Citi and JP Morgan top regulators’ list of systemically important banks, as HSBC and Barclays move to lower tier November 21, 2016 Citigroup has joined JP Morgan Chase as one of the world's top two "systemically important banks", according to an updated list published today by the Financial Stability Board (FSB). Banks in the top tier will have to hold 2.5 per cent of their assets as buffer capital in case of another crisis. This means that US [...]
Picks of the day: The three stories to read today September 21, 2016 We’re officially halfway through the working week – to celebrate, we’ve put together the top three stories of the day in bite-sized form, just to make your life that bit easier. Time for a coffee break? Check out our three at three. Google has just launched a new IM app Google has just launched a [...]
Four-year folly: The Office for Budget Responsibility shouldn’t be expected to forecast so far into the future November 30, 2016 Economic forecasts have become a political hot potato. The Office for Budget Responsibility’s (OBR) predictions, presented as part of the chancellor’s Autumn Statement, have put the government under pressure. The OBR has revised down its forecast for GDP growth over the next four years by 1.4 percentage points. The real controversy is that their gloomy projections [...]
The UK’s the fifth most entrepreneurial country in the world November 27, 2016 The UK is better at fostering entrepreneurial talent than nearly every other country in the world, new research reveals, propelled ahead of the US thanks to its finance expertise and favourable policies. The UK ranks fifth behind only Singapore, New Zealand, Denmark and Canada when it comes to creating an environment where entrepreneurs can flourish, according [...]
The National Living Wage increase fell short of expectations, moving up only 30p to £7.50 in April 2017 November 23, 2016 The National Living Wage fell short of forecasted expectations. The rate will rise 30p to £7.50 in April 2017, but experts predicted it would rise to £7.60. Chancellor Philip Hammond announced the four per cent increase to wages for over-25s in his Autumn Statement Wednesday. This equals an increase of £500 a year to over a million full-time workers, Hammond said. [...]
Here’s exactly what the £2bn boost for UK R&D entails November 23, 2016 More cash will be ploughed into research and development, as a major part of the government's industrial strategy. R&D spend will increase by an extra £2bn by 2020/21 to boost the UK's homegrown innovative businesses and spur productivity. The injection of cash was first trailed by Prime Minister Theresa May during a speech at the CBI conference [...]
Housebuilder shares on the road to recovery after Brexit vote falls October 4, 2016 Housebuilders' shares are on the road to recovering the losses they sustained after the Brexit vote on the back of chancellor Philip Hammond's announcement of a £5bn stimulus package for the industry. Hammond said yesterday that he would be setting aside money to encourage developers to build on surplus public land and to fund more [...]
Moody’s say it could downgrade the UK’s credit rating again if it gets a poor Brexit deal November 2, 2016 Moody's says it would downgrade the UK's credit rating again if it lost access to the Single Market in a Brexit deal. The ratings agency revealed this morning that if the UK were to get a poor Brexit deal, which would "materially weaken medium-term growth and the credibility of UK fiscal policy [would be] undermined". "We would [...]
Asda cuts unleaded petrol and diesel prices as chief Andy Clarke calls on George Osborne to freeze fuel duty in Autumn Statement October 26, 2015 Asda boss Andy Clarke has called on George Osborne to freeze fuel duty in his upcoming Autumn Statement, as the supermarket made further cuts to the cost of fuel at its pumps. “There are undoubtedly green shoots at a macroeconomic level and our customers are cautiously optimistic which is why they continue to save, particularly at this time of year. [...]
Business growth expectations at highest levels for over a year says CBI October 2, 2016 The prospect of an interest rate cut in 2016 is diminishing according to experts after the Confederation of British Industry (CBI) said that it expects a bumper Brexit bounce in the final quarter of 2016. The CBI said that businesses across the manufacturing, service and distribution sectors are anticipating strong output growth for the next three months, jumping to their highest levels [...]