Official GDP figures to show UK economy defying Brexit recession warnings October 23, 2016 The UK economy is set show by just how much it outperformed pre-referendum forecasts later this week, when official growth figures for the crucial third quarter are published. Economists expect the Office for National Statistics (ONS) to find the UK grew by a robust 0.3 per cent between the end of June and the end of September. [...]
The OECD just slashed its UK growth forecast and warned the world is in a “low-growth trap” September 21, 2016 One of the world's most influential economic organisations has slashed its forecast for UK growth next year. The Organisation for Economic Co-operation and Development (OECD) said today it expects UK GDP to grow one per cent in 2017 – down by one percentage point from its prediction in June. However, this year, growth will hit 1.8 [...]
Housebuilders’ share prices rise as the big-hitters brave the Brexit storm September 6, 2016 Housebuilders were some of the top risers this morning after big-hitter Berkeley Group said it would meet its £2bn profit target and Redrow posted record results. At time of writing, Berkeley Group was leading the FTSE 100 risers, as its share price was up 3.72 per cent. Redrow's share price was up 7.26 per cent. Taylor Wimpey and Barratt [...]
UK ports form alliance in bid to create “gateway to a global North” September 13, 2016 The North of England's four main ports agreed a new partnership in parliament today, as they said £1bn of government funding could help create a "gateway to a global North". The Northern Ports Association — which will include Liverpool, Hull & Humber, Tees Valley and Tyne — will aim to create jobs, make importing and exporting easier and create prosperity [...]
Editor’s notes: Still in shock over Brexit? Get a grip November 25, 2016 Some corners of our national life are finding it harder to adapt to the new post-referendum reality than others. Earlier this week I joined the cream of the British commentariat at the annual Comment Awards, celebrating the best columns and comment pieces of 2016. As you know, we have a stable of excellent columnists here [...]
Let’s face it: the UK’s stagnant productivity levels are here to stay November 24, 2016 Key elements of the chancellor’s Autumn Statement were policies both to increase productivity and to curb the government deficit. Unfortunately, neither of these goals is likely to be realised. Stagnant productivity certainly is a major millstone round the UK economy’s neck. Output per hour today is only fractionally above what it was 10 years ago, [...]
Slater and Gordon swings to a AU$1bn loss August 30, 2016 Shares in Slater and Gordon (S&G) fell 15 per cent on the ASX 200 after the Australian law firm posted a chunky net loss today. The figures The group, which is based in Sydney, announced a net loss of AU$1.02bn (£590m) in the 12 months to June – down from a profit of AU$62.4m last year. The results – which S&G's managing director Andrew Grech [...]
Almost 80 per cent of directors support the end of the government’s plans for a fiscal surplus by 2020 August 4, 2016 A survey of more than 1,000 members of the Institute of Directors has shown a dramatic swing towards support for further government spending. 78 per cent of IoD members said they backed the axing of the government's manifesto pledge of a fiscal surplus by 2020. It's a huge reversal of a similar poll in May [...]
New chancellor Philip Hammond says no need for emergency budget July 14, 2016 The recently appointed chancellor, Philip Hammond, has assured that there was no need for an emergency Budget. His predecessor, George Osborne, had warned he would be forced to slash public spending and increase taxes to fill a £30bn "black hole" following a Brexit vote. Read more: What to expect from chancellor Philip Hammond Speaking to Sky News [...]
What should Hammond do to ensure steady management of the public finances? Not very much. September 20, 2016 Quietly, and without fuss, the Treasury has revealed that the first budget of Theresa May’s government will be unveiled on 23rd November. The confirmation of the Autumn Statement date was made just under two weeks ago – the chances are, you didn’t even notice. The memo was a passive and reserved show of defiance. Earlier [...]