We’ve already spent more via contactless than in all of 2015 August 22, 2016 People are swiping their card rather than splashing the physical cash these days as new figures reveal payments made with contactless technology have already overtaken the amount spent in the whole of 2015. Just over £9bn was spent using contactless in the first half of the year compared to £7.75bn in the the entire of last year, the new [...]
Study shows low market volatility leads to banking crises August 22, 2016 Beware the calm before the storm. A new report has found periods of low volatility in the financial markets increase the chance of a banking crisis. Researchers from the London School of Economics (LSE), the University of Chile and the US Federal Reserve studied more than 200 years of economic history across 60 countries, finding spells of more predictable [...]
New poll claims the skills shortage is crippling the construction industry August 22, 2016 The skills shortage in the construction sector is at “breaking point” according to a new survey of project managers and contractors. Six in ten senior decision-makers in the industry said they believed the quality of their work was suffering due to a lack of experienced staff, while one in ten said low supply of skilled [...]
Brexit and Trump fears push supply chain risk index to three-year high August 22, 2016 Geopolitical risks have spiked to their highest level for three years, threatening to cause widespread disruption for firms that ship goods and people around the world. A quarterly monitor of "supply chain risk", which charts the potential for economic and political threats to upset worldwide trade, has climbed off the back of the UK's vote [...]
Keep calm and carry on: City giants play down Brexit hit August 22, 2016 The City's top financial services firms are keeping calm and carrying on in the face of the UK’s shock vote to leave the European Union, according to new research from accountancy giant EY published today. After tracking every public statement from 232 banks, insurers, asset managers, fintech firms and private equity houses since the vote, [...]
Janet Yellen to talk interest rates and Fed shake-up at Jackson Hole August 21, 2016 The Federal Reserve's No. 2 ratesetter has signalled the US economy should prepare for a rate rise in the near future, as Janet Yellen gears up to make a key intervention at the annual central bankers' gathering at Jackson Hole, Wyoming. Stanley Fischer, vice chairman of the Fed said this afternoon he believed the US would [...]
Recession risks fade on upbeat post-referendum data August 21, 2016 Economists believe the chances of the UK economy slipping into a post-referendum recession have slipped, following a steady stream of upbeat economic data. Figures out early last week, compiled before a raft of bumper employment and retail sales statistics had been released, showed the consensus estimate for the UK economy was a 1.6 per cent [...]
Sterling slides as nervy traders cash in August 19, 2016 The pound has tumbled against both the dollar and the euro this afternoon, dampening an otherwise strong week for the currency. After strong post-referendum inflation and retail sales figures had put some steam behind sterling on Wednesday and Thursday, traders started to reassess the dizzying heights of $1.31 and €1.16. Against the US dollar, the pound lost [...]
Top ONS economist: Brexit recession still possible August 19, 2016 The top economist at the Office for National Statistics (ONS) has warned it is too early to rule out the prospect of a recession, despite a flurry of strong post-referendum indicators. Joe Grice, ONS chief economist told Bloomberg this morning there were still too many pieces of the puzzle to put together and would not like to [...]
Public finances falter following EU referendum August 19, 2016 Government income shrunk in July with tax receipts missing expectations in the first sign of a post-referendum hit to the public finances. The government ran a surplus of £977m in July, according to figures published this morning by the Office for National Statistics (ONS), though this was down on predictions for a £1.9bn windfall and [...]
