It’s time to end the cruel delusion of cheap money and reckless spending | City A.M. December 4, 2013 GEORGE Osborne will present his Autumn Statement to a country in the grip of a cruel economic delusion, perpetrated against the poor and the aspirational. Welfare states everywhere are spending chronically beyond their means while papering over the cracks with easy money. Budget 2013 forecast spending in excess of receipts of about £9bn a month. [...]
Europe hands out hefty fines to global banks December 3, 2013 THE EUROPEAN Commission is set to impose heavy fines on a number of global banks including Citigroup, Deutsche Bank and RBS later this morning, over allegations that they rigged key interest rate benchmarks. The fines could break European antitrust enforcement records and run to several hundred million euros each, based on the level of involvement [...]
Bank fears debt too high to cope with a rate hike December 3, 2013 HIGH house prices are pushing up families’ debts and mean they could be in danger when interest rates rise, the Bank of England said yesterday. The minutes of its financial policy committee’s (FPC) latest meeting show the panel of policymakers is worried that further sharp rises in prices will build up risks in banks and [...]
Autumn Statement: How it may affect your finances December 3, 2013 With interest rates already at record lows, the chancellor may have more bad news in store for savers Coverage of the chancellor’s Autumn Statement tomorrow will no doubt focus on the predictable headline-grabbers – fuel duty freezes, corporation tax changes, and heavily-trailed action on energy bills are all candidates. But for savers and investors, some [...]
Expansion in UK construction is strongest in over six years – but where are the homes? December 3, 2013 As the Bank of England pulls away the Funding for Lending Scheme (FLS) mortgage incentives the UK's construction sector has seen a huge beat. Markit's purchasing managers' index (PMI) for the sector rose from 59.4 to a staggering 62.6 in November. Analysts had expected a fall to 59.0. That's the highest level since August 2007. [...]
It’s time to end the cruel delusion of cheap money and reckless spending December 2, 2013 GEORGE Osborne will present his Autumn Statement to a country in the grip of a cruel economic delusion, perpetrated against the poor and the aspirational. Welfare states everywhere are spending chronically beyond their means while papering over the cracks with easy money. Budget 2013 forecast spending in excess of receipts of about £9bn a month. [...]
Housing supply still restricted as booming demand raises prices across the country December 1, 2013 DESPITE renewed activity in the property market, the number of houses for sale in the UK has actually fallen over the past six month, according to a new survey of estate agents and surveyors. Figures released by Hometrack today show that, in the six months to November, the supply of housing for sale fell 0.6 [...]
Letters to the Editor – 02/12 – More runways, Islands dispute, Best of Twitter December 1, 2013 More runways [Re: Our innovative Heathrow plan could expand capacity without huge costs, Friday] I think Jock Lowe’s Heathrow Hub plan is a good idea. I do, however, also think that a second runaway should be built at both Gatwick and Stansted airports. Boris Johnson’s Thames Estuary plan is not going to happen – the [...]
What you need to know before the open – 29/11 November 29, 2013 European markets saw another positive day yesterday, despite concerns over the strength of recovery in the euro area. The Dax continued to make record highs during trading. Data-wise, German retail sales missed expectations this morning, whilst UK house prices have climbed at their fastest rate for three years. French consumer spending fell 0.2 per cent in [...]
Fastest rise in UK house prices since July 2010 November 29, 2013 (Nationwide) The Nationwide UK house price index rose by 0.6 per cent in November, taking the annual rate of increase to 6.5 per cent – the biggest seen since July 2010. October's month-on-month increase was 1.0 per cent, whilst year-on-year the index rose 5.8 per cent. November's figures follow the news yesterday that the Bank [...]