Official data shows house prices slid into decline in September November 13, 2012 HOUSE PRICES started to slide going into September, ending a six-month run of unbroken expansion, official data revealed yesterday. The UK’s average house price slipped 0.2 per cent between August and September, the data from the Office for National Statistics showed, as even London’s housing market came under pressure. London house prices dived some 1.2 [...]
Making Mr Nice: Don’t cry all the way to the bank October 21, 2012 THE girl was clearly nervous as her job interview got underway. I asked her why Australia had such a high inflation rate and I was incredulous at her answer: “I believe it is mostly ‘imported inflation’”. I pulled a face. “Imported inflation? How could that be possible when our biggest trading partner, Japan, has a [...]
Inflation falls to lowest level in almost three years October 16, 2012 Consumer price inflation fell to 2.2 per cent in September, the lowest level since November 2009. Official figures from the Office for National Statistics said this morning that the rate of inflation fell from 2.5 per cent in August, largely due to the effects from September 2011’s utility bill rises dropping off. The ONS said [...]
Fresh wave of volatility may strike the euro October 9, 2012 C ONCERNS about Europe’s economic slowdown have put a halt to the euro’s surge upwards. Since summer lows, the single currency has risen against the dollar, recently testing the $1.30 level. But it has failed to convincingly stay above this level. In its biannual world economic outlook, the International Monetary Fund (IMF) revised its forecast [...]
EU banking report raises prospect of bailout divisions October 2, 2012 THE EU’s Expert Advisory Group, chaired by Erkki Liikanen, reported yesterday on whether to legally separate retail from investment banking – as considered by the Vickers Commission and discussed at the weekend by Ed Miliband. The Liikanen Report proposes five things. First, although the report suggests investment banking could be done within the same banking [...]
London housing market booms driving average prices upwards August 29, 2012 LONDON proved yet again to be the driving force behind a continued house price recovery in July, Land Registry data showed yesterday. With prices up 2.7 per cent in July, the London market was behind the overall 0.8 per cent increase seen across England and Wales. Downward pressure came from slipping prices in the north [...]
Fed gave $46bn half-year profit to Washington August 27, 2012 THE FEDERAL Reserve gave a boost to the government’s balance sheet in the first half of the year, according to accounts released yesterday, whose unprecedented publication came after pressure to increase transparency following the credit crunch. The US central bank generated $47.5bn profit in the six months to June, of which it gave $46.4bn to [...]
International money bolsters central London property boom August 27, 2012 INTERNATIONAL cash is flooding into the London property market, as foreign buyers capitalise on weak sterling, a report released today by Cluttons claims. The property consultants predict a 3.2 per cent annual increase in prime central London house prices, driven by cash buyers – in turn driven by the weak pound. Compared to the 2007 [...]
Firms’ demand for credit fell again in June July 24, 2012 BUSINESS borrowing slumped again in June according to industry figures released yesterday, raising more fears that there is little demand for credit and so the government’s “funding for lending” scheme, which starts next month, may not work. Net lending to non-financial businesses fell £3.2bn in June, reversing May’s £1.3bn rise, British Banking Association data showed. [...]
Fed poised to offer stuttering economy monetary support July 17, 2012 The Federal Reserve stands ready to offer additional monetary support to a US economy that has slowed significantly in recent months, Fed Chairman Ben Bernanke told lawmakers. He told the Senate Banking Committee the recovery was being held back by tighter financial conditions due to Europe’s debt crisis and uncertainty surrounding US fiscal policy. Financial [...]