Xavier Rolet Falls On His Sword

The Telegraph reports that outgoing London Stock Exchange chief executive Xavier Rolet is to step down “with immediate effect” after a furious row between the company’s board and one of its shareholders over his departure.

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:

"Even the longest, the most glittering reign must come to an end someday."

London Property Market Booming - Or Is It?

The Telegraph reports that London house prices are now 14.5 times the earnings of an average Londoner, according to Hometrack, hitting the highest level on record.

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?

-Sharing
-Excess mortgages
-Non resident investors

NatWest Online Banking Problems - Update

We’re aware of some issues with our online banking service and are working hard to fix this. Apologies and thank you for your patience. SR

— NatWest (@NatWest_Help) November 21, 2017

NatWest Online Banking Down

Natwest online banking appears to be experiencing technical problems this morning, with customers reporting that the login page is slow to load or doesn't load at all.

Thus far mobile banking appears to be working.

Unemployment Falls By 59,000

The ONS reports that the rate of unemployment for July to September 2017 fell. There were 59,000 fewer unemployed than for April to June 2017 and 182,000 fewer than for a year earlier.

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.

National Savings Rates Increased By 0.25%

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