Brexit: Theresa May is losing the confidence of colleagues as negotiations stall, says ex-minister October 18, 2018 Prime Minister Theresa May is losing Cabinet members’ trust in her ability to reach a Brexit agreement, a former minister claimed today, accusing both the UK and EU of secretly hoping for a no-deal scenario. May and her EU counterparts are running down the clock towards a no-deal Brexit, said Tory MP Nick Boles, who [...]
Bank of England talks with EU continuing as it urges no-deal Brexit preparation October 17, 2018 A top Bank of England official today said talks are continuing with EU regulators to try to persuade them to allow British clearing houses to serve clients on the continent as he warned that job losses in the City will be larger than 5,000 expected by “day one” of Brexit. Sir Jon Cunliffe said that [...]
Bank of England warns on boom in lending to indebted firms October 17, 2018 The growth of new lending to already debt-burdened borrowers has parallels to the subprime mortgage boom which ended with the global financial crisis, according to minutes from a discussion by Bank of England’s top financial stability policymakers. Minutes published today from the financial policy committee (FPC) showed that members, who include Bank of England governor [...]
London house prices dip as growth slows to five-year low October 17, 2018 House prices growth in August dropped to its slowest annual rate in more than five years, as London's subdued housing market dragged down average property prices. New Office for National Statistics (ONS) data out today show house prices climbed 3.2 per cent in the year to August, marking the slowest pace of growth since August 2013. [...]
Sterling falls on weaker UK inflation data as food and drink prices drop October 17, 2018 Inflation slowed in September as the prices of meat and chocolate fell, the first fall in the price of statisticians' basket of goods since April. Consumer price index (CPI) inflation fell from 2.7 per cent in August to 2.4 per cent in September, the Office for National Statistics (ONS) said today. The relatively steep fall [...]
Digital bank Oaknorth hires ex-Bank of England director October 16, 2018 Challenger bank Oaknorth has hired former Bank of England director Martin Stewart to join its advisory board. Working with the fintech as an independent adviser, Stewart was previously the director of banks, building societies and credit unions at the Bank of England. Oaknorth said it hopes that by bringing Stewart on board, it can better serve [...]
DEBATE: Should the government set guidelines on meat consumption to combat climate change? October 16, 2018 Should the government set guidelines on meat consumption to combat climate change? Ben Glover, a researcher at Demos, says YES. Last week, the UN’s IPCC warned that to avoid disastrous levels of climate change we must make “unprecedented changes in all aspects of society” – including cutting meat consumption. That’s because livestock counts for about [...]
Brexit: 23 answers to investors’ questions October 16, 2018 The UK’s scheduled departure from the EU is fast approaching. Many observers are hopeful for an orderly withdrawal. But plenty of potential pitfalls between now and Brexit-day which could result in a chaotic divorce. The only near-certainty at present is that the UK will cease to be a full member of the EU on 29 [...]
Mortgage approvals to first-time buyers hit highest level in more than a year October 16, 2018 The number of first-time buyer mortgage approvals hit 35,500 in August, reaching the highest level in more than a year. The figure was two per cent more than the previous month and peaked at the highest number since June 2017, according to UK Finance's Mortgage Trends Update. Read more: Foxtons closes flagship Park Lane office New lending to [...]
Europe’s banks are right – the EU must act to avoid a Brexit cliff edge disaster October 16, 2018 Retail king Lord Wolfson raised eyebrows at the weekend when he insisted that a no deal outcome to Brexit talks “would not be a disaster”. The Next boss was referring to the overall effect on trade and, politically, he articulated his point well – you have to be prepared for no deal in order to [...]