As the Federal Open Market Committee meets, is the US economy ready for higher interest rates? March 15, 2017 Shaun Richards, an independent economist, says Yes. The situation facing the United States has two major features. The most immediate one is the rise in inflation, with the consumer price index rising by 2.5 per cent on a year before in January, and the personal consumption expenditure method rising by 1.9 per cent. These are [...]
Now “gallant George” Osborne has ridden to Charlotte Hogg’s defence March 14, 2017 Former chancellor George Osborne has taken time out from his newly-established portfolio career to wade into the debate about Charlotte Hogg, the now ex-Bank of England deputy governor for markets and banking. Hogg, who came under fierce criticism last week when it emerged that she had forgotten to add her banker brother's name to her official list of [...]
Banking pressure group, the British Bankers’ Association, plans to lobby the EU27, arguing a strong UK financial sector post-Brexit benefits everybody March 14, 2017 The UK's pressure group for the banking industry is pulling together plans to lobby the EU27 for a Brexit deal that will benefit all involved, just days before Prime Minister Theresa May is expected to pull the trigger on Article 50. The British Bankers' Association (BBA) has signed up an army of experts to draft plans to persuade [...]
Does the FTSE 250 really reflect British economic health? March 14, 2017 In the first of an occasional series focusing on ‘untrue truisms’, we look at the commonly-held view that the FTSE 250 index is a better indicator of the UK’s economic health than the FTSE 100 Forget the ‘FTSE 100’ stock market index of the UK’s very largest companies – it is the next block [...]
Charlotte Hogg resigns as Bank of England deputy governor after conflict of interest row March 14, 2017 Charlotte Hogg has resigned from her position as deputy governor of the Bank of England after a report by MPs said her competence "falls short of the very high standards required to fulfil the… responsibilities" of deputy governor of the Bank of England. In a statement today the Bank of England said it had accepted her resignation, [...]
Charlotte Hogg resignation: The Treasury will look for two people to replace her March 14, 2017 The Treasury will split Charlotte Hogg's role in two when it seeks to replace her, City A.M. understands. Hogg, who had just taken on the job of the Bank of England's deputy governor on top of her role as its chief operating officer, resigned today after it emerged she had failed to disclose her brother's job [...]
Charlotte Hogg’s resignation letter to the Bank of England in full March 14, 2017 Charlotte Hogg has resigned from the Bank of England after the Treasury select committee said her failure to inform the Bank about her brother's job meant she was not competent to be deputy governor. Here's her resignation letter to Bank governor Mark Carney and chair of the Bank's supervisory Court in full: Dear Mark [...]
Britain’s growth prospects upgraded by the British Chambers of Commerce (BCC) March 14, 2017 The UK economy has received another forecast upgrade as the British Chambers of Commerce (BCC) becomes the latest to predict growth will be faster than previously expected this year. The economy will expand by 1.4 per cent this year, the BCC says, faster than the 1.1 per cent rate predicted in December. The upgrade in [...]
Why markets are so calm about the coming triggering of Article 50 March 13, 2017 Brexit is back and this time it looks for real. The UK government’s decision to trigger Article 50 imminently means the start of official negotiations with the European Union on the exit plan. But while financial markets remain cautious, the tension seems to be less as compared to the 23 June referendum vote. There are [...]
HSBC share price rises as AIA head Mark Tucker confirmed as new chairman March 13, 2017 Hong Kong-listed shares in HSBC have risen as markets greet the announcement of Mark Tucker as its new chairman. Shares on the Hang Seng index rose by 2.06 per cent at the time of publication, ahead of markets opening in London, where HSBC is also listed. The stock subesquently rose 1.2 per cent at the open [...]