Friday, October 27, 2017

The Curate's Egg That Is RBS

The Telegraph reports that the Royal Bank of Scotland could be on course for its first full-year profit since its £45bn state bailout at the height of the financial crisis, after posting a third successive quarter of profits.

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

Chickens Come Home To Roost At Barclays

Wednesday, October 25, 2017

Manufacturing Growth Rises To 1%

The ONS state that UK gross domestic product (GDP) was estimated to have increased by 0.4% in Quarter 3 (July to Sept) 2017, a similar rate of growth to the previous two quarters.

Additionally manufacturing returned to growth after a weak Quarter 2 2017, increasing by 1.0% in Quarter 3 2017.

Monday, October 23, 2017

Happy T Day!

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

UK Unemployment Falls - Lowest Level Since 1975

UK unemployment fell by 52,000 in the three months to August to 1.4 million, leaving the jobless rate unchanged at 4.3% from the previous quarter - still at the lowest level since 1975.

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.

Tuesday, October 17, 2017

Inflation Edges Up To 3%

It should be remembered that the figures are provided by the same ONS that lost £490BN in Britain's balance of payments!

Tuesday, October 10, 2017

The Round Pound Coin Days Are Nigh

As from 15 October the old round sided pound coin ceases to be legal tender.

Rules coming into force on that date will prevent shops handing out old £1 coins as change and will give shops the right to refuse them as payment.

However, there is no rule preventing shops (which are able to bank old £1 coins long after this date) accepting the coins after 15 October.

Friday, October 06, 2017

Don't Trust Banks With Your Money

Tuesday, October 03, 2017

The King Is Dead - Monarch Collapses

Monarch Airlines ceased trading early on Monday, leading to nearly 1,900 job losses and the cancellation of all its flights and holidays.

The collapse of the 50-year old company is the largest ever for a UK airline.