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.... Everybody is considering their options – and for good reason. It is not just that our interests were all but ignored during the referendum campaign last year. ... [Read full article on Guardian ]
Thursday 29th of June 2017 08:00:17 AM
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....The Bank of England has told financial firms to provide it with details of their Brexit plans by 14 July and to be ready for all possible outcomes, including a hard Brexit. Donoghue said the IDA had fielded more than 80 inquiries since the referendum last June. ... [Read full article on Guardian ]
Thursday 29th of June 2017 05:09:09 PM
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....In his 2011 book The Globalization Paradox, Rodrik concluded that “we cannot simultaneously pursue democracy, national determination, and economic globalisation. ” The results of the 2016 elections and referendums provide ample testimony of the justness of the thesis, with millions voting to push back, for better or for worse, against the campaigns and institutions that promised more globalisation. ... [Read full article on Guardian ]
Friday 14th of July 2017 04:28:14 AM
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....After 50 years of generally stable supplies and prices, the authors say, the UK could return to the sort of volatility last seen in the 1930s and earlier, calling the scale of the challenge “unprecedented for an advanced economy outside of wartime”. The report repeatedly castigates ministers for neglecting the issue: “The silence about the future of UK food since the Brexit referendum is an astonishing act of political irresponsibility and suggests chaos unless redressed. ... [Read full article on Guardian ]
Sunday 16th of July 2017 11:01:34 PM
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....”. Like most forecasters, PwC was surprised by the resilience of the economy in the six months after the EU referendum in June 2016. ... [Read full article on Guardian ]
Tuesday 18th of July 2017 05:01:11 AM
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.... Several FTSE 100 chief executives are also rumoured to be coming, but not, as originally thought, the chancellor, Philip Hammond. The Chevening estate was shared between the “Three Brexiteers” – Davis, Boris Johnson and the international trade secretary, Liam Fox – when May became prime minister after the referendum. ... [Read full article on Guardian ]
Thursday 6th of July 2017 05:02:32 PM
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.... And yet, in the wake of the 2008 financial crisis and the consequent recession, there has been a turn against globalisation across much of the west. More broadly, there has been a wide repudiation of the “experts”, most notably in the 2016 US election and Brexit referendum. ... [Read full article on Guardian ]
Tuesday 11th of July 2017 05:00:01 AM
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....It cut the weight of two bars from Toblerone’s UK range with 400g bars falling to 360g while the 170g bars, which are one of Poundland’s best sellers, slimmed to 150g. Mondelez, the owner of Toblerone, said the change was not Brexit related, but the fall in the value of the pound after last summer’s EU referendum was seen by many as a likely contributing factor to the firm’s rising costs. ... [Read full article on Guardian ]
Sunday 16th of July 2017 02:09:27 PM
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....The UK remained Burberry’s fastest-growing market as international travellers continued to take advantage of the drop in the value of the pound since last year’s Brexit vote to pick up a bargain. Brown said growth had slowed from the 30% to 40% seen last year as 2017’s rise in tourist spending was being compared against the post-referendum leap from June 2016. ... [Read full article on Guardian ]
Wednesday 12th of July 2017 01:52:25 PM
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.... This is partly because of uncertainty around the UK’s economic outlook and because any money those workers earn in pounds is now worth less in euros for them to send home. The pound fell sharply after the referendum and is still down 13% against the euro compared with the day of the vote. ... [Read full article on Guardian ]
Monday 26th of June 2017 11:01:14 PM
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....The UK housing market is shrugging off concerns in the wider economy following the Brexit vote, compounding problems for many first-time buyers still wrestling with the strongest year-on-year price rises in the market. There are more buyers and sellers in the wider market compared with the period around the referendum a year ago, with the number of sales agreed up by 4. ... [Read full article on Guardian ]
Sunday 16th of July 2017 11:01:34 PM
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....For all its fragilities, Viome still offers a lesson in politics to any British visitor. In the year since the EU referendum, Britons have entered an era of bullshit sovereignty. ... [Read full article on Guardian ]
Tuesday 18th of July 2017 06:00:12 AM
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....The thinktank said the report highlighted a country increasingly divided by age, by housing tenure and by inequality – and that all three factors had been important in the shock election result in which Labour gained 30 seats and deprived the Conservatives of an overall majority. The foundation added that the surprise was not that the groups faring badly had turned out – both in last year’s EU referendum and in the recent general election – to reject the status quo, but that it had taken them so long to do so. ... [Read full article on Guardian ]
Friday 14th of July 2017 11:01:36 PM
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....”. Their comments come just weeks after David Davis, the Brexit secretary, said his claim before the referendum, that German industry would put pressure on Angela Merkel, the chancellor, to hand Britain a good Brexit deal, was “where [the negotiations] will end up”. ... [Read full article on Guardian ]
Sunday 9th of July 2017 08:51:32 AM
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....Michael Saunders used a Guardian interview to explain why he had voted for a rate rise last month and to emphasise that it was no longer necessary for Threadneedle Street to keep its foot to the floor with record low borrowing costs. The external member of the monetary policy committee (MPC) said the economy had confounded gloomy forecasts made in the aftermath of the referendum and he warned inflation would climb higher and stay well above the Bank’s target for longer without action. ... [Read full article on Guardian ]
Tuesday 4th of July 2017 04:27:07 PM
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.... The pound is currently trading at about $1. 29, 13% lower than it was on the day of the June 2016 referendum. ... [Read full article on Guardian ]
Monday 10th of July 2017 05:01:05 AM
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.... Experts said that was possibly the worst euro exchange rate ever seen at any UK airport – traditionally the most expensive places to buy foreign currency. We have seen how the pound has been subject to volatility since the Brexit referendum. ... [Read full article on Guardian ]
Friday 21st of July 2017 06:31:18 PM
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....A large chunk of the £83m loss – the £65m lost on currency hedging – was a result of the volatility of the value of sterling since the Brexit vote. The company buys its wood pellets from North American mills and hedges five years ahead to protect itself, resulting in a gain last June when the pound fell significantly after the EU referendum, and the £65m loss as sterling recouped some of its loss in value. ... [Read full article on Guardian ]
Wednesday 19th of July 2017 09:33:16 AM
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....There is a rather large piece of unexploded ordnance in the middle of the Brexit talks, which kicked off last week. It lay buried through most of the referendum campaign – but if not skilfully defused, it could go off with devastating consequences for our food system. ... [Read full article on Guardian ]
Monday 26th of June 2017 06:00:02 AM
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....”. There is a worry, however, that getting on will prove more difficult as Brexit negotiations finally get under way – a year on from a referendum in which O’Grady made the case for staying in the EU to protect workers’ rights. ... [Read full article on Guardian ]
Saturday 24th of June 2017 03:00:03 PM
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....Moody’s said the government appeared to be pursuing objectives pointing towards a hard exit and said growth prospects over the medium term could be “materially weaker” if the UK fails to sign a trade deal allowing access to the single market. Kathrin Muehlbronner, a senior vice president at Moody’s, said: “The likelihood of an abrupt – and damaging exit – with no agreement and reversion to [World Trade Organization] trading rules has increased compared to our expectation after the referendum, with the government so far pursuing objectives that imply a hard exit. ... [Read full article on Guardian ]
Tuesday 11th of July 2017 12:51:23 PM
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....”. He was referring to the unspecified investment pledges the Japanese car manufacturer got from Theresa May to stay in Sunderland following the EU referendum. ... [Read full article on Guardian ]
Wednesday 12th of July 2017 05:40:20 PM
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....British politics and British society remain in denial about what is at stake, about the issues involved, and about the wasted time so far. Political debate about Brexit has struggled to move on from the 2016 referendum and has barely begun to adjust to the result of the 2017 election. ... [Read full article on Guardian ]
Friday 14th of July 2017 05:49:20 PM
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....The City dominates the market in clearing, a process which is supposed to reduce the risks in complex financial transactions by matching buyers and sellers as well as reducing the cost of trading, through the use of clearing houses. The business has been hotly contested since the EU referendum a year ago, when Xavier Rolet, chief executive of the London Stock Exchange, warned that 100,000 jobs across the UK were at risk if the City lost the ability to process euro-denominated transactions. ... [Read full article on Guardian ]
Friday 23rd of June 2017 04:40:12 PM
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.... In 2016, 209,000 people working in the sector in the UK were EU nationals, up from 121,000 in 2009 – a rise of 72% – according to figures from the Office for National Statistics (ONS). But since the 2016 EU referendum, there are tentative signs that when it comes to public sector workers, the UK has lost some of its appeal as a place to live and work. ... [Read full article on Guardian ]
Wednesday 5th of July 2017 06:30:07 AM
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....This ought to be the moment when the opposition exposes a chaotic and purblind government. If Corbyn’s decision to go absent without leave during the referendum campaign did not convince you he wanted out of the EU because it stood in the way of the creation of socialism in one country, surely the feebleness of Labour opposition’s will convince you that no fight back is coming. ... [Read full article on Guardian ]
Saturday 8th of July 2017 11:05:08 PM
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....The worldwide boss of JP Morgan has said othat the Wall Street bank would only have to move thousands of jobs out of the UK in response to Brexit if ordered to do so by the EU. In the run-up to last year’s referendum, Jamie Dimon had warned that up to 4,000 roles would be at risk in the event of a vote to leave. ... [Read full article on Guardian ]
Tuesday 11th of July 2017 04:35:32 PM
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....I, Daniel Blake was a collaboration with companies from France and Belgium. But, since the referendum, Hollywood studios are spending more in the UK - partly because of the pound's drop. ... [Read full article on BBC ]
Wednesday 5th of July 2017 12:03:52 PM
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....Households have been hit by a double whammy of slow wage growth and rising inflation. The pound’s weakness since the EU referendum last summer has made imports to the UK more expensive and firms are passing their higher costs on to consumers. ... [Read full article on Guardian ]
Thursday 6th of July 2017 12:57:38 PM
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....YouGov said the steep fall was almost as severe as the dive in consumer confidence that followed the Brexit vote, when it plummeted from 111. 9 in the weeks before the referendum to 104. ... [Read full article on Guardian ]
Monday 26th of June 2017 11:05:13 PM
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Latest Finance News related to Referendum

Britons travelling to Europe offered just €0.88 for £1 image
Source : Guardian [Read Article] Friday 21st of July 2017 06:31:18 PM
.... Experts said that was possibly the worst euro exchange rate ever seen at any UK airport – traditionally the most expensive places to buy foreign currency. We have seen how the pound has been subject to volatility since the Brexit referendum. ...
Drax looking at 'coal-free future' as it reveals £83m pre-tax loss image
Source : Guardian [Read Article] Wednesday 19th of July 2017 09:33:16 AM
....A large chunk of the £83m loss – the £65m lost on currency hedging – was a result of the volatility of the value of sterling since the Brexit vote. The company buys its wood pellets from North American mills and hedges five years ahead to protect itself, resulting in a gain last June when the pound fell significantly after the EU referendum, and the £65m loss as sterling recouped some of its loss in value. ...
Surprise drop in UK inflation is good news for consumers | Larry Elliott image
....Rising inflation has been one of the big economic stories of the past year. The depreciation of sterling after the EU referendum has made the things Britain imports, such as clothes and food, dearer and the cost of living has risen steadily as a result. ...
How could we cope if capitalism failed? Ask 26 Greek factory workers | Aditya Chakrabortty image
....For all its fragilities, Viome still offers a lesson in politics to any British visitor. In the year since the EU referendum, Britons have entered an era of bullshit sovereignty. ...
UK inflation figures will shine light on impact of pound's Brexit slide image
....City analysts believe there will have been a pause in June in the steady increase in the cost of living to 2. 9% in the 12 months since the EU referendum, but most believe the respite will prove temporary. ...
What Brexit slowdown? UK housing market shrugs off concerns as property prices creep up image
. A survey by property website Rightmove found there are currently more buyers and sellers within the wider market compared with the same period around the referendum last year, with the number of sales agreed in June 2017 up 4. ...
UK housing market shrugs off concerns of Brexit slowdown image
Source : Guardian [Read Article] Sunday 16th of July 2017 11:01:34 PM
....The UK housing market is shrugging off concerns in the wider economy following the Brexit vote, compounding problems for many first-time buyers still wrestling with the strongest year-on-year price rises in the market. There are more buyers and sellers in the wider market compared with the period around the referendum a year ago, with the number of sales agreed up by 4. ...
UK 'sleepwalking' into food insecurity after Brexit, academics say image
Source : Guardian [Read Article] Sunday 16th of July 2017 11:01:34 PM
....After 50 years of generally stable supplies and prices, the authors say, the UK could return to the sort of volatility last seen in the 1930s and earlier, calling the scale of the challenge “unprecedented for an advanced economy outside of wartime”. The report repeatedly castigates ministers for neglecting the issue: “The silence about the future of UK food since the Brexit referendum is an astonishing act of political irresponsibility and suggests chaos unless redressed. ...
Low-paid should receive inflation-only rises, say business leaders image
Source : Guardian [Read Article] Sunday 16th of July 2017 06:13:15 PM
.... “Setting the national living wage must be done cautiously, comprehensively taking into account economic circumstances, so that people are not priced out of jobs. The government’s current policy was set before the EU referendum and so does not reflect the uncertainty caused by Brexit. ...
Poundland delays launch of Twin Peaks chocolate bar amid legal row image
Source : Guardian [Read Article] Sunday 16th of July 2017 02:09:27 PM
....It cut the weight of two bars from Toblerone’s UK range with 400g bars falling to 360g while the 170g bars, which are one of Poundland’s best sellers, slimmed to 150g. Mondelez, the owner of Toblerone, said the change was not Brexit related, but the fall in the value of the pound after last summer’s EU referendum was seen by many as a likely contributing factor to the firm’s rising costs. ...
Election euphoria won’t last if Labour doesn’t foil Brexit folly image
Source : Guardian [Read Article] Sunday 16th of July 2017 05:59:13 AM
....It is patently obvious that the Conservatives were hopelessly ill-prepared for the current negotiations. By contrast, I am authoritatively told that from the moment the decision to hold a referendum was announced, contingency plans began in Brussels for the Brexit our partners did not want but, wisely, as it turns out, feared. ...
Top 1% of households in UK fully recovered from financial crisis image
Source : Guardian [Read Article] Friday 14th of July 2017 11:01:36 PM
....The thinktank said the report highlighted a country increasingly divided by age, by housing tenure and by inequality – and that all three factors had been important in the shock election result in which Labour gained 30 seats and deprived the Conservatives of an overall majority. The foundation added that the surprise was not that the groups faring badly had turned out – both in last year’s EU referendum and in the recent general election – to reject the status quo, but that it had taken them so long to do so. ...
The Guardian view on Brexit policy: time for Britain to get real | Editorial image
....British politics and British society remain in denial about what is at stake, about the issues involved, and about the wasted time so far. Political debate about Brexit has struggled to move on from the 2016 referendum and has barely begun to adjust to the result of the 2017 election. ...
Globalisation: the rise and fall of an idea that swept the world image
Source : Guardian [Read Article] Friday 14th of July 2017 04:28:14 AM
....In his 2011 book The Globalization Paradox, Rodrik concluded that “we cannot simultaneously pursue democracy, national determination, and economic globalisation. ” The results of the 2016 elections and referendums provide ample testimony of the justness of the thesis, with millions voting to push back, for better or for worse, against the campaigns and institutions that promised more globalisation. ...
Irish business seeks €1bn in EU aid to protect firms hit by Brexit image
Source : Guardian [Read Article] Wednesday 12th of July 2017 05:40:20 PM
....”. He was referring to the unspecified investment pledges the Japanese car manufacturer got from Theresa May to stay in Sunderland following the EU referendum. ...
Burberry drops plans to redevelop Leeds mill despite pick-up in sales image
Source : Guardian [Read Article] Wednesday 12th of July 2017 01:52:25 PM
....The UK remained Burberry’s fastest-growing market as international travellers continued to take advantage of the drop in the value of the pound since last year’s Brexit vote to pick up a bargain. Brown said growth had slowed from the 30% to 40% seen last year as 2017’s rise in tourist spending was being compared against the post-referendum leap from June 2016. ...
JP Morgan: we'll only move jobs from UK after Brexit if EU forces us image
Source : Guardian [Read Article] Tuesday 11th of July 2017 04:35:32 PM
....The worldwide boss of JP Morgan has said othat the Wall Street bank would only have to move thousands of jobs out of the UK in response to Brexit if ordered to do so by the EU. In the run-up to last year’s referendum, Jamie Dimon had warned that up to 4,000 roles would be at risk in the event of a vote to leave. ...
Political upheaval will lead to UK economy slowing down, says Moody's image
Source : Guardian [Read Article] Tuesday 11th of July 2017 12:51:23 PM
....Moody’s said the government appeared to be pursuing objectives pointing towards a hard exit and said growth prospects over the medium term could be “materially weaker” if the UK fails to sign a trade deal allowing access to the single market. Kathrin Muehlbronner, a senior vice president at Moody’s, said: “The likelihood of an abrupt – and damaging exit – with no agreement and reversion to [World Trade Organization] trading rules has increased compared to our expectation after the referendum, with the government so far pursuing objectives that imply a hard exit. ...
How economics became a religion | John Rapley image
Source : Guardian [Read Article] Tuesday 11th of July 2017 05:00:01 AM
.... And yet, in the wake of the 2008 financial crisis and the consequent recession, there has been a turn against globalisation across much of the west. More broadly, there has been a wide repudiation of the “experts”, most notably in the 2016 US election and Brexit referendum. ...
Central banks are ending policies like QE – but they'll be back | Nouriel Roubini image
.... The European Central Bank is now pondering just how fast to taper its own QE policy in 2018, and when to start phasing out negative interest rates. Similarly, the Bank of England (BoE) has finished its latest round of QE – which it launched after the Brexit referendum last June – and is considering hiking interest rates. ...
Brexit breaks breakfast? Hard Brexit could mean hard luck for fry-up fans image
.... The pound is currently trading at about $1. 29, 13% lower than it was on the day of the June 2016 referendum. ...
House price pick-up allays fears of property market crash image
Source : Daily Express [Read Article] Sunday 9th of July 2017 03:37:00 PM
....The doom-mongers are out in force this year, issuing dire warnings about falling house prices, rising consumer debt, stagnating wages and higher inflation. Political uncertainty only adds to the sense of gloom, while Brexit opponents gleefully pounce on any sign that the UK is stumbling in an attempt to reverse last year’s EU referendum result. ...
German industry warns UK not to expect help in Brexit negotiations image
Source : Guardian [Read Article] Sunday 9th of July 2017 08:51:32 AM
....”. Their comments come just weeks after David Davis, the Brexit secretary, said his claim before the referendum, that German industry would put pressure on Angela Merkel, the chancellor, to hand Britain a good Brexit deal, was “where [the negotiations] will end up”. ...
One by one, Brexit’s ‘salvations’ are seen to be illusory | Nick Cohen image
....This ought to be the moment when the opposition exposes a chaotic and purblind government. If Corbyn’s decision to go absent without leave during the referendum campaign did not convince you he wanted out of the EU because it stood in the way of the creation of socialism in one country, surely the feebleness of Labour opposition’s will convince you that no fight back is coming. ...
UK business leaders to call for indefinite delay in leaving single market image
.... Several FTSE 100 chief executives are also rumoured to be coming, but not, as originally thought, the chancellor, Philip Hammond. The Chevening estate was shared between the “Three Brexiteers” – Davis, Boris Johnson and the international trade secretary, Liam Fox – when May became prime minister after the referendum. ...
UK faces tightest squeeze on household incomes for five years image
Source : Guardian [Read Article] Thursday 6th of July 2017 12:57:38 PM
....Households have been hit by a double whammy of slow wage growth and rising inflation. The pound’s weakness since the EU referendum last summer has made imports to the UK more expensive and firms are passing their higher costs on to consumers. ...
What impact is Brexit having on foreign property prices? image
Source : Daily Express [Read Article] Wednesday 5th of July 2017 04:49:00 PM
....As it stands, it is currently more expensive to invest in a foreign property than it was a couple of years ago. This cost climb has primarily been fuelled by the fall in the value of sterling seen last year in the wake of the EU referendum. ...
Ken Loach thinks Brexit will be bad for British films image
Source : BBC [Read Article] Wednesday 5th of July 2017 12:03:52 PM
....I, Daniel Blake was a collaboration with companies from France and Belgium. But, since the referendum, Hollywood studios are spending more in the UK - partly because of the pound's drop. ...
Brexit fears trigger exodus of crucial EU health and social care workforce | Hélène Mulholland image
.... In 2016, 209,000 people working in the sector in the UK were EU nationals, up from 121,000 in 2009 – a rise of 72% – according to figures from the Office for National Statistics (ONS). But since the 2016 EU referendum, there are tentative signs that when it comes to public sector workers, the UK has lost some of its appeal as a place to live and work. ...
Bank of England's Michael Saunders: 'Prepare for higher interest rates' image
....Michael Saunders used a Guardian interview to explain why he had voted for a rate rise last month and to emphasise that it was no longer necessary for Threadneedle Street to keep its foot to the floor with record low borrowing costs. The external member of the monetary policy committee (MPC) said the economy had confounded gloomy forecasts made in the aftermath of the referendum and he warned inflation would climb higher and stay well above the Bank’s target for longer without action. ...
Barclays sees the beak about the bailout image
Source : Guardian [Read Article] Sunday 2nd of July 2017 05:59:20 AM
.... What effect this latest stormy period in British politics will have on the economy will emerge to some extent this week, with the release of the purchasing managers’ index (PMI) data on the services and manufacturing sectors. As the general election did not have the same effect as the EU referendum just over a year ago, there is not likely to have been as sharp a decline, but analysts at Investec think there will still be a drop. ...
Murdochs or the Enlightenment? Only one will take Britain forward | Will Hutton image
....So much of what has gone wrong in Britain is rooted in this complacent thoughtlessness. It’s not just the casual bolting on of referendums to parliamentary democracy, thus now provoking the first-order crisis that threatens to destabilise our economy and shred both our major political parties as we inexorably head for hard Brexit. ...
Prepare for interest rates rise: Inflation could mean hike, says Bank of England economist image
....Interest rates are currently at just 0. 25 per cent, after they were cut last August following the outcome of the UK referendum. ...
Soft Brexit is the only sane option. This is no time for partisan politics | Simon Jenkins image
.... The given reason is that they disobeyed party orders – a subject on which Corbyn is a past expert. It is now dubiously assumed that leaving the European single market was the explicit intention of last year’s referendum vote to leave the EU. ...
Consumer confidence is lowest since Brexit vote aftermath, survey finds image
....Worries about the economic outlook and a squeeze on household budgets dented consumer confidence this month, according to a closely watched survey. The monthly barometer of consumer mood from the market research firm GfK dropped to its lowest level since the aftermath of last summer’s EU referendum. ...
Ireland says dozen City firms and banks to set up in Dublin over Brexit image
Source : Guardian [Read Article] Thursday 29th of June 2017 05:09:09 PM
....The Bank of England has told financial firms to provide it with details of their Brexit plans by 14 July and to be ready for all possible outcomes, including a hard Brexit. Donoghue said the IDA had fielded more than 80 inquiries since the referendum last June. ...
UK in credit splurge despite pay squeeze, Bank figures show image
Source : Guardian [Read Article] Thursday 29th of June 2017 11:37:19 AM
.... Families with the lowest incomes saw the biggest reduction in disposable income. Living standards have been squeezed in recent months because the fall in the value of sterling since last year’s EU referendum, which has pushed annual inflation to 2. ...
Brexodus has begun. We EU nationals know staying on is too big a gamble | Joris Luyendijk image
.... Everybody is considering their options – and for good reason. It is not just that our interests were all but ignored during the referendum campaign last year. ...
Consumer confidence collapsed after general election, YouGov finds image
Source : Guardian [Read Article] Monday 26th of June 2017 11:05:13 PM
....YouGov said the steep fall was almost as severe as the dive in consumer confidence that followed the Brexit vote, when it plummeted from 111. 9 in the weeks before the referendum to 104. ...
Almost half of highly skilled EU workers 'could leave UK within five years' image
.... This is partly because of uncertainty around the UK’s economic outlook and because any money those workers earn in pounds is now worth less in euros for them to send home. The pound fell sharply after the referendum and is still down 13% against the euro compared with the day of the vote. ...
Brexit could destroy the UK's food and farming industry – or be the making of it | Felicity Lawrence image
....There is a rather large piece of unexploded ordnance in the middle of the Brexit talks, which kicked off last week. It lay buried through most of the referendum campaign – but if not skilfully defused, it could go off with devastating consequences for our food system. ...
Maxed-out consumers of concern to Bank of England image
Source : Guardian [Read Article] Sunday 25th of June 2017 06:00:22 AM
. We have heard plenty from the Bank of England’s monetary policy committee of late, with its members divided over how to set interest rates in a post-referendum Britain. ...
Europe is the shared story our papers tell. It’s what made me who I am image
.... But it is who we are and where we are – especially if our job, as journalists, is finding the ties that bind and define us. That’s why the result of this referendum has been so damned hard to swallow. ...
London could lose out as ECB seeks control of euro clearing after Brexit image
....The City dominates the market in clearing, a process which is supposed to reduce the risks in complex financial transactions by matching buyers and sellers as well as reducing the cost of trading, through the use of clearing houses. The business has been hotly contested since the EU referendum a year ago, when Xavier Rolet, chief executive of the London Stock Exchange, warned that 100,000 jobs across the UK were at risk if the City lost the ability to process euro-denominated transactions. ...
One year on from Brexit vote: business's winners and losers image
Source : Guardian [Read Article] Thursday 22nd of June 2017 11:01:08 PM
....Britain’s consumers and UK-focused firms are among the biggest losers one year on from the shock Brexit vote that drove the value of the pound to its lowest level in more than 30 years. On the first anniversary of the EU referendum, financial services company Hargreaves Lansdown said clear winners and losers have emerged, with the pound taking the biggest hit on the markets. ...
Philip Hammond says Brexit deal must put jobs and prosperity first image
Source : Guardian [Read Article] Tuesday 20th of June 2017 08:41:04 AM
....”. Hammond, who campaigned for remain in the referendum and has been arguing in cabinet against the idea of Britain leaving the EU without a deal, said the result of the general election had shown that the country was “weary after seven years of hard slog repairing the damage of the great recession”. ...
Bank of England says interest rates should be kept on hold amid Brexit uncertainty image
....Mark Carney said he would want to see how businesses, financial markets and consumers reacted to the reality of the UK’s looming departure from the EU before changing his view. The governor, who attracted criticism from Conservative MPs for the recession warnings he issued before last summer’s referendum, said the Brexit talks would have a significant bearing on whether the UK’s historically high balance of payments deficit would become more sustainable. ...
UK economy will slow amid Brexit talks and pay squeeze, warns CBI image
Source : Guardian [Read Article] Monday 19th of June 2017 11:01:49 PM
....Early economic indicators following the Brexit vote confounded gloomy forecasts for a sharp slowdown. But a year on from the referendum and as exit talks with other EU governments begin, the effects of a weak pound and uncertainty over future trading agreements are being felt. ...
Brexit critic joins Bank of England interest rate-setting committee image
Source : Guardian [Read Article] Monday 19th of June 2017 03:47:58 PM
....An economics professor from the London School of Economics who warned against Brexit has been appointed to the Bank of England’s interest rate-setting committee. Silvana Tenreyro was one of 280 economists who signed a public letter ahead of the referendum last year stating it would be a “major mistake” for Britain to leave the EU. ...
Pain without gain: the truth about austerity | Phillip Inman image
Source : Guardian [Read Article] Sunday 18th of June 2017 04:54:09 PM
.... Until just last year, the plan was to cut the deficit to zero by 2020 and start bringing down the debt-to-GDP ratio from this year. The EU referendum vote and Theresa May’s arrival at No 10 changed all that. ...
Jaguar Land Rover to recruit 5,000 staff after record year of sales image
Source : Guardian [Read Article] Sunday 18th of June 2017 04:50:45 PM
....Its expansion plans will bolster hopes that the UK’s export sector can help offset some of the domestic pressures on the economy in the years ahead as household budgets continue to be squeezed by weak pay growth and rising inflation on the back of the slide in sterling triggered by Brexit. The pound’s weakness since the referendum has made imports to the UK more expensive, but it has also been a boon to some exporters because it makes their goods more competitive in overseas markets. ...
Brexiters have voted for a poverty even worse than austerity image
Source : Guardian [Read Article] Sunday 18th of June 2017 06:00:04 AM
....Thinktanks are vying with one another to tell us about a record period of negligible growth in living standards. Alas, things are becoming even worse as the referendum-induced devaluation bites further into real incomes. ...
Big business leaders press Theresa May to rethink hard Brexit image
Source : Guardian [Read Article] Sunday 18th of June 2017 03:48:03 AM
....Senior business figures have heaped further pressure on Theresa May to change course for a softer Brexit in the wake of the election, amid fresh warnings of the impact of immigration controls and leaving the single market. Stuart Rose, the Tory peer and chairman of online grocer Ocado, who backed Remain, said the election had been a “proxy re-referendum” against hard Brexit. ...
Tesco says price rises are last resort as UK growth hits seven-year high image
.... The discounters Aldi and Lidl are growing sales at their fastest rate in more than two years, while more shoppers are buying less or switching to cheaper own-label products as prices rise faster than many workers’ wages. Inflation has been increasing steadily since the EU referendum result a year ago, which triggered a sharp drop in the value of the pound and pushed up the cost of imported goods. ...
The eurozone must reform or die | Kenneth Rogoff image
Source : Guardian [Read Article] Friday 16th of June 2017 05:00:00 AM
.... For southern Europe as a whole, the single currency has proved to be a golden cage, forcing greater fiscal and monetary rectitude but removing the exchange rate as a critical cushion against unexpected shocks. Part of the reason the UK economy has held up well (so far) since last year’s Brexit referendum is that the pound fell sharply, increasing competitiveness. ...
Bank of England doves right to thwart hawks seeking interest rate rise image
Source : Guardian [Read Article] Thursday 15th of June 2017 01:18:37 PM
....The continued fall in unemployment also meant a tighter labour market and, although the weak pound has put the brakes on consumer spending by making imports dearer, the other side of the coin is that a more competitive currency is helping exports and encouraging businesses to invest. The MPC hawks made the point that the Bank cut rates by a quarter-point to boost the economy after the shock result of the EU referendum last summer, and that given the better than anticipated growth and employment performance since there was now an argument for removing that part of the emergency stimulus package. ...
Bank of England edges closer to increasing UK interest rates image
Source : Guardian [Read Article] Thursday 15th of June 2017 11:11:41 AM
....The pound got some support on Thursday from the prospect of higher interest rates but at $1. 276 it is still down 14% against the dollar when compared with the night of the EU referendum a year ago. ...
UK retail sales dive sparks biggest FTSE 250 fall since last summer image
Source : Guardian [Read Article] Thursday 15th of June 2017 10:13:53 AM
....8% tracking the overall inflation rate, illustrating the decision of most retailers to pass on at least some of the increased cost of imports to consumers. After the EU referendum vote last year the pound plunged by almost a quarter, dramatically increasing the cost of imported goods. ...
Brexit Bond offers top rate of 3% - if savers are RIGHT about UK's exit from EU image
Source : Daily Express [Read Article] Wednesday 14th of June 2017 04:15:00 PM
...."This means that Brexit may not be the dominant factor determining the exchange rate on March 29, 2019. "Irrespective of how savers voted in the referendum in June 2016, they now have a further opportunity to express their views of Brexit and how it may benefit their savings. ...
UK pay squeeze breaks all sorts of records for all the wrong reasons | Larry Elliott image
.... Inflation was artificially low as a result of a temporary collapse in oil prices. The cost of crude has subsequently recovered a bit, but the depreciation of the pound since the Brexit referendum has also had the effect of pushing up the cost of living. ...
Pay squeeze intensifies as wage growth falls further behind inflation image
Source : Guardian [Read Article] Wednesday 14th of June 2017 08:35:03 AM
....When adjusted for inflation, UK employees are now earning £15 less a week after tax and deductions than they were in March 2008, six months before the collapse of Lehman Brothers and the global financial crisis. The latest drop in real wages reflects mounting pressure on household budgets, as the sharp drop in the value of the pound since the EU referendum drives up the cost of goods imported from abroad and feeds through to higher shop prices. ...
Britons feel the squeeze as inflation rises to four-year high of 2.9% image
Source : Guardian [Read Article] Tuesday 13th of June 2017 08:37:27 AM
.... The year-on-year rise in the consumer prices index (CPI) means prices continue to go up faster than wages for many workers, further denting living standards. Inflation has been steadily increasing since the EU referendum result a year ago, which triggered a sharp drop in the value of the pound and pushed up the cost of goods imported from abroad. ...
Our leaders have lost touch with reality – just like the banks did | Aditya Chakrabortty image
.... Slashed public spending, falling living standards, a “national” recovery really felt only in London and the home counties: such issues barely ever feature in the political class discourse, yet they shape our politics. I heard it in south Wales before the Brexit referendum, and I saw it in deindustrialised outer London in the run-up to this vote. ...
Moody's warns election result will complicate Brexit talks image
Source : Guardian [Read Article] Monday 12th of June 2017 11:01:40 PM
....Moody’s stripped the UK of its coveted triple A status in 2013 to put it one notch below at Aa1. The rating agency downgraded the outlook on the rating to negative from stable on 24 June last year, the day after the EU referendum. ...
Bosses are right: political uncertainty will damage the economy | Nils Pratley image
....“It is hard to overstate what a dramatic impact the current political uncertainty has on business leaders, and the consequences could – if not addressed immediately – be disastrous for the UK economy,” says Stephen Martin, director general of the Institute of Directors, pointing to a poll of members that showed 57% were quite or very pessimistic about the economy over the next 12 months. We heard similar predictions of gloom from the business world after last year’s referendum, of course. ...
Bad EU trade deal 'disastrous' for UK jobs, investment and growth image
Source : Guardian [Read Article] Monday 12th of June 2017 01:07:11 PM
.... It found they were “highly sceptical” that unfettered access to the EU market would be replaced with a growth in trade with other parts of the world. Balls said: “At the time of the referendum, many British companies thought that Brexit might lead to a reduced regulatory burden. ...
UK household spending falls for first time since 2013 image
Source : Guardian [Read Article] Monday 12th of June 2017 04:30:17 AM
....Economists are worried that the inconclusive result of last week’s snap general election will add to the mood of uncertainty among consumers and businesses alike. That will compound the pressures from the pound’s sharp drop since the EU referendum, which has pushed up the cost of UK imports and stoked inflation. ...
Farming is a fresh field for Michael Gove's slash and burn politics image
Source : Guardian [Read Article] Sunday 11th of June 2017 08:08:48 PM
....Even before he gatecrashed last year’s Tory leadership contest, knocking his supposed friend Boris Johnson out of the race, Gove was a deeply controversial figure. Accompanied by his loyal adviser Dominic Cummings, who went on to mastermind the Vote Leave campaign in last year’s referendum, Gove slashed and burned his way through decades of conventional wisdom in education – making an enemy of the teaching unions in the process. ...
Double whammy for British tourists as pound plunges and prices rise abroad image
....Holidaymakers buying €1,000 can now expect to pay around £879 after sterling dropped as markets reacted to the result of the snap general election. In July 2015, well before the EU referendum in June last year, British travellers visiting Europe could expect to pay about £700 for €1,000 – a difference of almost £200 in two years. ...
UK economy falls to bottom of EU growth league image
Source : Guardian [Read Article] Thursday 8th of June 2017 05:33:45 PM
....However, in year-on-year terms the UK was closer to the EU performance and ahead of the 19-nation eurozone. After a strong second half to 2016, when the economy defied predictions of a post-referendum slump, UK GDP was still 2% bigger in the first quarter of 2017 than a year earlier. ...
Gordon Ramsay's Brexit nightmare: chef hires team to halt rising costs image
....It also blamed concerns over recruiting staff on Brexit and is worried about uncertainty over the economy. In the accounts, for the 12 months to the end of August 2016, the firm warns: “As a consequence of the referendum in the summer of 2016 there is a great deal of uncertainty about the future direction of the economy. ...
OECD: outlook for global economy is ‘better, but not good enough’ image
Source : Guardian [Read Article] Wednesday 7th of June 2017 08:30:00 AM
....“After many years of weak recovery, with global growth in 2016 at the lowest rate since 2009, some signs of improvement have begun to appear,” Mann wrote in the OECD’s latest outlook report. After June’s EU referendum result, the OECD was, like many forecasters, forced to backtrack on its warning that the UK would suffer instant damage from the Brexit vote. ...

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