German central bank warns economy could already be in recession August 19, 2019 Germany’s central bank has warned that the country’s economy could already be in recession as the malaise in its industrial sector continues. Read more: German economy shrinks in second quarter as exports slump The German economy, Europe’s biggest, contracted in the second quarter due to falling exports and industrial production induced by trade tensions, a [...]
Prime Minister ‘confident’ EU will shift on Brexit August 19, 2019 The Prime Minister has said he is “confident” the European Union will shift its position on Brexit, allowing a deal to be struck before the 31st October deadline. During a visit to the Royal Cornwall Hospital in Truro, Boris Johnson told journalists he was hopeful negotiations could resume, but stressed “we will be ready to [...]
Mark Carney says negative interest rates ‘not an option’ for BoE August 19, 2019 Bank of England governor Mark Carney has said his institution will not pursue negative interest rates, a monetary policy device employed by the European Central Bank (ECB) and Bank of Japan, among others. Read more: BoE boss Mark Carney pulls out of UK-China dinner “At this stage we do not see negative rates as an [...]
Caution over major purchases as uncertainty dents UK economy August 19, 2019 Consumer appetite for major purchases fell at the second-fastest rate in almost two years during August, as Brexit uncertainty and fears of an economic slowdown held back spending. IHS Markit’s monthly household finance index dipped to a three-month low after reporting the second-sharpest drop in demand for major purchases since September 2017. Read more: Retailers [...]
Malaysia offers UK post-Brexit trade deal on palm oil ‘rethink’ August 19, 2019 Malaysia’s government has offered the UK a post-Brexit trade deal, with improved terms – but only if the country rethinks “the European Union’s misguided policy on palm oil”. Writing in Bloomberg, Malaysian Prime Minister Mahathir Mohamad claimed the EU’s 2017 decision to phase out and ultimately ban biofuels made from palm oil was not based [...]
Downing Street ramps up election prep as Corbyn throws down gauntlet August 19, 2019 Boris Johnson’s team within Downing Street is ramping up preparations for a general election, as Jeremy Corbyn today pledges to make a second referendum part of his campaign. Government advisers have been tasked with producing ideas that can be taken forward during a general election, according to the Guardian. At a meeting on Friday, Johnson’s [...]
‘Dearth of supply’ sees London office vacancies drop to lowest level since 2007 August 19, 2019 A supply starved market and weakened investment has led to vacancy rates in London offices falling to their lowest level since 2007, a new report has found. The amount of available office space in London has fallen 19 per cent over the past year, with vacancies in the City dropping 27 per cent, according to [...]
A brief lesson in governments of national unity, and why they won’t solve Brexit August 19, 2019 A struggling pound, a Labour leader at odds with his backbenches, and a government trying to pursue multiple contradictory aims. It may sound like last week, but it was in fact the state of things in 1931. The answer, echoed by some today, was a government of national unity – elements of the three main [...]
Sales tick up as pre-Brexit buying spree gives summer boost to housing market August 19, 2019 Househunters hoping to lock in a deal ahead of the government’s Brexit deadline have driven a surprise buying spree this summer, giving life to the property market’s quietest season of the year. Agreed house sales in August rose 6.1 per cent from the same month in 2018, rising to the highest level at this time [...]
Downing Street rejects leaked no-deal Brexit chaos claims August 18, 2019 Downing Street has insisted that Whitehall reports predicting chaos and disruption in the event of a no-deal Brexit were outdated, as Boris Johnson dashes to meet EU leaders for last-minute talks next week. Claims made within the leaked dossier, codenamed Operation Yellowhammer, predicted food, fuel and medicine shortages in a no-deal exit. Read more: Food, [...]