IFS director defends forecasts as “the best we have” while Jacob Rees-Mogg says IFS experts are “sticking finger in the wind” November 29, 2016 Economists from the Institute for Fiscal Studies (IFS) have defended their analysis of UK forecasts to parliament's Treasury select committee. Paul Johnson, director of the IFS, maintained his stance on the official data, saying the forecasts from the Office for Budget Responsibility are “the best starting point that we have”. Conservative MP Jacob Rees-Mogg, a [...]
Spitfire owner lands five new pubs and draws down £25m from lenders November 29, 2016 The brewer best known for its Spitfire ale has agreed to splash-out £12m for five high-end Kent boozers. Shepherd Neame will buy Village Green Restaurants from Alex and Helen Bensley, who run the pubs in and around the garden of England. The five premises are no slouches, raking in an average of more than a million pounds of [...]
Bank of England branded “disgraceful” for using animal fat in £5 bank notes November 29, 2016 The Bank of England has been branded "disgraceful" for using a form of animal fat, called tallow, in its new £5 bank notes. The bank admitted using the material on Twitter. Mark "Carnivore" Carney has not yet waded into a debate that is giving a whole new meaning to the term "Capitalist Pigs". Read more: Bank [...]
Investment trust winners of 2016 November 29, 2016 Investment trusts focused on Asia are on course to deliver some of the best returns in 2016, according to data for trust sectors. Investment trusts are an alternative to more commonly held open-ended funds or unit trusts, offering some advantages. This is explained here: investment trust v open-ended funds Here, we look at the [...]
UK mortgage approvals enjoyed a steady increase in October as post-referendum growth continues November 29, 2016 Mortgage approvals in the UK rose to their highest point since March 2016 as the market continues last month's growth. Approvals had fallen steadily from May until August this year. According to the Bank of England, 67,518 mortgages were approved in October – up from the 63,594 approved in September. This adds up to £12bn of [...]
The reality of starting out as a landlord: Four months of no tenants and £2,000 set-up costs November 29, 2016 It may be regarded as a money-spinning idea by some, but a new study has laid bare the challenges of being a landlord. A fifth of new property owners said they had endured four months without tenants after they bought their first properties, according to a study by the Nottingham Building Society – while 53 per cent [...]
City Moves for 29 November 2016 | Who’s switching jobs November 29, 2016 Together Specialist lender Together has appointed a new corporate development director to its commercial property team as it continues to expand. David Cunningham, who will work with clients across the north-west, joins from Secure Trust Bank. Prior to this he spent 21 years at NatWest, where he specialised in real estate finance. David, who is [...]
Bank of England official hits back at Theresa May over low interest rates November 28, 2016 Bank of England rate setter Gertjan Vlieghe has retaliated against Prime Minister Theresa May's complaint about low interest rates. May has criticised the "bad side effects" of the Bank's policy, saying in her address at the Conservative party conference that "people with savings have found themselves poorer". Read more: Major bank shares fall with shareholders stressed ahead [...]
Barclays sells more of its non-core business, but not for as much as it might have hoped November 28, 2016 Barclays announced today it has dropped yet another of its non-core assets, this time its wealth and investment management business in Singapore and Hong Kong. Barclays completed the sale of the business, which serves high net worth and ultra high net worth clients, to the Bank of Singapore, the private banking subsidiary of Oversea-Chinese Banking Corporation. The Bank of Singapore snapped [...]
Major banks’ shares fall as investors prepare for Bank of England stress tests November 28, 2016 Banks' shares were among the biggest fallers in the FTSE 100 this morning as investors brace themselves for the Bank of England's stress test results later this week. At time of writing: Shares in Royal Bank of Scotland are down 2.1 per cent at 197.3p, Barclays is down 1 per cent at 213.3p, Lloyds Banking Group is [...]