Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments
FTSE 100 tumbles as trade war heats up and Brexit approaches August 5, 2019 Britain’s FTSE 100 stock index has tumbled 1.9 per cent as an escalation of trade tensions and the growing likelihood of a no-deal Brexit cause investors to sell UK shares and buy safer assets. Read more: Markets in turmoil as Chinese currency falls to financial crisis levels The sell-off of British equities sent investors towards [...]
UK service sector posts modest growth but economy ‘skirts recession’ August 5, 2019 Activity in the UK service sector edged up to a nine-month high in July, a closely-watched survey has shown, but stayed well below the post-financial crisis average. Read more: UK manufacturing sector ‘suffocating’ amid Brexit and a global slowdown Growth in the service sector, which makes up over 70 per cent of the UK economy, [...]
Eurozone economy slows as Germany weakness continues August 5, 2019 Growth in the Eurozone economy softened in July as German output fell to a six-year low and the manufacturing sector continued to struggle, a closely-watched survey has shown. Read more: German investors grow gloomier over Iran and trade tensions Yet the area’s services sector posted solid growth as employment grew and pay rose, highlighting a [...]
Markets in turmoil as Chinese currency falls to financial crisis levels August 5, 2019 China’s currency the renminbi has fallen to its lowest level against the dollar since the financial crisis, crashing through the seven-per-dollar threshold after an escalation in the US-China trade war. By 8.30am UK time the onshore traded renminbi had fallen 1.3 per cent to 7.030 per dollar. The drop prompted investors to sell so-called risk [...]
Business confidence declines in London but firms look to hire August 2, 2019 Business confidence for firms in London fell in June, according to the latest business barometer from Lloyds Bank, but job creation plans nonetheless saw a significant uplift. Read more: Confidence among UK business leaders falls after months of gains Companies were marginally less confident about their business prospects and also reported less optimism about the [...]
Tariffs hurting US manufacturers, says Trump’s ex-economic adviser August 1, 2019 US President Donald Trump’s trade wars are hurting American manufacturers and investment, according to his former top economic adviser Gary Cohn. Read more: Donald Trump lashes out at China as two sides meet for trade talks He also said the Chinese economy would have slowed down “with or without a trade war”, contradicting his ex-boss’s [...]
Bank of England downgrades UK second quarter growth to zero as Brexit looms August 1, 2019 The Bank of England said UK growth ground to a standstill in the second quarter of the year due to the unwinding of Brexit stockpiling and car plant shutdowns as it chose to leave interest rates unchanged at 0.75 per cent today. In its latest gauge of the economy, released today, Threadneedle Street downgraded its [...]
Sajid Javid unveils extra £2bn to ‘turbo-charge’ no-deal Brexit preparations July 31, 2019 Britain’s new chancellor Sajid Javid has announced an extra £2.1bn of funding to “turbo-charge” preparations for a no-deal Brexit, including money to ensure the “continuity of vital medicines”. Read more: Irish central bank: No-deal Brexit would see growth plummet From the money, £1.1bn will be provided to departments and devolved administrations immediately, while £1bn will [...]
Why it’s too risky for Mark Carney to move interest rates for Brexit July 31, 2019 The Bank of England risks upsetting the economy if it changes interest rates before there is more clarity about Brexit, some of the City’s top economists have warned. Ahead of the Bank’s key meeting tomorrow, City A.M.’s shadow monetary policy committee (MPC) has said worries over slowing economic growth are outweighed by growing concerns that [...]
Stock markets edge up after US and China call trade talks ‘constructive’ July 31, 2019 Both Washington and Beijing have described a round of trade talks as “constructive”, pushing global stock markets tentatively higher. Read more: Stock markets slide as Donald Trump lashes out at China before key meeting The White House said China had confirmed a commitment to buy agricultural products following the talks, which took place in Shanghai [...]
