Improved fiscal outlook for the chancellor as he prepares the Spring Budget February 20, 2017 The Office for Budget Responsibility (OBR) is expected to provide some “fiscal cheer” for the chancellor, with a forecast showing greater growth for the economy and lower borrowing costs. According to the Ernst & Young ITEM Club, forecasted GDP figures for 2017 are expected to be revised upwards, from 1.4 per cent to 1.6 or 1.7 [...]
No transition deal for UK’s clearing houses post-Brexit will hurt the other EU member states February 20, 2017 A transition deal for clearing in the UK must be decided on as soon as possible, or EU economies and banks will take a hit, a report out today is warning. The International Regulatory Strategy Group (IRSG), which carried out the study and is a regulatory advisory body for the City of London Corporation and [...]
Entrepreneurs remain optimistic after strong growth February 20, 2017 The UK’s entrepreneurs remain optimistic about business prospects, following a period of strong growth. In a poll conducted by Ernst and Young (EY), 69 per cent of entrepreneurs reported an increase in profits in the last 12 months, with 38 per cent experiencing double-digit growth. That positive trend looks set to continue, despite any recent [...]
Retail sales fall during January as economists expect inflation to drag further on spending February 17, 2017 Retail sales grew at the slowest pace in more than three years, with economists pointing to inflationary pressure starting to weigh on consumer spending. Sales fell by 0.3 per cent month-on-month during January, with 1.5 per cent annual growth the slowest since November 2013, according to the Office for National Statistics. Sales also declined quarter-on-quarter, [...]
Brit premiums fall in the face of increased competition and downward pressure on rates February 17, 2017 Insurance firm Brit said it had weathered a tough year and was confident changes and initiatives would enable the firm manage market headwinds. The figures Gross written premiums fell from $2.0bn (£1.6bn) to $1.9bn, a decrease of 2.3 per cent on a constant exchange rates basis. Net earned premium decreased by 6.1 per cent to [...]
Inflation: How far will UK consumer prices rise this year? February 14, 2017 Inflation has already hit a 31-month high, but economists are almost universally predicted a steep rise in consumer prices over the coming year. The Bank of England (BoE) expects consumer prices to rise to 2.7 per cent by the end of this year, but other economists think that might be at the more conservative end [...]
“Really, is that it?” – reactions to the government’s housing white paper February 7, 2017 In the year that the US President signed an executive order to build a wall, UK politicians got together to write a housing paper that was lacking in concrete ideas. There were some general indicators of where the government is going on housing, however. Here's how the property industry reacted: On the lack of content [...]
British smokers are switching to e-cigarettes faster than anyone else in Europe February 6, 2017 Britons are switching from cigarettes to electronic alternatives faster than anyone else in Europe. Since 2013, one person has switched from traditional smoking to so-called vaping every four minutes in the UK, according to new research from EY. And now more than 2m British people vape, a total of 4.2 per cent of adults. By contrast, the [...]
City Moves for 26 January 2017 – who’s switching jobs? January 26, 2017 Today's City Moves cover a challenger bank, one of the best-known social media management platforms and a law firm. Take a look at these movers and shakers: Hampshire Trust Bank Chris Forsyth has been appointed as chief operating officer at Hampshire Trust Bank. In his executive role at the specialist challenger bank, which focuses on [...]
London must lose clearing crown after hard Brexit, warns BlackRock boss January 24, 2017 London will not be able to play a central role in the core functions of European financial markets like clearing in the event of a so-called hard Brexit, the vice chairman of the world’s largest asset manager has warned. BlackRock's Philipp Hildebrand suggested at the European Financial Forum that the UK cannot “have the cake and [...]