The global financial crisis 10 years on: six charts that tell the story July 31, 2017 It is hard to believe but it is 10 years since the start of the global financial crisis. Triggered by a collapse in the US housing market it caused the deepest recession in living memory and the near-collapse of the financial system. Banks failed, government institutions were bailed out, stockmarkets crashed and countries had to [...]
Why interest rates predictions have suddenly shifted July 11, 2017 Pressure is building for interest rates to be raised in the UK following a surge in inflation to a five-year high. Why are there fresh calls for rate rise? The Bank of England’s monetary policy committee (MPC) is tasked with keeping inflation at around 2% in the years ahead. But the consumer prices index (CPI) [...]
Revealed: Monzo’s annual report and the 6 things we learned about the digital challenger bank July 5, 2017 Monzo has released its annual report, revealing how the fintech business is doing. Here's what we learned… 1. It's u-turning on lending Monzo told City A.M. last year that it would be concentrating solely on the current account, with no plans to expand into traditional banking products. Clearly, things have changed. It will now start [...]
Spring Budget 2017 at-a-glance guide: All of chancellor Philip Hammond’s big announcements you need to know March 8, 2017 Chancellor Philip Hammond has delivered his first (and last, thanks to a shift around in dates) spring Budget speech. But, as not everybody has the time to go back and listen to his words of wisdom in full, here's an at-a-glance breakdown of the biggest announcements you need to know: Economics, public spending and politics [...]
Here’s what the property sector is expecting in this week’s Budget – from stamp duty to landlords to luxury homes March 7, 2017 It’s that time of year again: the days are getting longer, the trees are blossoming, and the one-time-only Spring Budget is rapidly approaching – with homeowners and landlords alike steeling themselves for more punishment from the chancellor. The good news is it looks unlikely there will be much to punish homeowners or lower house prices [...]
This chart shows what’s changed since since the Bank of England began its quantitative easing programme in 2009 March 4, 2017 Tomorrow is the eighth anniversary of the Bank of England (BoE)'s quantitative easing (QE) programme and of interest rates being cut to the "emergency" level of 0.5 per cent. It also happens to be the deadline for written submission to the treasury select committee's enquiry into the effectiveness and impact of the post-2008 monetary policy. Laith Khalaf, senior [...]
Taylor Wimpey’s profit jumps over 20 per cent February 28, 2017 Taylor Wimpey left 2016 on a high, reporting this morning that its profits jumped more than 20 per cent last year. The figures Profit before tax jumped 21.5 per cent, from £603.8m in 2015 to £733.4m last year, and revenue rose 17.1 per cent year-on-year from £3.14bn to £3.68bn. Read more: Safe as houses? London [...]
Royal Bank of Scotland’s losses widen to £7bn for 2016 as mis-selling charges take their toll February 24, 2017 Royal Bank of Scotland (RBS) has announced a multi-billion pound loss for the year to the end of December due to misconduct charges and restructuring costs, making 2016 its ninth straight year of losses. The figures The 73 per cent state-owned bank posted an attributable loss of £6.96bn, after a loss of £1.98bn in 2015 due to litigation and [...]
With possible changes to the way that some defined benefit pensions are indexed against inflation, there may never be a better time to cash yours in February 22, 2017 Your gold-plated final salary pension may lose some of its shine, if the ideas put forward in a new government consultation come to fruition. In a green paper on the future of defined benefit (DB) pensions, published on Monday, the Department for Work and Pensions (DWP) discusses the option of allowing pension scheme trustees the freedom [...]
Mongolia agrees terms for $5.5bn IMF-backed loan February 19, 2017 The IMF and its partners have come to an agreement to provide Mongolia with an economic stabilisation package worth $5.5bn (£4.43bn). Rapid growth in Mongolia’s commodities sector had resulted in a fast pace of economic growth, reaching double digit figures between 2011-2013. A sharp decline in commodity prices, plus a fall in foreign direct investment, [...]