Judging by the current (lack of) price action and newsflow, it appears most of the City must have had their Christmas parties last night!— RANsquawk (@RANsquawk) December 15, 2017
Friday, December 15, 2017
Wednesday, December 13, 2017
The UK unemployment rate for August to October 2017 remained at 4.3%. This is down from 4.8% from the previous year, and is the joint lowest rate since 1975: https://t.co/yBGyWFrAdw pic.twitter.com/4xsiaRlcwU— ONS (@ONS) December 13, 2017
Monday, December 11, 2017
Seemingly Labour is considering relocating most of the Bank of England (The Old lady of Threadneedle Street) to Birmingham if it wins power at the next general election.
The FT reports that consultants commissioned by John McDonnell, the shadow chancellor, have concluded that the central bank’s base in Threadneedle Street is “unsatisfactory and leads to the regions being underweighted in policy decisions.”
They have recommended moving “some functions” to Birmingham, to be located “next door or close to” the National Investment Bank and Strategic Investment Board, organisations that Labour plans to create on entering government. Labour’s policy review will include whether the governor should also be based in Birmingham.
“All three, side-by-side, would constitute a new ‘economic policy’ hub,” said an interim report by consultants GFC Economics and Clearpoint Corporation Management. The report suggested moving the BoE’s premises “close to” Birmingham’s main train station, saying a relocation would “provide a clear, visible example of a new government’s determination to promote growth and a rebalancing of the economy”.
Well this is all very well and tokenistic. However, given that McDonnell's first act (if Labour gain power) would be to take over the Bank and remove its independence, moving it away from its main stakeholders (ie the Labour government) seems a tad stupid.
Whilst we are on the subject, given that Unite's head office is in Holborn, whilst Unison, TSSA and the RMT are all headquartered in Euston; will Labour ask them to relocate as well?
Friday, December 01, 2017
RBS/NatWest closing 259 branches. Is one in your town? Check list here https://t.co/W4R6kPQVUb and Lloyds/Halifax/Bank of Scotland announced 49 more closures on top of 100 earlier this year. Email your thoughts to email@example.com or tweet me.— Paul Lewis (@paullewismoney) December 1, 2017
Wednesday, November 29, 2017
Mr Rolet had been due to remain in his job until December 2018 but today said he had agreed to leave straight away, just one day after Bank of England Governor Mark Carney indicated that he did not back calls by one of the LSE’s biggest investors for him to stay on until 2021.
"We can’t envisage a situation where a CEO stays beyond the agreed period," Mr Carney said at a conference on yesterday, adding that he was “mystified” by the row.
The news follows weeks of acrimony between the board and Sir Christopher Hohn, founder of the Children’s Investment Fund (TCI), who accused the LSE’s chairman Donald Brydon of forcing Mr Rolet out against his will.
Mr Rolet said he was leaving amid “a great deal of unwelcome publicity” and would not be returning to the board or the job “under any circumstances”.
I will leave the final word to Francis Urquhart:
Tuesday, November 28, 2017
This is up from last year's high of 14 times average income, despite house price growth having slumped in London over the last 12 months. This year's level is 42% higher than the long-term average over the last 15 years.
The question is, how are people paying for these?
-Non resident investors
Tuesday, November 21, 2017
Wednesday, November 15, 2017
The unemployment rate (the proportion of those in work plus those unemployed, that were unemployed) was 4.3%, down from 4.8% for a year earlier and the joint lowest since 1975.
Latest estimates show that average weekly earnings for employees in Great Britain in nominal terms (that is, not adjusted for price inflation) increased by 2.2% both including and excluding bonuses, compared with a year earlier.
Friday, November 10, 2017
National Savings: All interest rates raised by 0.25% points from 1 December so ISA 1%, income bonds 1%, Direct Saver 0.95%; Invvest account 0.7%; junior ISA 2.25%. NB ISAs only useful for savers over £1000/£500 savings tax allowance.— Paul Lewis (@paullewismoney) November 10, 2017
Friday, October 27, 2017
RBS posted £392m in profits for the three months to September and £1.33bn for the year to date.
However, there is a down side. RBS is still waiting to see if it will be fined by the DoJ for selling subprime mortgages. The fine is expected to be around £6BN.
Thursday, October 26, 2017
Wednesday, October 25, 2017
Additionally manufacturing returned to growth after a weak Quarter 2 2017, increasing by 1.0% in Quarter 3 2017.
Monday, October 23, 2017
As from today, owners of older, dirtier cars will be charged an extra £10 if they want to drive into London.
Saddiq Khan, Mayor of London, announced the "Toxicity charge" in February as part of a package of measures to clean up the capital’s "filthy air".
The "T-charge" will be in operation Mondays to Fridays from 7am to 6pm.
Wednesday, October 18, 2017
As per the ONS:
- There were 32.10 million people in work, 94,000 more than for March to May 2017 and 317,000 more than for a year earlier.
- The employment rate (the proportion of people aged from 16 to 64 who were in work) was 75.1%, up from 74.5% for a year earlier.
- There were 1.44 million unemployed people (people not in work but seeking and available to work), 52,000 fewer than for March to May 2017 and 215,000 fewer than for a year earlier.