Royal Bank of Scotland is lining up a cut to the government’s stake in the bank by buying up to £1.4bn worth of shares from the Treasury. The government currently holds a just over 62 per cent stake in the bank. The Guardian reports that RBS is seeking shareholder approval to buy up to a […]
Analysis by the Trades Union Congress suggests that household debt has reached a new high of over £425bn. The TUC’s research – which includes student loans and are therefore higher than similar estimates from the Bank of England – says that non-mortgage debt rose £886 to a fresh peak of £15,385 per household in 2018, […]
While loans to British consumers have seen another month of growth, credit expansion has dipped to its slowest pace since 2015, latest Bank of England figures show. Unsecured lending growth dipped from 7.4 per cent in October to 7.1 per cent in November, suggesting a pre-Brexit brake on the economy could come to frution. The […]
Former Virgin Money chief executive Jayne-Anne Gadhia has been appointed to serve on the Bank of England’s financial policy committee. Gadhia replaces vice-chair of media company RTL Group Martin Taylor and starts her role in time for the committee’s second quarter round of meetings this year. She will serve on the committee with current Banking […]
The Bank of England’s monetary policy committee has voted unanimously to keep the base rate at 0.75 per cent. The rate has stayed at this level since it was raised from 0.50 per cent in early August this year. The MPC meeting minutes detail the committee’s belief that global growth risks have increased, but because of the […]
Two Bank of England advisers have racked up nearly £400,000 in expenses in just two and a half years after spending on business class flights, meals and luxury hotels. The Times has obtained details of claims made by Donald Kohn and Anil Kashyap, two external members of the Bank’s financial policy committee. The documents show that […]
The average UK house price fell by £5,222 or 1.7 per cent in November, according to Rightmove. The property website tracks asking prices of properties coming on to the market and says prices are falling fastest in Britain’s wealthiest towns as Brexit uncertainty grips the property market. Rightmove reports that the biggest falls are in […]
The pound has edged higher on the news prime minister Theresa May might achieve a breakthrough Brexit deal. Yesterday the story broke that a draft deal between UK and EU negotiators was in the pipeline and the pound rose 1.4%, trading at $1.3036 against the dollar and reaching €1.1542, a near seven-month high, against the Euro. The […]
Two dozen City firms including Schroders and Legal and General have endorsed a network to help young professionals combat the stigma of mental health. The ‘”Thriving from the Start” initiative, launched today, will be run by people in their early careers and aims to create a supportive community for recent joiners to companies in the […]
The personal allowance will rise to £12,500 from April 2019, chancellor Philip Hammond has announced in today’s Budget. This means a basic-rate taxpayer will pay £1,205 less tax in 2019-20 than in 2010-11. The higher rate tax threshold will also increase to £50,000 in April 2019, a year before expected. It was announced 1m fewer […]
In the 2018 Budget, the chancellor has confirmed that from April 2020, the rules regarding private residence relief will be tightened. Private residence relief is designed to protect taxpayers from capital gains tax when selling their homes Talking in the House of Commons, chancellor Philip Hammond said that, “Mr Deputy Speaker, we recommit today to […]
GDP for Britain has been revised to 1.6 per cent for 2019, chancellor Philip Hammond has announced in his Budget today. Growth predictions dip to 1.4 per cent for 2020 and 2021 while returning to 1.6 per cent by 2023. The OBR’s forecast in the March Spring Statement was set at 1.3 per cent for […]
Advisers are expert in the art of staying calm when markets are volatile. Amid the current Brexit chaos, that skill is more important than ever as clients look to the leading lights of finance for advice on what to do next. Money Marketing’s flagship conference, Money Marketing Interactive, returns on April 4. Just days after […]
Last night, prime minister Theresa May suffered a historic defeat, with MPs overwhelmingly rejecting her proposed Brexit deal. As the Labour Party hit back with a no-confidence motion to be debated today, leading investment experts discuss the chaotic road ahead. Richard Buxton, head of UK equities, Merian Global Investors With the no confidence vote in […]
Investor confidence has “swung wildly” in recent months hitting a high today ahead of tonight’s Brexit vote, data from Hargreaves Lansdown shows. The HL Investor Confidence Index has jumped to 67 points for January, up from 52 points in December. The index measures the confidence of retail investors in the UK stock market. MPs will […]
With a rumbling trade war, Brexit worries and challenges in both the US and China, what is the outlook? In 2018, we witnessed two global sell-offs, emerging market currencies weakening against the dollar, tightening monetary policies and trade war headwinds start to impact the global economy. So, what can we look forward to in 2019? […]
The prime minister is to warn that politics will suffer “catastrophic harm” if the Brexit referendum result is not implemented, reports say. In a speech to factory workers in Stoke-on-Trent later today, Theresa May will say: “As we have seen over the last few weeks, there are some in Westminster who would wish to delay or […]
Political noise from Washington is likely to increase in volume A recent visit to the US to meet fund managers, strategists and analysts left us reassured that, for now, the US economy is in decent shape. But we were not convinced market momentum would be sustained. The S&P reached a record high during our visit, […]
Data that shows the appetite for UK equities is back has left analysts and investors wondering whether the asset class has pulled through its Brexit slump. UK equity funds saw net retail sales of £114m in November, their first inflow of 2016. They had suffered £5.1bn outflows since the previous January, £3.8bn of which followed […]
From endless trade disputes to long drawn out speeches from unelected bureaucrats clinging desperately to power – there are some stark similarities between the Star Wars saga and the EU. But as Disney’s latest instalment cleans up at the box office, Prime Minister May has her own cabinet rogues to keep under control. Whether its […]
At the Conservative party conference last week, Theresa May announced she will trigger Article 50 by the end of March 2017 and that a Great Repeal Bill will be brought forward at the next Queen’s Speech. While some were calling for more time before pressing the big red Article 50 button (notably one Mr George […]
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Changes in the way long-term care is paid for was the dog that did not bark in Chancellor Philip Hammond’s first Autumn Statement. It failed to get even a mention, despite many telling us there is a crisis in long-term care for older people. There have been calls for tax subsidies for those who save […]
The UK will be living the consequences of Brexit for years to come – yet the rest of the world seems to have moved on. At least that is the conclusion you would draw when observing recent moves in global stock markets. That said, there is no getting away from the fact the global recovery […]