City Moves for 4 July – Who’s switching jobs? July 4, 2019 Today’s City Moves includes Taylor Wimpey, Relendex and Queensberry. Taylor Wimpey Taylor Wimpey has announced that it has appointed Irene Dorner as its new non-executive chair of the board. Irene will join as chair-designate and as an independent non executive director on 1 December. She will work closely with Kevin Beeston during a handover period [...]
FTSE 100 hits 11-month high on interest rate cut hopes July 3, 2019 The UK’s FTSE 100 stock index has hit an 11-month high today, boosted by the growing chances of interest rate cuts, a falling pound, and hopes of a resolution to the US-China trade war. Read more: Dollar falls as Fed holds interest rates but strikes dovish tone Meanwhile the pound has fallen to its lowest [...]
Mark Carney warns trade war could ‘shipwreck’ global economy July 2, 2019 Bank of England governor Mark Carney today warned that a trade war could “shipwreck” the global economy. Speaking in Bournemouth today Carney said financial markets had recently experienced a “profound transformation” driven by growing concerns over the impact of rising trade tensions and policy uncertainty. Read more: No-deal Brexit would cost UK £90bn, warns Philip [...]
Bank of England: Annual consumer credit growth slows to five-year low July 1, 2019 Consumer credit growth slowed to a five-year low in May, as shoppers showed more caution over personal borrowing when compared to the same time last year. New figures released from the Bank of England (BoE) show year-on-year unsecured consumer credit growth rose by 5.6 per cent in May, slowing from 5.9 per cent in the [...]
Industries face an existential crisis unless they adopt long-term green strategies July 1, 2019 Climate change is one topic that has managed to rise above both Brexit and the Tory leadership campaign in the news agenda. The future of the environment is an issue that affects us all, not least the City. That is why tomorrow’s Green Finance Summit is an important opportunity to bring together green leaders from [...]
Brexit stockpiling helps UK economy grow 1.8 per cent in early 2019 June 28, 2019 Brexit stockpiling gave a 1.8 per cent boost to the UK economy in the first quarter of 2019 compared to the same quarter last year, figures confirmed today. UK GDP rose 1.8 per cent in January to March compared to its corresponding 2018 quarter. That figure beat the 1.4 per cent quarterly growth between October [...]
Should 160,000 Tories choose our next Prime Minister? Yes, actually June 28, 2019 Discussing the Tory leadership election on Sky News earlier this week, host Adam Boulton asked me why the party members seemed so relaxed about Boris Johnson’s controversial private life. “Isn’t this the party of family values?” Boulton asked. It’s a fair point. Three quarters of the party’s 160,000 members believe that “young people today don’t [...]
Carney warns that Woodford-style funds are ‘built on a lie’ June 26, 2019 The governor of the Bank of England Mark Carney blasted funds like Neil Woodford’s today which he said were “built on a lie”. Woodford’s flagship £3.7bn Equity Income Fund was frozen earlier this month after it was hit by a wave of withdrawals it could not meet. Carney told MPs on the Treasury Committee that [...]
No-deal Brexit fears have increased, Bank of England governor Mark Carney warns June 26, 2019 Market expectations of a no-deal Brexit have increased over the last few months, Bank of England (BoE) governor Mark Carney warned today. The uncertainty surrounding the UK’s future relationship with the European Union is having a greater impact on businesses than before the original Brexit deadline date of 29 March. Read more: 150,000 firms not [...]
Is the financials sector priced for disruption? June 26, 2019 We think all industries are likely to be vulnerable to disruption in the coming years. We’ve seen it already in retail and media, for example, and this is likely to be a growing theme in markets for the long term. Financials, and banks in particular, are currently facing disruption to their business models. We can [...]