Should Philip Hammond call an early Autumn Statement? August 5, 2016 The mighty economic salvo unleashed by the Bank of England yesterday has heaped pressure onto the government to pull its weight in supporting the UK economy in the wake of the Brexit vote. Mark Carney, George Osborne, the Labour Party and a host of analysts and businesses called on the chancellor Philip Hammond to step up [...]
Carney’s Brexit bonanza sends FTSE 100 to a 12-month high August 5, 2016 Stock markets have hit their highest levels of the year on the back of the massive stimulus programme unveiled by the Bank of England yesterday. The FTSE 100 surged 0.6 per cent at the open, adding to a 100-point gain yesterday to stand at 6,780 in mid-morning trading. That took the index to a 12-month high, [...]
Recruiters say UK jobs have been in “freefall” since the Brexit vote August 5, 2016 The number of people in permanent work fell by its sharpest amount since the recession in July, it was revealed this morning. Pay rises have also ground to a halt and even the rise of temporary workers stuttered in the first full month after the referendum, the latest report on jobs from Markit and the [...]
Bank rate cut: Property investment crowned winner while savers lose out August 5, 2016 The Bank of England launched a massive stimulus package yesterday in a bid to save Britain from recession. The Bank’s monetary policy committee (MPC) voted unanimously to slash interest rates to an all-time low of 0.25 per cent. Take a look at the winners and losers of the rate cut: WINNER: Property investment The cut to interest rates is [...]
Thank Mark Carney if Britain escapes a post-Brexit recession August 4, 2016 The 0.25 per cent cut from 0.5 per cent, itself already a record low, finally came yesterday, a month later than the market had anticipated. It was the first move in interest rates by the Bank of England in seven years. I often wondered whether membership of the Monetary Policy Committee (MPC) wasn’t the best [...]
As the Bank cuts interest rates and restarts bond purchases, will it succeed in stimulating the economy? August 4, 2016 Dean Turner, UK economist at UBS Wealth Management, says Yes. With the threat of a sharp slowdown looming, the pre-emptive strike by the Bank of England with a comprehensive package of easing measures, should ease the pain. The measures were more than the markets were anticipating, as was the signal that the Bank stands ready to [...]
Randgold share price falls after it suffers “toughest” second quarter in years August 4, 2016 Shares in Randgold Resources closed down 3.84 per cent to 8,635p today, after the gold miner suffered one of its "toughest" quarters in years. The figures Second quarter profit fell eight per cent year-on-year to $49m (£37.3m) due to decreases in mining, as well as increased exploration expenditure. This came as sales rose slightly to 354.4koz from 354.8koz [...]
Carney’s monetary policy to the rescue? Let’s be honest, probably not August 4, 2016 As was expected by most market watchers, the Bank of England has reacted to the poor PMI and the weakening economic outlook since the referendum by taking several decisive actions today. However, it is right to be sceptical about the success of these measures and question whether the Bank's actions will be suited to support [...]
Before the bell: What you need to know before the US market open August 4, 2016 The Bank of England has cut interest rates and markets are loving it. Here's what you need to know before the US market open at 2:30pm London time. US stock futures are pointing up ahead of the open. The S&P is up by 0.15 per cent, the Nasdaq is up by 0.05 per cent, while [...]
Here’s how the market reacted to the Bank of England’s interest rate cut August 4, 2016 Bank of England governor Mark Carney has gone above and beyond market expectations with a massive stimulus package and taken an axe to interest rates. The Bank’s monetary policy committed (MPC) voted unanimously to lower interest rates to 0.25 per cent and extended its quantitative easing programme that will add £170bn of cash into the economy, warning growth in the [...]
