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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George Osborne rules himself out of race to succeed David Cameron

June 28, 2016

George Osborne will not be the next prime minister of the United Kingdom, he has confirmed this morning. The chancellor, long seen as the natural successor to David Cameron, has decided not to run in the upcoming leadership election to take over from the prime minister, who announced his resignation hours after the UK voted [...]
UK bond yields fall to a new record low, despite looming debt downgrades

June 27, 2016

Borrowing costs for the UK government have dropped to their lowest on record as investors flock to the safe haven of government debt in the midst of Brexit uncertainty. Yields on the benchmark 10-year Treasury bonds plunged to 0.94 per cent, down an unprecedented 0.14 percentage points – or 14 basis points – since yesterday. It is [...]
David Cameron sets up civil service “Brexit unit” to prepare UK to leave EU

June 27, 2016

The government has set up a "Brexit unit" to develop a plan for the UK's arduous negotiations with the EU. The team will be made up of civil servants from across Whitehall and will present options to the cabinet about how the government can respond to last week's historic vote. Oliver Letwin will play a "facilitative [...]
Trading suspended in Barclays and RBS as European bank shares crash

June 27, 2016

Trading in bank shares was temporarily suspended on multiple occasions today as the value of European lenders tumbled in response to the vote to leave the EU. Financial giants Barclays and Royal Bank of Scotland (RBS) both fell more than 18 per cent by lunchtime as markets increasingly turned on stocks perceived to be most at risk from prolonged uncertainty [...]
Sterling plummets to a new 31-year low against the dollar

June 27, 2016

Sterling has crashed to a new 31-year low against the dollar as markets continue to digest the implications of the UK's vote to leave the European Union. The pound dropped by 3.3 per cent this morning to $1.3180 – lower than during the chaos that engulfed the currency markets on Friday morning. As the polls closed [...]
Markets are pricing in a “significant chance” of the Bank of England introducing negative interest rates

June 27, 2016

Markets are pricing in a 15 per cent chance of the Bank of England slashing interest rates below zero as financial markets continue to wobble after the UK's historic vote to leave the EU last week. As trading was suspended on banking shares after another day of double-digit falls, the market outlook on the future path [...]
EU referendum: Depending on your calculations, the UK economy could be smaller than France’s

June 27, 2016

The UK economy isn't looking in too fine a shape right about now, with the financial markets reeling in the aftermath of the vote to Leave the European Union. One notion that seems to have gained a bit of traction is that the UK's economy is no longer the world's fifth largest, having been overtaken by [...]
Who’s in and who’s out of Jeremy Corbyn’s frontbench team?

June 27, 2016

The Labour Party has been plunged into turmoil following the EU referendum result, with mass resignations, a leader who insists he is going nowhere and the prospect of bitter leadership battles in both the Labour and Conservative parties this summer. With the string of frontbench resignations stacking up and Jeremy Corbyn himself scrambling to announce replacements, for [...]
All change at the Labour Party as resignations stack up and Corbyn announces a new cabinet

June 27, 2016

The second day of chaos in the Labour Party has begun, with a string of front bench resignations and a new cabinet announced by Jeremy Corbyn. Around ten ministers and parliamentary private secretaries (PPS) have quit this morning, following yesterday's pandemonium in the party which resulted in one-third of Corbyn's shadow cabinet leaving. Corbyn responded before the [...]
Jeremy Corbyn announces new shadow cabinet amid mass resignations

June 27, 2016

Jeremy Corbyn has announced ten new members of his top team this morning in defiance of the slew of resignations engulfing Labour's frontbench and ahead of a crucial meeting of MPs later this evening. As a host of shadow ministers resigned this morning, Corbyn has already promoted a number of loyalists and insiders to senior positions in his shadow [...]

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By: Jake Cordell

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