Economy

UK GDP growth revised down

UK GDP growth for the first quarter has been revised down to 0.2 per cent compared to the 0.3 per cent reported in April. The fall was “mainly due to broad-based downward revisions within the services sector”, ONS said in its second estimate. In particular, consumer facing industries such as retail and accommodation fell and household spending slowed, partly […]

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Govt sells out of Lloyds at £900m profit

Lloyds says the sale has returned £21.2bn to the taxpayer The Government has sold its final stake in Lloyds Banking Group, returning the firm to full private ownership after its £20.3bn 2008 bailout. Lloyds says the sale returned £21.2bn to the taxpayer, £894m more than the initial investment. When the bank was bailed out after the […]

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Labour pushes for financial transaction tax

The Labour party says it will raise at least £4.7bn a year through a financial transaction tax set to hit share dealing and derivatives trading. Shadow chancellor John McDonnell told Sky News yesterday the party was asking for a “small contribution” from the City to help pay for public services. The revenue would be raised […]

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UK economy underperforms forecasts

GDP growth slows as manufacturing data disappoints  UK economic data for March released today is worse than forecast in the Office for National Statistics’ growth estimates, diluting hopes that Q1 GDP could be revised up. GDP growth fell to 0.3 per cent in Q1 compared to 0.7 per cent in the previous quarter, undershooting analysts’ expectations […]

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RBS cuts back-office jobs in offshore move

Bank will create additional technology roles in India RBS will cut 92 roles from its back office and create 38 new roles in India; a move that has been criticised by union Unite. Overall, 180 permanent jobs are at risk but it is expected 88 people will be able to reapply for roles within the business so […]

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City firms announcing Brexit departures up 50%

More than a quarter of firms tracked by EY say they have plans to move staff to the EU after Brexit City firms publicly confirming contingency plans to move staff or operations to the EU post-Brexit have risen 50 per cent over the last four months, according to EY. More than a quarter of UK financial […]

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French election: Top fund managers react to Macron’s win

Industry warns of practical tests ahead for Macron to stamp his mark on the French economy Industry commentators are remaining cautious in their outlook for both France and Europe despite centrist liberal Emmanuel Macron’s win in the French presidential election. Although Macron won with the second round of the election as anticipated, receiving 66.1 per cent […]

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Brexit: Goldman chief warns City of London will ‘stall’

Goldman Sachs chief executive Lloyd Blankfein says Brexit risks will “stall” UK financial services, and that his firm has contingency plans based on varying outcomes from negotiations with the European Union. Goldman Sachs employs 6,500 people in the UK, but in an interview with the BBC, Blankfein confirmed the bank has been in talks with cities […]

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Former Bank of England rate setter predicts rise to 3% by early 2020s

Former Monetary Policy Committee member says interests rates could jump as high as 3 per cent A former Bank of England Monetary Policy Committee member has predicted that interest rates could rise to 2 or 3 per cent by the early 2020s. Now senior economic adviser at PwC, Andrew Sentance was speaking at the Building Society Association conference […]

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John Chatfeild-Roberts: Balancing investment risk as the Brexit clock ticks

Investors should capture performance in the good times, but also manage risks in our challenging global economic and political environment When a letter signed by Prime Minister Theresa May was delivered to President of the European Council Donald Tusk at the end of March, it formally triggered the now-famous Article 50 of the Lisbon Treaty and started the […]