Tech-tastic: May pledges billions to support tech champions as she fleshes out industrial strategy November 21, 2016 Prime Minister Theresa May will reveal details of her government’s flagship industrial strategy at a conference of business leaders today, promising billions in extra funding and potential tax breaks for a range of sectors. While insisting her plan is “not about picking winners”, she will identify several technology-related areas in the UK that the government [...]
UK government borrowing could overshoot forecasts by £7.5bn this year owing to Brexit and reduced tax revenues November 20, 2016 UK government borrowing could overshoot forecasts by as much as £7.5bn this year, as reduced tax revenues and the vote to quit the European Union threaten to leave chancellor Philip Hammond with less room for manoeuvre in his first Autumn Statement on Wednesday. The Office for Budget Responsibility could be in line to slash its [...]
Consensus of economic forecasts shows inflation is back, says chancellor Philip Hammond November 20, 2016 Chancellor Philip Hammond has declared: "It's clear that inflation is back." Speaking on ITV's Peston on Sunday, Hammond said: "We have to wait and see what inflation figures look like when we get the OBR's report on Wednesday, but I think looking at the consensus of forecasts, it's clear that inflation is back." "That is hopefully a [...]
Lo-sers: Sterling and the FTSE 100 both fell today as the dollar strengthened November 18, 2016 It's been a quiet day on the markets – but that didn't stop the pound and the FTSE 100 both losing ground as the dollar continued to climb. Sterling was 0.7 per cent lower at $1.2323 in late afternoon trading, and 0.3 per cent lower against the euro at €1.1647. To be fair, that was an improvement [...]
Ben Broadbent: The weak pound and higher import prices will dampen wage growth – but the Bank of England can fix it November 18, 2016 UK workers' wages are at risk as a result of weaker sterling, the Bank of England's deputy governor warned today. In a speech at the Society of Business Economists' annual conference, Ben Broadbent said the pound's fall against the dollar and the euro meant UK consumers face a long period of higher import prices. Without a [...]
Editor’s notes: Whatever your view of him, Farage should sit in the House of Lords November 18, 2016 There are many ways to get a peerage these days. You could conduct a white-wash inquiry into the Labour party’s problem with emboldened anti-semites; you could bounce from quango to quango until a seat on the red benches is the next logical step; you could donate to a political party; or you could have the [...]
Let’s leverage Britain’s heritage as a great trading nation to lead the world in free trade again November 17, 2016 Britain has a trading legacy that few countries can rival, for hundreds of years sitting at the heart of global maritime trade, with our ports serving as a marketplace for the world. To many, this is just a legacy, alongside other traditional British hallmarks such as bowler hats and red phone boxes. But the truth [...]
Defiant Janet Yellen confirms she will stay until 2018 and defends Dodd-Frank while saying interest rate rise will come “relatively soon” November 17, 2016 Janet Yellen today confirmed she will serve her full term until 2018 as chair of the Federal Reserve, while readying markets for an interest rate rise to come "relatively soon". In testimony to the Joint Economic Committee in Washington, Yellen also strongly defended the US Dodd-Frank Act, which President-elect Donald Trump has repeatedly promised to repeal. On the [...]
Petrol pumps US inflation slightly higher in October November 17, 2016 US inflation increased slightly in October to reach 1.6 per cent year on year, continuing a steady upward trend in the second half of the year. Inflation increased by 0.1 per cent, with petrol prices and housing making the largest contributions. The overall energy sector increased 3.5 per cent, its largest increase since February 2013, [...]
The Federal Reserve’s Janet Yellen will discuss Trump for the first time today as investors look for clues of multiple interest rate rises November 17, 2016 US Federal Reserve chair Janet Yellen will today speak publicly for the first time since the shock election of Donald Trump as President, as investors predict a December interest rate rise. Investors will be listening closely to her testimony to the Joint Economic Committee (UK 3pm/10am EST) for further clues to a widely expected interest [...]
