The only way is down for UK interest rates, say City economists August 21, 2019 The UK economy is in contraction mode, but the Bank of England isn’t greatly worried. GDP fell by 0.2 per cent by the second quarter of the year as Brexit uncertainty and a global slowdown held growth back. Read more: UK economy shrinks for first time in seven years Policymakers at the BoE are reluctant [...]
UK government spending surplus shrinks in July August 21, 2019 The UK government earned £1.3bn more in taxes than it spent in July 2019, official figures showed today, a smaller surplus than economists had expected. Read more: Chancellor Javid to simplify’ the tax system in Autumn budget Analysts predicted a £2.7bn surplus in public borrowing in the first figures under new chancellor Sajid Javid, but [...]
City of London brings out new rules to tackle wind-inducing skyscrapers August 20, 2019 The Square Mile may be famed for its financial clout and history, but in recent years it has also been known for other elements: extreme wind. The City of London Corporation has become so concerned about pedestrians and cyclists being toppled over in the street by the skyscrapers that adorn its skyline that it is [...]
Give Corbyn some credit – he helped to deliver Brexit August 20, 2019 When the history books are written, Boris Johnson may well be remembered as the man who delivered Brexit. But there is someone else who would deserve almost as much credit for Britain’s departure from the EU: Jeremy Bernard Corbyn. Admittedly, Corbyn’s current role in enabling Brexit is mostly involuntary. It turns out that he is [...]
City Moves for 19 August – Who’s switching jobs at Morgan Lewis, Saranac Partners and Sativa? August 20, 2019 Today’s City Moves includes Morgan Lewis, Saranac Partners and Sativa. Morgan Lewis Morgan Lewis has appointed corporate lawyer Ayesha Waheed, who focuses on international energy and infrastructure transactions, as a partner resident in London. Ayesha has significant experience throughout Europe and in emerging markets in Africa and Asia, particularly south east Asia. She arrives from [...]
Mark Carney says negative interest rates ‘not an option’ for BoE August 19, 2019 Bank of England governor Mark Carney has said his institution will not pursue negative interest rates, a monetary policy device employed by the European Central Bank (ECB) and Bank of Japan, among others. Read more: BoE boss Mark Carney pulls out of UK-China dinner “At this stage we do not see negative rates as an [...]
DEBATE: With Greta Thunberg on a sailing trip to protest climate change, are banks taking the threat seriously? August 19, 2019 With Greta Thunberg on a sailing trip to protest climate change, are banks taking the threat seriously? Nick Jacobs, chief executive at real estate investment company Rowan, says YES. Climate change makes investment change an imperative, and the wider investment and finance community needs to take this to heart. Thankfully, the signs are that finance [...]
Bank of England boss Mark Carney pulls out of UK-China dinner August 18, 2019 Bank of England governor Mark Carney has pulled out of a dinner in the Square Mile designed to foster relations between London and China. The City of London Corporation is holding the event at Guildhall on 3 September. It will be attended by China’s ambassador to the UK, Liu Xiaoming, the Corporation’s policy chief Catherine [...]
Economy on red alert with yield curve close to inversion August 16, 2019 Both the US and UK yield curves are on the verge of inverting. The yield curve has been a reliable predictor of US recessions over the last four decades, less so in the UK. With only one exception, each time the yield curve has inverted, the US economy has entered a downturn within 18 months. [...]
London house prices continue to slide under Brexit pressure August 14, 2019 London house prices have continued their slide with a year-on-year fall of 2.7 per cent in June, figures from the Office for National Statistics (ONS) showed today. Read more: London house prices suffer worst plunge in 10 years The figure marked a slowdown from the 3.1 per cent drop seen in May, however, which was [...]