Outlook 2020: Global economy December 16, 2019 The global economy should perform better in 2020, underpinned by a US-China trade truce and lower interest rates, Schroders’ chief economist Keith Wade explains. We recently upgraded our 2020 global growth forecast to 2.6 per cent, due to prospects of a “phase one” US-China trade deal and lower US interest rates US interest rate cuts [...]
Moody’s downgrades outlook for global banks December 5, 2019 The outlook for global banks has been slashed by credit ratings agency Moody’s. Weakening economic growth, low interest rates and more volatile operating conditions will increase the credit challenges for lenders across the world, Moody’s Investors Service said in a report published today. The agency cut its outlook from stable to negative. Read more: Metro [...]
Moody’s downgrades outlook for UK banking system December 3, 2019 The UK banking system’s outlook has been downgraded by credit ratings agency Moody’s, after it cited a swathe of challenges facing lenders in the year ahead. Flagging the persistently low interest rate environment and a competitive mortgage market, Moody’s is forecasting a modest slide in profitability. Read more: Carney appointed UN climate envoy The agency [...]
General Election 2019: What we know about the Conservative Party manifesto November 22, 2019 This weekend the Conservative Party manifesto is expected to launch ahead of the general election on 12 December. Jeremy Corbyn unveiled Labour’s manifesto on Thursday following on from announcements by the Lib Dems and Green Party earlier this week. The Brexit Party is due to reveal its policies later today. It will leave just the [...]
Three problems at the top of new RBS boss Alison Rose’s to-do list November 1, 2019 Alison Rose begins life as the new boss of RBS today with her work cut out for her. In a letter to staff this morning, the RBS lifer set out her commitments, which included “a clear focus on shared success” and “investment in people”. But as the firm’s recent quarterly financial results demonstrated, there is [...]
‘Legitimacy crisis’: Bank of England needs new policies and more transparency, says report October 22, 2019 The Bank of England needs major reform to maintain the public’s trust, including the creation of a credit policy and a new approach to choosing the next governor, research and campaign group Positive Money has said. Read more: Bank of England’s Mark Carney defends move not to publish governor shortlist However, some economists have pushed [...]
UK consumer credit growth slows to five-year low September 30, 2019 British customers increased their borrowing at the slowest rate since 2014 in August, official statistics showed today, in a sign that Brexit uncertainty is weighing on consumer confidence. Read more: Pound staggers as Bank of England hints at interest rate cut The annual growth rate of lending to British consumers continued to slow in August, [...]
US Federal Reserve cuts interest rates by a quarter point September 18, 2019 The US Federal Reserve has cut interest rates for the second meeting in a row amid concerns about a global economic slowdown, in a move which was largely expected by economists. The central bank lowered its main federal funds target rate by 25 basis points (0.25 percentage points) to between 1.75 and two per cent, [...]
UK house prices rise at fastest rate since April, finds Halifax September 6, 2019 UK house prices climbed 1.8 per cent higher in August compared to the same time last year, Halifax’s House Price Index revealed today. That is the fastest rate of growth since April’s 2.6 per cent increase, Halifax’s figures showed. However, revisions to modernise Halifax’s measure means previous lofty growth of 4.1 per cent in July [...]
Co-op Bank narrows losses but warns over mortgage competition August 8, 2019 The UK’s Co-operative Bank cut its losses in the first half of the year but said “margin headwinds” due to mortgage competition were holding it back. Read more: Metro Bank share price plummets in wake of profit drop The figures Co-op Bank made a statutory pre-tax loss of £38.5m in the first half, its interim [...]