Economics

Another day, another Brexit horror story, this time the OECD (The Organisation for Economic Cooperation and Development) has cut the UK’s growth target in half, by a whole percentage point. These forecasts have been reduced due to the impact of Brexit and a wider weakness in the broader global outlook. The report states: “While markets have since stabilised, sterling has depreciated by around 10% in trade-weighted terms since the referendum. For 2016, GDP growth has been supported by a strong performance...

Nearly five years since the last note launched, the Bank of England will today release its first ever polymer fiver. The so-called 'plastic fiver' is longer lasting, harder to destroy and smaller than other bank notes, with the first notes leaving distribution centres shortly after midnight tonight. From there they will be taken to ATMs in six major cities in England and Wales, with members of the public being able to withdraw them from around 9am onwards. A new five pound note...

According to a major report by Savills, London became the most expensive city in the world to live in two years ago, taking over from the previous world leader, Hong Kong. And those of us who live here can no doubt attest to the cost of housing – whether we’re buyers or renters. But what about everything else? Of course, such reports depend on which variables are included. But the most expensive places to live always include the “usual suspects”...

FDI figures that show the UK enjoyed record breaking inward investment have been branded misleading. New figures show that 2,213 inward investment projects were secured in 2015-16 - an 11 per cent increase on the previous year. This led to around 116,000 jobs being created or safeguarded - the second highest number on record, the Department for International Trade said. However Professor Nigel Driffield of Warwick Business School said that in the period that covers these figures the expectation among political commentators...

What does the EU ever do for us? It is a question that many people in the UK asked during the referendum, they concluded the EU does very little and voted for Brexit. Well today, according to European commission rules, Apple should repay Ireland 13bn euros or 11bn pounds in back taxes. Interestingly the Irish government are not very happy about the ruling. The EU has been involved in a three-year investigation into the tech giant and concluded that the...

The NHS has been thrown into even more turmoil, after plans have been revealed to conduct huge cuts across England’s NHS. According to the BBC, who have been able to access a draft planning document, the NHS will see ward closures, cuts in bed numbers and alterations to GP and A&E care across the country. Many will see these cuts as the end of free health care as we know it, as services are cut and shortfalls may well be picked...

For now, the spectre of Brexit continues to loom large over the British economy, with the subsequent uncertainty arguably far worse than either leaving or remaining in the European Union. This is one of the biggest ironies associated with the EU referendum, as mere threat of Brexit continues to disrupt the status quo and create an unstable, volatile and ultimately unpredictable economy. The Brexit vote is laced with irony, however, particularly when you consider the leave camp's demographics and the...

A shocking new report has found that private landlords hauled in £9.3bn in 2015. It is huge figure and double what the level was a decade ago. The study was undertaken by the National Housing Federation (NHF) and they said the figure was due to a huge increase in private tenants who are receiving housing benefit. A decade ago the there was £4.6bn handed out to private landlords by the state. These figures will anger many, who will see taxpayers’...

There have been many reports and indicators that the UK economy is struggling post-Brexit. It is still early to tell but a Treasury report today does not make great reading. The Independent reports the document indicated that most of the major banking institutions in the capital have cut their growth forecasts for the UK economy in 2017. The figures have been downgraded since the EU referendum vote and the UK’s decision to leave the European project. Many of these banks...