EU referendum: HSBC has warned a Brexit will create a labour shortage, ramp up food and retail prices and harm banking industry February 24, 2016 It's safe to say HSBC has come off the fence when it comes to Brexit, predicting what can only be described as a Brexocalypse. Just don't try saying that out loud. The bank, which recently committed to staying in the UK, has issued a note warning that the UK leaving the European Union would have [...]
The FCA’s new broom must act fast to revive confidence in the regulator June 16, 2016 Tonight Mansion House once again acts as host to the great and good of the City’s financial services fraternity. Amid inevitable chatter about the EU referendum vote and darkening global economic clouds, attention will turn to the imminent changing of the guard at the Financial Conduct Authority. Almost a year has passed since its first [...]
EU referendum: Mayor Boris Johnson backs report saying London could be Europe’s world city after Brexit – but needs further infrastructure investment March 1, 2016 Mayor of London Boris Johnson has made his latest intervention into the EU debate, arguing that can still be "Europe's world city" even in the case of a Brexit. The Johnson-backed report, titled London: The Global Powerhouse, says that if the UK forges ties with new markets and maintains its competitive edge, London can overcome competition from rival global [...]
Grosvenor Group warns of lower returns and revenue profit in coming years April 19, 2016 Grosvenor, the privately-owned international property group which has existed since 1677, has cautioned of lower returns and revenue profit over the next few years after posting a 22 per cent fall in annual pre-tax profits to £527m. Revenue profit, the difference between revenue incomes and revenue expenses, climbed to £83.3m last year, from £80.1m in 2014, excluding the impact of property revaluation. Total [...]
Nearly 20 per cent of London households are in debt after paying for essentials February 24, 2016 Nearly one in five London households end up in the red on a monthly basis after paying for essentials, according to new data. Figures from Scottish Friendly also found that after buying essentials such as housing, energy, water, groceries and transport, the average London household has just £934 left per month to save or use [...]
First-time buyers who purchase a house this year will have already spent £52,900 on rent – or the deposit on a £1m house February 12, 2016 Those who are about to step on to the property ladder this year will have already cashed out £52,900 on rent, according to new research – more than you would spend on a five per cent deposit on a £1m house. And the figures published by the Association of Residential Lettings Agents (Arla) show that [...]
As Ed Miliband weighs in, will his criticism of Leavers as wanting a “free market” Britain do more harm than good for Remain? March 23, 2016 Diego Zuluaga, who works for the Institute of Economic Affairs and European think tank EpiCenter, says Yes. The EU has done the most good when it has promoted open markets and free trade between countries. Europeans are much better off today thanks to the ability to move capital freely, the opportunity for talented individuals to [...]
UK house prices: Help to buy has boosted the number of houses built and first-time buyers – but it’s not inflating prices, claims government report February 15, 2016 Suffering from misgivings about whether help to buy is really the panacea the government claims it is? A new report published this morning claims it has boosted both house building and first-time buying – but it has not artificially boosted prices. And the report has been published by… er… the government. The equity loan scheme, [...]
With mortgage rates heading towards 1 per cent, should we be worried about a bubble in the market? February 29, 2016 Scott Corfe, director at the Centre for Business and Economic Research, says Yes. Most of the house price growth seen in the UK over the past couple of years has been fundamentals-driven. Supply of new homes simply hasn’t caught up with demand. However, one does wonder if we are now veering into bubble territory – particularly [...]
What to expect from TSB’s latest results tomorrow morning, one year on from Sabadell’s takeover April 20, 2016 TSB, the challenger bank snapped up last year by Spain's Banco Sabadell for £1.7bn after being carved out of Lloyds Banking Group in 2014, will report its first quarter results tomorrow morning. Earlier this year TSB boasted that more than 1,000 new customers were joining it each day, and that it was beating its own target for customers switching [...]