone manufacturing activity hits six-year low March 22, 2019 The Eurozone’s economy lost momentum again in March as Germany and France's manufacturing sectors struggled to overcome global headwinds, according to a closely-followed indicator. Read more: Wages up across Europe despite gloomy economic climate Manufacturers across the economic area suffered their steepest downturn in seven years this month, the IHS Markit Eurozone composite purchasing managers’ index [...]
Investor confidence soars to 10-month high despite Brexit uncertainty March 21, 2019 Investor confidence hit a ten-month high in March despite ongoing uncertainty related to Brexit. The Hargreaves Lansdown Investor Confidence Index reached 80 points this month, recovering from a record low of 52 points in December, indicating that the UK’s withdrawal from the European Union is no longer tainting investor sentiment to the same extent. Read [...]