Philip Hammond’s virtue signalling on low pay is hypocritical June 7, 2019 Philip Hammond may soon be out of a job. In fact, I would be very surprised if he remains chancellor of the Exchequer for more than a day or two after our new Prime Minister is chosen. Hammond is fond of reminding his critics that his demise has been predicted before. Yet while the Tory [...]
Dollar falls as US economy adds just 75,000 jobs in May and wage growth slows June 7, 2019 The US economy created a lower-than-expected 75,000 jobs last month and wage growth eased as Donald Trump’s trade war with China continued to bite. Job creation slowed sharply in May from the 224,000 new jobs recorded the previous month, falling far below estimates of 175,000. Read more: European stock markets bleed red as Trump takes [...]
British public’s inflation expectations hit 10-year high June 7, 2019 The British public’s expectations for inflation over the next five years has risen to the highest level in more than a decade. The Bank of England’s quarterly survey showed that the public’s average inflation expectations in five years has risen to 3.8 per cent, compared to 3.4 per cent in February. But short-term expectations over [...]
An all-out trade war with Trump is more likely by the day June 7, 2019 Donald Trump jets back home today after a predictably tumultuous week during which the US President betrayed his ignorance of the NHS, the Irish border and, more amusingly, the existence of Michael Gove. Thankfully the circus witnessed earlier in the week subsided in time for D-Day commemorations, allowing people on both sides of the Channel to [...]
ECB to keep rates on hold for at least another year June 6, 2019 The European Central Bank (ECB) will keep interest rates on hold at record-low levels until at least the second half of 2020, it said today, as it tries to spark some life into the Eurozone economy. Read more: Eurozone inflation slips to well below Eurozone target Its guidance had formerly said rates would stay on [...]
Brussels recommends crackdown on Rome over debt June 5, 2019 The European Commission (EC) has today said disciplinary procedures should be launched against Italy over its high levels of government debt. Read more: Italy could face €3bn fine over public debt The move will further inflame the row between Brussels and Rome over the issue of debt, as the Italian government seeks to cut taxes [...]
Eurozone’s ‘modest’ growth reliant on service sector June 5, 2019 The Eurozone’s private sector continued its “modest” expansion in May, aided by solid growth in services, according to the latest survey from data firm IHS Markit. Read more: Eurozone manufacturing sector shrinks for fourth straight month May’s services purchasing managers’ index – which measures the health of the sector – rose to 52.9 from 52.8 [...]
UK economy ‘close to stagnation’ despite service sector growth June 5, 2019 The UK service sector beat analysts’ expectations to reach a three-month high in May, according to survey data released today by IHS Markit and the Chartered Institute of Procurement & Supply (Cips). Read more: UK manufacturing sector shrinks to 34-month low Nevertheless, IHS Markit said the UK economy is “close to stagnation” as Brexit and [...]
Crisis-era ‘bad bank’ repays last of government loan June 5, 2019 The so-called bad bank created to take on the debts of Northern Rock and Bradford & Bingley (B&B) after the financial crisis has paid back the last of the almost £50bn used to fund the bailouts. Read more: Rothesay life buys £860m of UK ‘bad bank’ mortgage loans Treasury-owned UK Asset Resolution (UKAR) today said [...]
‘Stuck in the ice age’: Construction industry jobs fall at fastest rate in six years June 4, 2019 Britain’s construction industry suffered yet another blow in May, as the sector lost workers at the fastest rate since 2012. Read more: House building props up construction industry The sector remains in the grip of Brexit uncertainty, analysts warned this morning. This has reduced workloads and made firms reticent to replace departing staff, according to [...]
