UK government borrowing could overshoot forecasts by £7.5bn this year owing to Brexit and reduced tax revenues November 20, 2016 UK government borrowing could overshoot forecasts by as much as £7.5bn this year, as reduced tax revenues and the vote to quit the European Union threaten to leave chancellor Philip Hammond with less room for manoeuvre in his first Autumn Statement on Wednesday. The Office for Budget Responsibility could be in line to slash its [...]
Defiant Janet Yellen confirms she will stay until 2018 and defends Dodd-Frank while saying interest rate rise will come “relatively soon” November 17, 2016 Janet Yellen today confirmed she will serve her full term until 2018 as chair of the Federal Reserve, while readying markets for an interest rate rise to come "relatively soon". In testimony to the Joint Economic Committee in Washington, Yellen also strongly defended the US Dodd-Frank Act, which President-elect Donald Trump has repeatedly promised to repeal. On the [...]
Petrol pumps US inflation slightly higher in October November 17, 2016 US inflation increased slightly in October to reach 1.6 per cent year on year, continuing a steady upward trend in the second half of the year. Inflation increased by 0.1 per cent, with petrol prices and housing making the largest contributions. The overall energy sector increased 3.5 per cent, its largest increase since February 2013, [...]
The Federal Reserve’s Janet Yellen will discuss Trump for the first time today as investors look for clues of multiple interest rate rises November 17, 2016 US Federal Reserve chair Janet Yellen will today speak publicly for the first time since the shock election of Donald Trump as President, as investors predict a December interest rate rise. Investors will be listening closely to her testimony to the Joint Economic Committee (UK 3pm/10am EST) for further clues to a widely expected interest [...]
Cafe culture nudges Eurozone inflation higher in October November 17, 2016 Eurozone annual inflation rose to 0.5 per cent in October, driven by contributions from spending in restaurants and cafes. Up by 0.1 per cent compared with September, six of the member states recorded annual rates below zero – better known as deflation. Inflation rose in 21 EU states, which was enough to raise inflation across the region [...]
Mortgage lending falls more than £1bn in October November 17, 2016 Mortgage lending in the UK dipped by £1.2bn in October compared with the previous year, according to data from the Council of Mortgage Lenders (CML). But despite the five per cent year-on-year decline, the figures were slightly above the trend for the last six months, in which mortgage lending averaged £20.1bn. They held on to post [...]
Global fintech venture capital soars to $15.2bn as UK market swings back into action post-Brexit vote November 16, 2016 Global fintech venture capital soared in the first three quarters of the year, as the UK market perks up again post-Brexit vote. Worldwide VC investment in the first three quarters of the year was up by 27 per cent year-on-year, with 839 deals completed in the first nine months of the year, with a combined [...]
The world’s biggest banks could be forced to break up if Fed’s Neel Kashkari gets his way November 16, 2016 The biggest banks in the US could be forced to break up their operations under new plans to tackle “too big to fail” banks by dramatically increasing their capital holding requirements unveiled by an influential US central bank governor. The risks posed by systemically important “mega banks” were also compared to “terrorism” by Neel Kashkari, [...]
Manufacturing increase fails to lift US industrial production in zero-growth October November 16, 2016 US industrial production stayed flat in October as output of consumer goods declined by 0.2 per cent, despite a manufacturing output increase of 0.2 per cent. The pace of production has fluctuated over the last six months, posting small declines in August and September, according to Federal Reserve figures. October’s figures undershot economists’ estimates of [...]
What Brexit vote? The number of foreign workers in the UK is still going up, despite the EU referendum and sterling’s drop November 16, 2016 The number of foreign nationals working in the United Kingdom has increased by 241,000 to 3.49m in the past year, despite the Brexit vote in June which was seen by many as a referendum on migration controls. This increase was 28,000 higher than the number of UK nationals with UK jobs, which grew by 213,000 [...]
