Consumer borrowing growth hits decade-high February 29, 2016 Borrowing on credit cards and through overdrafts is growing at its fastest rate since January 2006, data published today by the Bank of England reveals. The stock of consumer credit reached £179.5bn in January, up 9.1 per cent on the same month last year. Total credit growth in the UK is now at its highest [...]
House purchase approvals hit two-year high as buy to let investors rush to beat April’s stamp duty change February 29, 2016 Mortgage lending picked up in January as buy to let investors rush to buy properties before a hike in stamp duty in April. Net mortgage lending rose to £3.7bn in January from £3.2bn in December, according to figures published by the Bank of England this morning. There were 128,709 mortgages approved. Approvals for house purchase, as opposed to [...]
Eurozone inflation plummets back below zero after renewed fall in energy prices February 29, 2016 The Eurozone is back in deflation after only four months of positive price growth. Annual inflation in the currency-bloc fell to 0.2 per cent in February, according to an early flash estimate from Eurostat released this morning. It marks a sharp drop from January's 0.3 per cent. Core inflation, which strips out energy, food, alcohol and [...]
Financial sector leads professional job creation – Apsco February 29, 2016 Landing a role in finance got easier in January as the number of vacancies soared 12 per cent on the same month last year. Stronger demand was reflected in pay growth. Average salaries in banking jobs have gone up 4.9 per cent, according to the data released by the Association of Professional Staffing Companies (Apsco) [...]
Big data and the internet of things will add £322bn and 217,000 jobs to the economy by 2020 – CEBR February 29, 2016 Big data and the internet of things could add £322bn to the UK economy by 2020, new research from industry analysts and economists reveals today. The internet of things – the network of everyday items fitted with electronics to allow them to collect and exchange data – could lead to £72bn of efficiency gains and 67,000 new [...]
Sterling keeps clear of hitting 30-year low February 25, 2016 Sterling held its ground today, managing to steer clear of a 30-year low against the dollar. The pound spiked at $1.3996, a climb of around half a per cent on its value at the start of the day. However, if later fell back to $1.3920. The pound has fallen sharply this week after London Mayor [...]
Eurozone money supply and lending pick up in January February 25, 2016 Lending and money supply growth in the Eurozone picked up in January, according to figures published by the European Central Bank this morning. Borrowing by households climbed 1.4 per cent compared with the same month last year, the same rate as in December. However, lending to non-financial corporations bounced back to 0.6 per cent growth from 0.1 [...]
House building is accelerating but one estate agent says it is unlikely to help young buyers February 25, 2016 House building in England picked up toward the end of last year, but remains substantially below pre-recession levels. Builders started work on 37,080 new properties in the three months to December, the Department for Communities and Local Government said this morning. It marks a six per cent increase on the previous six month period but [...]
Eurozone inflation edges up to eight-month high in January as impact from cheap oil starts to wear off February 25, 2016 Eurozone inflation hit an eight-month high in January as the impact of cheaper oil prices began to wear off. Annual price inflation hit 0.3 per cent, EU statistical office Eurostat said this morning. While the inflation reading was slightly lower than a previous estimate of 0.4 per cent, it is the highest annual price growth [...]
UK car production has best January since 2008 as exports jump – SMMT February 25, 2016 British car production has had its best January since 2008, according to data released this morning. UK car makers built 137,552 vehicles in January, up eight per cent on the same month last year, the Society of Motor Manufacturers and Traders (SMMT) said. Demand from abroad helped boost sales. The number of vehicles exported rose 9.7 [...]