Experts are vital, but so is scepticism and debate – take it from the Bank of England’s Minouche Shafik February 23, 2017 Experts have come in for plenty of stick over the past 12 months. Michael Gove’s infamous assertion during the referendum campaign that “people have had enough” of them has entered political legend. His actual quote is overlooked: he was specifically criticising experts who worked at “organisations with acronyms” and who were “consistently getting it wrong”. So, [...]
Unilateral free trade: The selfless Brexit policy that is best for everyone February 23, 2017 There is a clear ethical choice at the heart of trade policy, with direct implications for Brexit. The choice is between selfish, self-interested or selfless policies. And the counter-intuitive truth is that it is selfless policies that maximise prosperity in the long term. So what is meant by selfish, self-interested and selfless? Selfish policies are [...]
British exporters are confident ahead of Brexit as Article 50 trigger looms February 23, 2017 Confidence among British exporters has jumped ahead of the official start of the Brexit process, a new poll shows, as revised figures reveal a 4.1 per cent increase in exports boosting UK growth at the end of 2016. A balance of 43 per cent of manufacturing firms expect turnover to increase over the next year, as Britain begins [...]
Maintaining London’s euro-clearing crown is vital to EU as well as the UK, says Canada MP Mark Field February 22, 2017 London’s deep, liquid markets and the breadth of its financial and professional services mean that it stands unrivalled as a European financial centre, which is one of the reasons why it has dominated the foreign exchange market in such a decisive way. The City’s traders now sell more than twice as many euros as all the [...]
UK growth revised upwards at end of year after manufacturing boost, but weaker first quarter drags on 2016 overall February 22, 2017 The UK economy grew faster than previously thought in the last three months of 2016, with the manufacturing sector delivering a late boost to growth after a weaker first quarter. Growth for the year was revised down to 1.8 per cent from two per cent after a slower performance in the first three months of [...]
Fortunes diverge between Europe and US as euro falls to six-week lows and global stocks hit record highs February 22, 2017 The euro fell to six-week lows against the US dollar on Wednesday morning as fears of political chaos stand in contrast to continued bullishness on global stock markets, which reached fresh record highs. The euro fell to a low of $1.0498 against the dollar today, its lowest since the beginning of January, sending the dollar index [...]
Blame restrictions on the supply of land for new homes for rising wealth inequality February 22, 2017 Official data released last week on house price increases in 2016, which among other things showed the Shetland Isles as the part of the UK which posted the biggest jump in prices last year (at 26 per cent), generated a lot of interest. Given that housing represents by far the most important component of wealth [...]
Our overly centralised tax system has exacerbated the business rates debacle February 22, 2017 Business rates may not be the most captivating subject for most City PM readers. But the impact of a delayed revaluation on our shops, pubs and cafes might well be. Changes affecting the £25bn a year tax that ultimately goes to pay for social care, schools, Tube trains and roads are due to come into [...]
UK boosts position as largest investor in India as the government looks to step up trade deals outside Europe February 22, 2017 The UK boosted its position as the largest foreign investor in India among the G20 group of the richest nations, according to a new report, as the government looks to boost trade ties with the largest Commonwealth nation. Investment increased by $1.87bn (£1.5bn) over the course of 2016, according to a report by the Confederation of [...]
Uncertainty named as top challenge for UK employers ahead of triggering of Article 50 February 22, 2017 Uncertainty around the economy and politics has been cited as the top concern by British businesses despite a tightening labour market, according to a new poll. Over a third of UK businesses cited uncertainty as the main challenge to trading, according to the Recruitment and Employment Confederation (REC), ahead of the government's planned triggering of [...]
