Pound sinks as Bank of England comes closer to interest rate cut November 7, 2019 The pound fell sharply this afternoon as the Bank of England came closer to signalling an interest rate cut. The Bank’s Monetary Policy Committee voted in favour of holding rates for the 15th month in a row, but traders were surprised as two members voted for an immediate rate cut. Read more: Bank of England: [...]
Bank of England: Brexit deal and trade wars will limit UK growth November 7, 2019 Boris Johnson’s Brexit deal and global trade tensions are likely to hold back growth in the UK economy over the next three years, the Bank of England has said. British national income will be one per cent lower by 2022 than originally thought, the Bank predicted today in its quarterly deep-dive into the economy. Read [...]
General Election 2019: Sajid Javid pledges ‘new fiscal rules for a new economy’ November 7, 2019 Chancellor Sajid Javid has confirmed a Conservative government would deploy new fiscal rules to create a “decade of renewal”. Speaking from Labour safe seat Wythenshaw Javid said the 2020s would be “Britain’s best decade yet”, and confirmed the introduction of new fiscal rules, so that the government can borrow without being irresponsible. Read more: Labour [...]
City Moves – Who’s switching jobs at British Business Bank, OSTC and Fladgate? November 7, 2019 Today’s City Moves includes British Business Bank, OSTC and Fladgate British Business Bank The British Business Bank, the UK government’s economic development bank, has announced the appointment of Neeta Atkar as senior independent director to its board, effective from 16 November. Neeta steps into the role having served as a non-executive director since 2016 and [...]
Parties’ spending pledges under scrutiny on day of missed Budget November 6, 2019 Boris Johnson’s plans to increase public spending and cut taxes leave “very little scope” for meeting the Conservatives’ pledge to reduce the national debt, the Institute for Fiscal Studies (IFS) has said. Read more: UK public spending to hit 1970s levels after election, think tank says In a warning to both the Tories and Labour, [...]
Why the Bank of England should keep interest rates on hold November 6, 2019 The Bank of England must leave interest rates on hold tomorrow and resist the urge to tinker until Britain’s economy is out of the General Election and Brexit fog, City A.M.’s panel of expert economists has said. Read more: Sajid Javid delays appointment of new Bank of England governor Much has changed in British politics [...]
What happens to high yield bonds in times of market stress? November 6, 2019 The current macroeconomic backdrop is creating challenges for investors. Global growth is slower and inflation is benign. Meanwhile, central banks appear to be returning to more accommodative policies and geopolitical tensions have increased. Downturns in the business cycle, often caused by adverse economic conditions, can lead to a number of trends that are negative for [...]
SocGen profit slumps amid major restructuring November 6, 2019 Societe Generale has posted a steep drop in profit for the third quarter of this year, missing analyst expectations amid a major restructuring effort. The bank reported net profit of €854m (£734m) for the three month period, dropping almost 35 per cent when compared to the same quarter last year. Analysts expected a net income [...]
If you were chancellor, what would be in your Budget? November 6, 2019 Today was scheduled to be the first Budget of Boris Johnson’s premiership. The chancellor announced the Budget last month, saying: “This is the right and responsible thing to do – we must get on with governing.” Unfortunately, to misquote a phrase, the best-laid plans of chancellors and Prime Ministers often go awry. The Budget has [...]
Insurance industry must improve corporate culture, Bank of England warns November 5, 2019 The Bank of England sent out a warning to insurance bosses today, demanding that they improve workplace culture following a spate of sexual harassment revelations. In a “dear CEO” letter written to corporate heavyweights in the insurance industry, the Bank’s Prudential Regulation Authority (PRA) flagged recent instances of alleged abuse as of “deep concern”. Read [...]