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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Thousands of Londoners flee the capital in search of cheap homes

October 12, 2016

Tens of thousands of people leave London for a new life in the sticks every single year, new figures from the Office for National Statistics (ONS) have shown. More than 310,000 Londoners moved away from the capital between 2011 and 2015, the ONS said, with most other major cities also seeing Britons flee in search [...]
Sterling hammered as pound drops toward $1.21

October 11, 2016

Sterling continued its dramatic decline last night, crashing through key levels against both the dollar and the euro during a punishing session. The pound lost two cents against the dollar in a matter of four hours yesterday evening, falling to a low of $1.209 after US markets opened. Sterling also plunged through the €1.10 mark [...]
EU financial transaction tax to be unveiled this year

October 11, 2016

Plans for an EU financial transaction tax (FTT) could be published by Christmas after politicians in 10 Eurozone countries agreed to push ahead with plans. After a meeting in Luxembourg late last night, officials declared this morning they would start drafting the legislation which will allow them to place a levy on the trading of financial [...]
Pressure mounts on FCA to introduce overdraft cap

October 11, 2016

The Financial Conduct Authority (FCA) has come under renewed pressure to clamp down on excessive overdraft fees today after new research revealed thousands of people are being hit with triple-digit bills. Debt charity Step Change said between six and 10 thousand people a month contact them looking for help managing their finances after incurring overdraft [...]
Banks’ profitability to be hit by Brexit fears over risky assets

October 11, 2016

Market volatility will sap the efforts of Europe's biggest banks to offload their riskiest assets, and continue to drag on their profitability, a new study has warned. Moody's said this morning that the five largest investment banks – Barclays, Credit Suisse, Deutsche Bank, RBS and UBS – will have to accept discount prices for so-called [...]
FTSE 100 fails to hold on to new record high

October 11, 2016

The FTSE 100 hit a new record high today, before a bumper round of profit-taking sent the index of leading stocks down for the day. The UK's bluechip index hit a high of 7,129 points in lunchtime trading, beating the previous intraday high set in April 2015 of 7,022 points. The gains came as the pound suffered another topsy-turvy [...]
Bank of England rate-setter thinks sterling could fall further

October 11, 2016

The newest member of the monetary policy committee (MPC) has said the pound could continue to fall given inherent weaknesses in the UK economy. Michael Saunders, who joined the Bank of England's rate-setting committee over the summer, told MPs today: "Given the scale and persistence of the UK's current account deficit, I would not be [...]
Oil price gush lifts FTSE close to a record high

October 11, 2016

Oil prices hit a 14-month high and the FTSE 100 recorded its second-highest close on record yesterday after Vladimir Putin suggested Russia would take part in a production cut alongside the Organisation of the Petroleum Exporting Countries (Opec). The Russian President told the World Energy Congress in Istanbul he supported the agreement reached by Opec [...]
Greek bailout stumbles forward but disagreements remain

October 10, 2016

Greece has been given the green light to get its hands on €1.1bn from the European authorities as part of its multi-billion euro bailout programme after it successfully implemented a full package of reforms over the summer. Eurozone finance ministers agreed today the Greek Syriza government had met all of its requirements to implement "important reforms on [...]
Bonds losing appeal as inflation set to pounce

October 10, 2016

Yields on UK government debt have hit their highest level since the EU referendum as inflation fears grow and the pound remains under pressure. The benchmark 10-year bond now comes with a yield of more than one per cent in the UK, after hitting a record low of 0.52 per cent over the summer as [...]

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By: Jake Cordell

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