Only an election can sail the ship of state through the Brexit storms September 9, 2019 “The world is not interested in the storms you encountered, but did you bring in the ship?” So wrote the twentieth-century writer of sea stories, William McFee. While the quote has some of the barnacles of age, it’s a good challenge to those seeking to steer the ship of state. For the briefly-abated Brexit hurricane [...]
Boris Johnson’s former advisor Gerard Lyons misses Bank of England governor shortlist September 7, 2019 The former economic advisor to Prime Minister Boris Johnson has failed to make the final shortlist to become the Bank of England’s next governor. Gerard Lyons had been the favourite to take over from Mark Carney due to his personal relationship with Johnson, but the Treasury have deemed him unsuitable for the role, according to [...]
BoE’s Mark Carney says UK now better prepared for no-deal Brexit September 4, 2019 A worst-case scenario Brexit would now have a less severe effect on the economy than previously thought, Bank of England governor Mark Carney has said, although it would still take a big chunk out of UK growth. Read more: Sterling surges above $1.22 as MPs rip up Boris Johnson’s Brexit strategy This is “a direct [...]
Chancellor Sajid Javid accused of ‘kicking can down road’ over RPI verdict September 4, 2019 Sajid Javid has been accused of “kicking cans down roads” with his decision to delay plans to scrap or reform the Retail Price Index (RPI). The chancellor confirmed he would not consult on reforming or ditching the inflation measure until January 2020, and that any changes were unlikely to be made until 2025 at the [...]
UK economy close to recession after stagnant service sector data September 4, 2019 Growth in the services industry lost momentum in August, indicating an overall contraction in the economy across all sectors and a drop in GDP, leaving the UK one step away from a recession. The service sector’s purchasing managers’ index (PMI) dropped to 50.6 in August, down from 51.4 in July. Any figure under 50 indicates [...]
Sterling sinks after ‘simply shocking’ UK manufacturing data September 2, 2019 Sterling plummeted against the euro and the dollar in response to weak UK manufacturing data as economists warned “there is no clarity whatsoever” surround Brexit. Markets panicked as figures showed output from the UK manufacturing sector sank to a seven-year low in August, sending the pound down against major currencies. Read more: UK manufacturing output [...]
Facebook’s libra cryptocurrency could undermine European Central Bank September 2, 2019 The European Central Bank (ECB) has warned that Facebook’s plans to create a new currency could undermine its powers to set monetary policy. ECB board member Yves Mersch said this morning that the social media giant’s proposed currency, Libra, could potentially reduce the body’s control over the euro. Read more: What is Facebook libra? Your [...]
De La Rue replaces chairman after investor pressure September 2, 2019 Banknote and passport producer De La Rue has appointed a new chairman after months of investor pressure on its top level leadership. Kevin Loosemore, who is also chairman at struggling IT giant Micro Focus, will take up the role with immediate effect. Read more: Investor ‘threatens to oust chair’ at troubled printer De La Rue [...]
No-deal Brexit to accelerate London house price drop September 2, 2019 London house prices could sink up to seven per cent next year if no Brexit deal is reached by the 31 October deadline date, according to the latest research. If the UK exits the European Union with a deal London house prices will fall by a smaller 4.7 per cent, continuing the trend of declining [...]
Sajid Javid to meet City figures for talks on a no-deal Brexit September 1, 2019 Sajid Javid will meet key City figures tomorrow in a bid to persuade them that a no-deal Brexit could provide opportunities for businesses. The chancellor is to hold a meeting with the bosses of financial powerhouses such as Barclays, Goldman Sachs and the London Stock Exchange Group on Monday, which will also be attended by [...]