Will Hammond’s Autumn Budget help the government hit its target of delivering 300,000 new homes a year? October 30, 2018 Buoyed with revised forecasts from the OBR, the chancellor certainly had more wiggle room on Budget day than many expected, but there are questions over how his Despatch Box announcements will impact on the delivery of much needed new housing. An extension (albeit a temporary one) of Help to Buy and the roll-out of backdated [...]
EU says European firms can still use UK clearing houses in no-deal Brexit October 30, 2018 EU banks and companies will be able to access UK clearing houses for a limited time in the case of a no-deal Brexit, it has been confirmed. Valdis Dombrovskis, vice-president of the European Commission, made the pledge after months of lobbying from companies urging for the rules stopping them using the institutions if the Brexit [...]
Consumer credit growth stutters to three-year low as UK house purchases fall back October 29, 2018 Consumer borrowing grew at its lowest rate for three years last month after car sales dropped 20 per cent, the Bank of England revealed today. The annual growth rate of consumer borrowing hit 7.7 per cent last month, the lowest it's been since June 2015, and far below the 10.09 per cent growth rate in [...]
Looking back on my year as lord mayor, I am fully optimistic about London’s future October 29, 2018 As I approach the end of my year as lord mayor, the pace of activity across the City is accelerating rather than slowing down This week, the governor of Tokyo will visit the Square Mile, further strengthening ties with our Japanese friends after my trip earlier this year. This visit follows the Dutch King and [...]
The City helps fuel economic growth right across the country, so be wary of those who want to clip its wings October 28, 2018 One of the most pernicious elements of Labour's current economic platform is the idea that the City is entirely distinct from (and damaging to) the so-called real economy. Jeremy Corbyn and John McDonnell's stump speeches routinely contain attacks on predatory bankers, fat-cats and financial speculators. The labour leader also seems to have a personal vendetta against [...]
Market falls: cause for alarm or calm? October 26, 2018 Stock markets globally have been falling since the end of September. Economic worries including a potential trade war between the US and China, currency crises in Turkey and Argentina, debt problems in Italy and rising interest rates have seen stocks globally begin to fall from record highs. As the chart shows, since 31 August emerging [...]
Singaporean developer snaps up City tower in £385m deal October 26, 2018 Singaporean-listed City Developments Limited (CDL) has acquired a 26-storey tower overlooking the Bank of England for £385m from Blackstone Group. The deal, announced today, represents one of the largest single asset sales in the City of London this year. The property at 125 Old Broad Street occupies a site of 0.7 acres directly overlooking the [...]
Deutsche Boerse steps up clearing battle with London October 25, 2018 Deutsche Boerse has stepped up its challenge to the Square Mile by expanding its clearing house partnership, as rival cities bid to replace London as Europe’s financial capital after Brexit. The London Stock Exchange Group’s LCH is currently Europe’s hub for clearing euro-denominated derivatives – used by firms to balance risk – and has become [...]
Chris Tremlett: Sri Lanka series win heightens England’s healthy selection headache ahead of the World Cup October 24, 2018 The subcontinent is a difficult place to go and win matches, regardless of the opposition, so England will be delighted with their 3-1 one-day international series victory over Sri Lanka. Monsoon season hasn’t helped, but in between the showers England have put in some really good performances. They lost the final ODI by a record [...]
No-deal Brexit would hit house prices – but not as hard as the financial crisis, says Moody’s October 24, 2018 UK house prices could tumble in the event of a no-deal Brexit, but would not fall as far they did during the financial crisis a decade ago, rating agency Moody’s said. There would be “outright declines in house prices nationally” if Britain crashes out of the European Union without a deal next March, analysts said. [...]