European Central Bank (ECB) keeps interest rates on hold as Super Mario prepares to update the markets April 21, 2016 The European Central Bank (ECB) has kept interest rates unchanged as its president, Mario Draghi, prepares to confront criticisms of the Bank's monetary policy this afternoon. A statement from the ECB, published ahead of a key press conference with Draghi, said: The ECB decided that the interest rate on the main refinancing operations and the [...]
Retail prices drop for 21st consecutive month, but we’re still cutting back, according to the Office for National Statistics (ONS) April 21, 2016 Poor retail figures released by the Office for National Statistics (ONS) this morning have compounded fears of a slowdown in the UK economy during the first quarter of the year. Sales dropped by 1.3 per cent in March, a much steeper fall than the 0.1 per cent which had been pencilled in by analysts. Prices in [...]
Mortgage lending rockets in March 2016 as stamp duty tax changes prompt a borrowing spree April 21, 2016 Mortgage lending ballooned in March as landlords and investors piled into the property market to beat a slew of tax changes which came into effect at the start of April. A total of £25.7bn was borrowed for home purchases in March, according to figures released by the Council of Mortgage Lenders (CML) this morning – 43 [...]
The government has already missed its deficit reduction targets as public sector borrowing comes in at £74bn for 2015/16 April 21, 2016 The government has fallen short of its target to cut the deficit – just one month after it made its latest prediction. Public sector net borrowing, the amount the government needs to borrow in order to meet its spending commitments, came in at £74bn in the 12 months to March. This was down on the £92bn shortfall recorded [...]
Here’s what to keep an eye on from European Central Bank (ECB) president Mario Draghi later today April 21, 2016 It’s decision time in Frankfurt once again. This afternoon, the European Central Bank (ECB) will announce its latest stance on interest rates and its bond-buying quantitative easing (QE) programme. It’s highly unlikely anything will change, but following last month’s awkward outing for president Mario Draghi, the style will arguably be more important than the substance. Here’s what [...]
Banking exports will pass £100bn in next decade, but government’s £1 trillion target still some way off April 21, 2016 The government will spectacularly miss its target to increase the value of UK exports to £1 trillion by the end of the decade, a new report has said, as Canada looks set to continue punching above its weight on the global stage. In a report launched today, Barclays said that the value [...]
Nearly 60,000 companies hit by National Living Wage already in “significant financial distress”, insolvency firm warns April 20, 2016 The National Living Wage (NLW) risks tipping thousands of vulnerable companies over the edge as they struggle to absorb higher staff costs, one of the UK’s leading insolvency firms has warned. More than 1.8m workers were given a pay rise on 1 April after a new minimum wage came into force, requiring employers to pay at least £7.20 per [...]
How you doing? The labour market may be stumbling, but not for everybody April 20, 2016 Economic data out this morning showed that the unemployment rate across the country was 5.1 per cent, wages grew by 1.8 per cent over the year and the number of people in work reached a new record high. But those are generalisations – the picture differs markedly across sections of the economy. So who has [...]
Unemployment numbers up and wage growth down: Why the UK labour market has started to stutter April 20, 2016 Jobs and wages figures released today raised questions over whether the UK economy could be losing steam. Analysts were quick to point to a host of factors that could be at play, as well as what the numbers mean for everything from interest rates to Brexit. The figures The headline unemployment rate came in unchanged [...]
Wage growth falls and jobless numbers climb as Britain’s jobs recovery falters April 20, 2016 Wage growth stumbled and the number of people out of work jumped in the three months to February 2016, according to numbers released by the Office for National Statistics (ONS) this morning, in a sign that the UK labour market could be losing steam. Pay packets grew by 1.8 per cent compared to last year [...]
