What you need to know before the open May 7, 2014 With the situation in Ukraine deteriorating, global markets are finding it difficult to push higher. The improvement in economic data from Europe yesterday was paired with the OECD slashing its forecast for the Russian economy. And that’s been followed this morning with some less-than-impressive services data for China, which makes it look less likely the [...]
House supply shortfall set to push prices higher May 1, 2014 HOUSE prices are now surging upwards at double digit rates across the country, as a Bank of England deputy governor indicates that the climb is set to continue. Sir Jon Cunliffe’s speech in London yesterday suggested that the lack of houses and ongoing recovery could continue to push prices up. “There is good reason to [...]
Business lending falls at sharper rate despite continuing recovery May 1, 2014 THE BANK of England announced yesterday that business lending is still declining, and more quickly than in earlier months. Net lending to the UK’s non-financial firms dropped by £2.3bn between February and March, the fastest fall since November. The continued decline in lending to companies comes despite solid economic growth in the first quarter of [...]
What you need to know before the open April 30, 2014 A slightly lower open is expected in Europe this morning, as earnings results continue to come in and investors look to economic data from both sides of the Atlantic. Growth data from the US could well show a weaker number after the freezing winter, and after that we’ve for the Federal Reserve’s rate decision. A [...]
UK banks face tough tests to prove their resilience April 29, 2014 BRITAIN’S biggest banks must be able to cope with a housing crash of the type seen in the 1980s, under a trial set up by the Bank of England to make sure the system is strong and safe. The fictional crisis scenario would see the economy shrink by 3.5 per cent, unemployment soar to nearly [...]
Mortgage borrowers now face tougher questions on finances April 28, 2014 HOME buyers will have to show they can cope with a rise in interest rates when applying for a mortgage, under new rules introduced over the weekend. The City watchdog hopes households will be protected from losing their homes if interest rates rise, and lenders will only give out higher quality loans. Self-certified loans are [...]
Cost of moving in London soars above £20,000 April 21, 2014 LONDONERS are shelling out over £20,000 on average to move house, according to research released this weekend, with the cost of moving rising by nearly £3,000 between 2012 and 2013 alone. The report by Lloyds Bank shows that the average cost of moving house in London ran to £20,825 in 2013, more than double the [...]
Persimmon says house demand is up across UK April 16, 2014 HOUSEBUILDER Persimmon said yesterday that demand for new houses continued to strengthen, helped by government intervention to help first-time buyers. Persimmon, which builds homes across the country apart from central London, said its new financial year had started well, with private sale rates per site up 25 per cent in the first 15 weeks of [...]
Letters to the Editor – 17/04 – Pensions tax, Inflation, Best of Twitter April 16, 2014 Pensions tax [Re: How Britain can rebuild welfare with the power of individual contributions, yesterday] Here we go again. Bash higher rate tax relief for private pensions. What are we going to do about public sector pensions? Of course, it’s easier to have a go at the private sector, which is already subject to all kinds [...]
What you need to know before the open April 16, 2014 European bourses are expected to open higher today. After a very choppy day yesterday, US markets closed up, despite Russian claims that Ukraine’s “close to civil war”. Weak GDP data from China – growth slowed to 7.4 per cent in the first quarter – could add jitters to markets, though, but there's also UK unemployment [...]