By: Jake Cordell

I'm City A.M.'s economics reporter, looking at the news, stories and data that move markets in the UK, Europe and around the globe. I also cover broader developments in the business and political worlds at home and abroad.

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Sterling smashed in flash crash: Why did it happen?

October 7, 2016

Sterling was hit by a freak sell-off overnight as the currency crashed by six per cent seconds after the Asian markets opened for trading. The pound fell from $1.26 to $1.18 almost instantly, before recovering slightly to stand at $1.24 against the dollar. It was the same story against the euro, where the pound sank to [...]
Back with a bang: Business confidence back to pre-Brexit level

October 7, 2016

Business confidence has bounced back to pre-referendum levels, according to a major poll published today. The business monitor of 500 businesses from YouGov and the Centre for Economics and Business Research (CEBR) climbed to 112.4 in September, on a ranking where scores above 100 signify corporate optimism. The surge in confidence, near to levels last seen [...]
Chancellor Philip Hammond vows to fight for the City in Brexit negotiations

October 6, 2016

Philip Hammond has said the government will prioritise a good deal for the City in its upcoming negotiations over leaving the EU. In a visit to New York to reassure top Wall Street bankers, the chancellor said protecting access to Europe for financial services firms based in London was a pressing concern not only for [...]
ECB restates commitment to €80bn quantitative easing programme

October 6, 2016

The European Central Bank (ECB) has reiterated its commitment to its quantitative easing programme following rumours the central bank was preparing to taper its purchases of government and corporate bonds. In the minutes from its September meeting, released today, the ECB said "there should be no doubt about the [ECB's] determination to execute its asset purchases… and [...]
Frosty reception for sterling as pound slips again

October 6, 2016

Sterling is under immense pressure again today, as it slipped below the crucial $1.27 mark for the second day in a row, setting new post-referendum lows against both the euro and the dollar. In another brutal day for the pound, it lost 0.8 per cent against the US dollar to hit $1.2645 – a new 31-year low [...]
Angela Merkel has hit back at Theresa May’s plans for access to the Single Market

October 6, 2016

Angela Merkel has hit back at Theresa May over her plans for maintaining access to the Single Market once the UK leaves the EU. The German chancellor told a business audience in Berlin she would not countenance giving the UK preferential access while allowing it to restrict the free movement of people. Theresa May told the [...]
Working like it’s 2008: UK productivity finally passes pre-crisis level

October 6, 2016

British productivity levels have finally hit their pre-crisis level in the latest milestone in the UK's recovery. However, Britain still lags behind its G7 counterparts by a significant amount, falling behind the likes of Germany, the US and France in terms of economic efficiency. Read more: Do these five charts explain the productivity crisis? Productivity [...]
Heathrow third runway would not break emissions laws

October 6, 2016

The case for expansion at Heathrow airport was given a shot in the arm this morning as a new, independent study revealed a third runway would not breach emissions laws. Pollution around the west London airport – the busiest in Europe – has been a major sticking point in its bid for a third runway, with campaigners arguing [...]
Crossrail Two can cushion London from Brexit slowdown

October 6, 2016

London businesses have told the government they have “no room for complacency” when it comes to exit negotiations with the EU. As its quarterly confidence index sunk to its lowest level on record, the London Chamber of Commerce (LCC) said the government must “reduce uncertainty and boost business confidence”. Despite the fall in optimism over [...]
Few signs of hope for the Brexit-battered pound

October 5, 2016

Sterling could fall further if the UK looks on course for a rocky divorce with the EU, currency analysts have warned. Forecasters currently expect the pound to move sideways against both the dollar and the euro between now and the end of the year, but after a dramatic few days of trading, speculation over the terms [...]

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