Plastic tenner: You’ve got less than a week to spend your old paper £10 notes February 24, 2018 Time to get shopping: there’s now less than a week to go until the paper £10 note is no longer legal tender. The Bank of England has said the old tenner, which features Charles Darwin, will officially have its legal tender status withdrawn as of one minute before midnight on 1 March. The Bank earlier [...]
Editor’s Notes: MPs should summon the hedge funds if they want to understand Carillion, Carney’s catty comment and RBS’s robot February 23, 2018 In their quest to find out what happened to doomed outsourcing giantCarillion, MPs are asking the right questions but they’re not necessarily addressing them to the right people. This week the committee investigating Carillion’s collapse grilled accountancy firms KPMG andDeloitte, but while the beancounters can provide valuable insight into the final hours of Carillion’s life, [...]
Cryptocurrencies and blockchain technology to face probe by UK’s Treasury Select Committee February 22, 2018 The Treasury Select Committee will today launch an inquiry into cryptocurrencies like bitcoin and distributed ledger technology as it aims to walk the line between regulating digital currencies and supporting innovation. MPs will examine the role of digital currencies in the UK, including the risks they pose to consumers, business and the government. They will [...]
Bank of England bosses say wage data is “key” for next interest rate rise but markets are now in line February 21, 2018 Markets have woken up to data showing rising inflationary pressures from wage growth and expectations of interest rate rises are now in line with what the Bank of England forecasts, according to governor Mark Carney. The Bank today reiterated its message from a fortnight ago that interest rates will have to rise sooner and faster [...]
Why we aren’t too worried about rising bond yields February 21, 2018 The market was spooked by the recent rise in bond yields as data implied that US interest rates could rise at a faster pace than expected. We expect a positive repricing of bonds. The recent move higher in global bond yields has to be viewed in the context that last year was probably the least [...]
Lloyds Bank profits jump despite increased PPI bill February 21, 2018 Lloyds Bank annual profits leapt by almost a quarter despite a jump in PPI payouts. The figures Net interest income rose eight per cent to £12.3bn while operating costs were one per cent higher at £8.2bn. Lloyds’ provision for PPI rose from £1bn to £1.7bn. Profit before tax was £5.3bn, up 24 per cent. Dividends [...]
Inflation pressures remain on Briitsh households as living costs rise at fastest pace in a year February 19, 2018 Living costs for Britons rose at the fastest pace in a year in February as the inflationary pressure continues to squeeze household finances, according to a closely followed survey. UK households’ finances deteriorated at the fastest space since July, according to IHS Markit, with its index falling to 42.2 from 42.9 in January, well below [...]
Bank of England governor Mark Carney says these are the three things all good leaders must do February 19, 2018 The Bank of England governor Mark Carney today said leaders must do three things to be a success: find and develop the right people, set priorities and catalyse action. Speaking at Regent’s University London today, Carney said tonight: “Of these, arguably the most important is focusing on finding and developing the right people.” “Developing the [...]
The risers and fallers of London boroughs ranked on house price growth as wider UK demand remains robust February 19, 2018 Housing demand remains resilient fuelling "cautious optimism" among new sellers in most regions of the UK, according to a new report fromRightmove. Average asking prices were up by 0.8 per cent (£2,414) this month, with all regions but one recording the price of newly-marketed property rising this month. The south west was "a very marginal [...]
Retail sales figures reveal the depth of Britain’s economic uncertainty February 19, 2018 A debate which appeared all but settled at the tail end of 2017 is steadily reopening. The question of whether Britain’s economy will expand more this year than it did last year is looking increasingly finely balanced. Just a few months ago, the Office for Budget Responsibility (OBR) cut its annual economic growth forecasts for [...]