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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Bank of England’s chief economist wants to teach children maths so they trust banks

May 18, 2016

Teaching children how to look at numbers, understand bank accounts and work out interest rates will restore trust between banks and the wider public, the Bank of England’s top economist has said. Andy Haldane told a City audience that too many children were being put off maths at school and called on policymakers to make [...]
US Federal Reserve signals rate hike “likely” in June

May 18, 2016

The Federal Reserve is likely to give US interest rates another hike next month, according to the minutes of its latest policy meeting published this evening. Unless the economy is blown off course, American ratesetters are gearing up to raise interest rates for only the second time since the financial crisis when they next meet [...]
Deutsche Bank prepared for shareholder scrap on at least three different fronts at AGM

May 18, 2016

Deutsche Bank’s annual general meeting (AGM) kicks off in Frankfurt tomorrow – and it’s set to be a humdinger. The German financial giant has rarely been out of the headlines in the past six months. Last October it announced a management cull and a big restructuring. In December it was linked with a $10bn (£6.8bn) [...]
Eurozone deflates: Prices going down, again, but maybe not for long

May 18, 2016

The Eurozone fell back into deflation in April, as prices dropped by 0.2 per cent over the year, official statistics out yesterday showed. Falling transport and energy costs pushed the headline rate of inflation down from zero in March. It marks the second month of deflation this year for the Eurozone after oil price volatility [...]
BNP Paribas to cut hundreds of investment banking jobs in London

May 18, 2016

BNP Paribas is reportedly going to slash more than 200 jobs from its UK investment banking arm, as part of its billion-euro cost cutting drive. According to Reuters, 233 jobs based in London will be cut this year – representing seven per cent of its UK workforce – while they will be replaced by just 60 [...]
Japan avoids recession in first quarter, but more stimulus from the Bank of Japan is still on the way

May 18, 2016

Japan posted a bumper set of growth figures in the first quarter of the year to beat analysts’ expectations and avoid dipping into recession. The economy grew 0.4 per cent in the first quarter – 1.7 per cent on an annualised basis – bouncing back from a 0.4 per cent contraction in the final three [...]
The Bank of England’s agents’ summary on Brexit, housing and the living wage

May 18, 2016

The economic slowdown is set to continue right up until the EU referendum, the Bank of England's latest agents' summary has revealed. The Bank's sprawling network of so-called agents are Threadneedle's streets eyes and ears on the ground of the real economy. They monitor local conditions, talk to businesses, and assess the general state of the nation, [...]
Pound soars against the dollar as Remain takes 18-point lead in new opinion poll

May 18, 2016

The pound has shot up against the dollar after a new opinion poll showed the Remain side could be soaring ahead as the EU referendum campaign enters its final five weeks. In a new Ipsos Mori poll for the Evening Standard, released this afternoon, 55 per cent of voters said they were in favour of staying in [...]
Now Markit’s household finance index comes in at a two-year low as families batten down the hatches

May 18, 2016

Families are feeling a pinch in their pockets as the latest crucial indicator of consumer confidence falls to a two-year low. The Markit household finances index, which tracks disposable incomes and optimism among UK households crashed to 42.3 – on an index where scores below 50 indicate pessimism – from a score of 45.1 last month. "The reading pointed to a substantial deterioration in [...]
Employment reached a new record high, but economists still aren’t happy

May 18, 2016

Employment jumped to a new record high in the first quarter of the year as wage growth held steady, though economists warned that Britain's jobs recovery is still losing steam. The total number of people with a job jumped to 31.6m – an employment rate of 74.2 per cent – in figures released by the Office for National Statistics (ONS) [...]

FCA slashes banks’ motor finance payouts as redress scheme finalised

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By: Jake Cordell

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