NatWest Systems Crash

We’re aware of some issues on our Online and Mobile Banking services and are working hard to fix them. Telephone Banking and ATMs are available. Sorry and thanks for your patience.

— NatWest (@NatWest_Help) September 21, 2018

Customers of RBS, NatWest and Ulster Bank are currently unable to access their accounts through the banking group's online and app platforms.

Yesterday it was Barclays today its NatWest, something very odd is happening!

China's "Nuclear" Option In The Ongoing Trade War

China retaliates against new US tariffs as trade war escalates via @FT
https://t.co/8unjFSUpyh

— John Ashcroft (@jkaonline) September 19, 2018

The problem for the USA comes when China has run out of "trade bullets", and opts for the nuclear option and starts to dump US treasuries!

Inflation Rises To 2.4%

As per the ONS

• The Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate was 2.4% in August 2018, up from 2.3% in July 2018.
• Rising prices for a range of recreational and cultural goods and services, transport services and clothing produced the largest upward contributions to the change in the rate between July and August 2018.
• Partially offsetting downward contributions came from furniture and household goods, and telecommunications; prices for these rose between July and August 2018 but by less than a year ago.
• The Consumer Prices Index (CPI) 12-month rate was 2.7% in August 2018, up from 2.5% in July 2018.

Transport continues to make the largest upward contribution to the rate, with prices rising by 6.0% in the year to August 2018, the highest 12-month rate since April 2017. The largest contribution within the transport group continues to come from motor fuels.

Trade Wars Worsen

Trump has picked the worst possible day to announce the Chinese import tariffs, my colleague @LunaLinCN says. It's Sept 18 here, a day considered the start of Japanese aggression 87 years ago. Many Chinese see it as an unofficial day of national humiliation.

— Anna Fifield (@annafifield) September 18, 2018

Crypto Crash Coming?

Dr. Doom Declares 'Crypto Apocalypse', Calls Blockchain BS, Says Bitcoin Is Not Money - The Daily Hodl https://t.co/2sMceilRA4 via @GoogleNews

— Nouriel Roubini (@Nouriel) September 17, 2018

Diamonds Aren't Forever!

Petra Diamonds CEO to step down - https://t.co/sF5DV2RrT2 pic.twitter.com/5Jmvmb1zxq

— LondonLovesBusiness (@LondonLovesBiz) September 17, 2018

Carney Crashes The Property Market

It used to be said that the governor of the Bank of England could correct irresponsible behaviour in the City with a discrete raise of his eyebrows.

Mark Carney has eschewed the twitching of eyebrows by blasting out his doomsday fears with a foghorn, or more accurately, by telling the Cabinet (which is leakier than the Titanic) that in the event of a no deal Brexit property prices will collapse by 35% in three years.

All very well and "cautious" maybe, if the comments had remained private. However, as he well knew, they would leak (and leak they did). Thus in the space of a few hours, Carney has crashed the property market and with it the British economy.

The Treasury has made much of the fact that Carney has been persuaded to stay on until 2020, in order to "steady the ship". Yet here is is deliberately trying to sink the ship with project Fear II.

This man should be removed from office ASAP, as he is trying to force his personal political agenda down our throats!

Erdogan Is A Financial Illiterate

TURKEY'S ERDOGAN SAYS INTEREST RATES CAUSE INFLATION - RTRS

He'd make a great addition to the ERG team.

— Martin Baccardax (@mdbaccardax) September 13, 2018

GDP Growth Exceeds Forecasts

UK gross domestic product in the three months to July was 0.6 percent higher than in the previous three-month period, gathering pace from 0.4 percent recorded in the three months to June and at the top end of forecasts in a Reuters poll.

GDP growth in July alone was up 1.6 percent, while it was 0.3 percent higher than in June, again above poll forecasts for 1.4 percent annual growth and a 0.2 percent monthly gain. 

The boost in growth seems to have come about from stronger consumer spending due to the World Cup and warm weather.

ONS Occupational Pension Schemes Survey: UK, 2017

Here are the bullet points from the ONS Occupational Pension Schemes Survey: UK, 2017

• Total membership of occupational pension schemes in the UK was an estimated 41.1 million in 2017, compared with 39.2 million in 2016 and is the highest level recorded by the survey.
• Total membership of public sector pension schemes was 15.5 million in 2017, compared with 14.8 million in 2016.
  
• Active membership of occupational pension schemes was 15.1 million in 2017, split between the private sector (8.8 million) and the public sector (6.3 million).
  
• Active membership of private sector defined contribution schemes was 7.7 million in 2017, compared with 6.4 million in 2016.
  
• In 2017, for private sector defined contribution schemes, the average total (member plus employer) contribution rate was 3.4%, falling from 4.2% in 2016.

Mark Carney To Step Down in 2019

*BOE'S CARNEY EXPECTED TO STEP DOWN IN 2019: MAY'S SPOKESMAN

— Hilary (@queenofchartz) September 3, 2018

Despite being asked to stay on beyond 2019 to help steer the UK through Brexit!

Sterling Squeezed In Brexit Blowback

The pound is under renewed pressure on currency markets after the EU and leading Brexiteers voiced their opposition to Theresa May's Brexit plan, and UK manufacturing growth stuttered to its lowest level since the referendum.

Wonga Goes Into Administration

Wonga has gone into administration, it had already stopped accepting new loan applications.

Those who owe it money will still have to honour their debts, and those trying to claim compensation for alleged past misdemeanours will go to the back of the creditors queue.

Many in the media have been celebrating its demise. All well and good maybe, but those who used Wonga's services may now well end up going to loan sharks.

The Pensions Aristocracy

‘A former Tory pensions minister said the report laid bare “the two class pensions system – with the pensions aristocracy funded by taxpayers and the rest of the population who are struggling to save”’ https://t.co/gfoYm2VDNq

— Christine #StandUp4Brexit (@CPierceUK) August 27, 2018

Greece Is Remarkably Fucked

Greece’s debt-to-GDP ratio

2007 103.1%
2008 109.4%
2009 126.8%
2010 146.3%
2011 172.1%
2012 159.6%
2013 178%
2014 180.9%
2015 179.4%
2016 181.3%
*2017 180.7% projection
*2018 191.3%

IMF

— ian bremmer (@ianbremmer) August 21, 2018