Bank of England minutes: Strong pound risks exacerbating deflation March 18, 2015 Bank of England policymakers think the strong pound could exacerbate the current period of low inflation. Minutes released today showed the monetary policy committee believes divergent monetary policy trends, and a strengthening economy, could cause the pound to appreciate further. "This has the potential to prolong the period for which consumer price inflation would remain [...]
House prices near Crossrail stations have risen as much as 82 per cent since it was announced March 18, 2015 House prices within a 10 minute walk of Bond Street station have risen 82 per cent since Crossrail was first announced in 2008, a report published this morning suggested – almost twice the 43 per cent rise experienced in the wider area. Bond Street isn't the only over-performing Crossrail site, though: according to Knight Frank's [...]
“No giveaways, no gimmicks”: Here comes George Osborne’s Budget 2015 March 18, 2015 George Osborne is set to outline a range of measures designed to reinforce his party's austerity message, while enticing as many voters as possible for May's election. The chancellor has promised "no giveaways, no gimmicks' in his final Budget of this parliament. So far, the government has hinted at Easter eggs for pensioners, in the [...]
Barclays halves bonus payouts for top executives March 17, 2015 Barclays has slashed the payouts to its top bosses by half, yesterday revealing that the group of executives at the head of the bank received £16.5m in shares for deferred bonuses and new awards. That is a dramatic fall from £31.8m a year earlier, reflecting both the increased crackdown on payouts, and a shift away [...]
Made in Shoreditch: The UK’s inflation basket gets a revamp March 17, 2015 The government’s economic statisticians have fallen for the influence of the kind of people who frequent the trendy parts of Shoreditch. Craft beers, e-cigarettes and Spotify have all been added to the basket of goods used by the Office for National Statistics (ONS) to calculate inflation. “Off-sales of ‘craft’ beer have been introduced as these [...]
HSBC to close Jersey accounts in crackdown on tax avoidance March 17, 2015 HSBC has begun contacting thousands of holders of Jersey accounts who live in the UK in a bid to avoid accusations that it is helping to shelter money from tax authorities. Britain’s biggest bank has written to customers with such accounts to ask them to take proof of identity to a branch on the island, [...]
Jefferies results spell bad news for Wall Street March 17, 2015 US investment bank Jefferies saw its first-quarter earnings slashed on the back of weak trading in fixed income bonds and a slowdown in capital markets, results revealed yesterday. Blaming a “tepid” bond market for a 56 per cent decline in fixed-income revenue to $126m (£85m) in the first quarter, the results will alarm Wall Street [...]
Banks’ London office footprint shrinks after heavy job losses March 17, 2015 Banks’ share of office space in London has shrunk by 13 per cent over the past decade as the industry struggles with heavy job losses in the wake of the financial crisis. A study by accountants Deloitte shows that the financial sector remains the biggest occupier in central London despite upheaval in the industry since [...]
Korma blimey! Just Eat gobbles up the market March 17, 2015 Despite a wobbly start, takeaway portal Just Eat has gone from strength to strength. Just Eat has been connecting hungry customers with their local takeaway restaurants for the past 14 years. “We’re like your best friend, letting you know which is the best Chinese or Indian restaurant in your area,” said Just Eat [...]
OneSavings share price soars as challenger bank doubles profits after IPO March 17, 2015 Challenger bank OneSavings more than doubled its profits last year, yesterday reporting strong buy-to-let and small business lending. Statutory pre-tax profits came in at £63.7m for 2014, up from £31.4m in 2013. That includes the £7.4m OneSavings spent on its stock market flotation last summer. The bank is made up of several different units [...]