UK services sector ‘having worst year since financial crisis’
New stats for August suggest the biggest UK sector for the economy is flatlining, making a recession more likely.
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Financial services optimism falls at fastest pace since financial crisis
Sentiment and volumes are deteriorating sharply in the financial services sector, with various indicators at their lowest since the Financial Crisis of 2008, according to the latest CBI/PwC Financial Services Survey. The quarterly survey of 84 firms found that optimism about the overall business situation in the financial services sector ...
Debt-management experts warn of “same conditions” to global financial crisis
Debt-management experts have sent out a warning citing "dangerous debt trends" currently plaguing British economy which resemble the conditions during the global financial crisis. With insolvency rates rising for the first time since 2008, Bell & Company are warning of the reasons behind this worrying trend and how to avoid ...
Regulators Need ‘Cultural Change’ to Avoid us ‘Sleepwalking into the Next Financial Crisis’
Regulators need to undergo a cultural change if we are to avoid sleepwalking into the next financial crisis, a new report has found. The study by Cass Business School for New City Agenda revealed that the Prudential Regulation Authority (PRA) and Bank of England need to go much further to ...
Post-Brexit business optimism at lowest level since 2009 financial crisis
It seems that the business community is not feeling to positive about the future of the UK economy post-Brexit. The first quarterly survey, since the nation decided to leave the EU, indicates that business optimism in the financial services industry sector is very low. Over half of financial companies, who ...
The Next Financial Crisis will be caused by Central Bankers Not Investment Bankers
By Ben Ramanauskas On September 15th 2008, the global investment bank Lehman Brothers, filed for bankruptcy. It was- and still remains- the largest bankruptcy filing in the history of the United States and precipitated a global financial crisis that has had a devastating impact on the world economy. The conduct ...
Extinction Rebellion targets financial industry over role in funding climate and ecological crisis
Extinction Rebellion protesters targeted the financial industry today in a bid to unveil the “truth” about their roles in funding the climate and ecological crisis. At least seven people glued themselves to the front entrance to the London Stock Exchange this morning and five others halted a DLR train at ...
10 years on from the financial crash workers suffer as bankers thrive
Bankers have seen their pay increase by 9.3 per cent since 2009 as average wages fall by 3.1 per cent, new figures show. In the ten years since the financial crash the typical worker has been left nearly £1,000 worse off a year in real terms, the Trades Union Congress ...
Top 5 Financial Markets Movies
Financial markets are dynamic, complex and exciting, and it didn’t take Hollywood too long to seize the opportunity to visually document this bold industry. There are plenty of movies based on the financial markets – and for a good reason! When you add a great script with a Hollywood twist, ...
Three quarters of Brits are worried about their current financial situation
Three quarters of Brits are worried about their current financial situation, a study has found. Researchers found a large percentage of the nation fear they don't have enough money to see them through a sudden crisis such as a large, unexpected bill. Others are concerned they would face almost immediate ...
Nine years on from the start of the credit crunch, could blockchain prevent a future crisis?
By Stewie Zhu, Founder and CEO of Distributed Credit Chain On this day in 2007 when the credit crunch started, BNP Paribas became the first major bank to freeze three of its funds. In the words of Adam Applegarth, who was then chief executive of Northern Rock – one of ...
Home Office in fresh crisis after telling 7,000 foreign students to leave UK in error
The Home Office has been engulfed in a fresh crisis after accusations emerged that it told 7,000 foreign students to leave the UK in error. In Sajid Javid's first day in office new revelations have been leaked of a shocking blunder that could have left students homeless and detained. According ...
Brexit job crisis: Exodus or exaggeration?
Speculation that a Brexit financial services job crisis could be in our midst have been downplayed after HSBC became the latest bank to change its warning of an exodus. The Bank of England this week released a warning that up to 75,000 jobs could be lost in financial services following Britain's departure ...
Retirees in Britain are financially secure, but will any of it benefit the younger generation?
British pensioners are now more financially secure than they ever have been, following the post-election deal between the DUP and Conservative Party, guaranteeing the triple lock pension and winter fuel allowance. More significant is the older generation’s ‘wealth mountain’—the property assets owned by those higher up the housing ladder. Unfortunately ...
NHS crisis – Wheelchair-bound pensioner with cancer no longer qualifies for free hospital transport
A wheelchair-bound pensioner with cancer faces paying thousands on taxis for hospital appointments after new NHS rules said she was 'independent'. Widow Jennifer Summers, 72, has been in a chair since polio struck aged four and free specialist transport to and from hospital after her husband died five years ago. ...
Inequality and housing crisis are no accident – they are a direct consequence of Government policy
By Paul de Hoest, Green Party Candidate for South West Hertfordshire Inequality has widened, young people are priced out of the housing market and Government debt keeps going up. The only answer the Tories have is that we need more of the austerity medicine which means: less welfare, less spending ...
Hardest hit schools facing financial cliff edge as £1 billion set aside for grammars
Britain's hardest hit schools are facing a financial cliff edge despite the Prime Minister being able to find £1 billion for her pet grammar schools scheme. The government’s ‘flawed’ new funding formula will see the hardest hit schools facing a “financial cliff edge” in 2020, according to a new study. A ...
Health, Wealth, Happiness: America in crisis
Of all the indicators used to track the well-being of a nation it seems perverse that happiness is seldom used as the real test of success. A nation is more often judged to be "doing well" if its unemployment rates are low, if it has a healthy trade balance, if its currency ...
What Can Sadiq Khan Do To Solve London’s Vacant Property Crisis?
During his successful campaign to become the Mayor of London, Sadiq Khan promised to make London’s housing crisis his “single, biggest priority.” In fact, Khan said in his manifesto that “it doesn’t matter whether you’re talking to business leaders, local residents, charities or community groups: far and away the biggest ...
Overworked and Underpaid: Britain in crisis
Britain is set for decades of been overworked and underpaid as a perfect storm of stagnant wage growth and low-paid work meets inflationary pressures in the most pronounced real income squeeze of our generation. Although the Tories will most likely be celebrating the latest employment figures showing flat unemployment the ...
Annuities in crisis but London property still strong: Time to sell your pension?
Pension crisis leads many to consider other investment options for retirement. With markets struggling and the pound in crisis, take control of your pension fund and invest it in ways that will promise better returns for the future. Annuities have been struggling for some time, but over recent weeks they ...
Venezuela Introduces 2 Day Working Week And Puts Clocks Back To Tackle Energy Crisis
Venezuela's Vice-President Aristobulo Isturiz has announced that the country's two million state employees will only work Mondays and Tuesdays until the energy crisis that has crippled the country is over. The announcement follows news that the country is to put the clocks forward by half an hour to reduce demand for electricity ...
Jeremy Hunt warned NHS now hit ‘crisis point’ with patient safety & care now at risk
By Joe Mellor, Deputy Editor The NHS has hit crisis point with safety and patient care now at risk, a damning report will reveal. The report said that hospitals are really struggling because of pressure on them to make “efficiency savings” of £22bn over four years. Added to that spending ...
‘Worst cash crisis in its history’ facing NHS as deficit rises over £2.2 billion warn MPs
By Joe Mellor, Deputy Editor More shocking news on the state of the health service as MPs have warned that the NHS is now in “financial freefall,” after the overspend in nine months was £622 million over what was predicted. The nation’s hospitals are facing huge pressures from soaring demand ...
Did the Church really cause the financial collapse!
By J T Coombes www.globalmagnacarta.com @GMagnaCarta Many years ago I had a bank manager as a next door neighbour. He was a lovely man, a bit like Captain Mainwaring in Dad’s Army, who cared about people but without the pomposity. After he retired we began to see the ...
Why two thirds of the crisis was not our fault
By Valentina Magri It was mid-September when the two major economic events that have irreparably changed our lives occurred: the Northern Rock bank run in the UK (13th September 2007) and Chapter 11 for Lehman Brothers in the US (15th September 2008). In the Eurozone today Italy and France are sick and ...
New car market falls 1.6% in August – sixth consecutive month of decline
"Car industry should rejoice in the positive boost in electric car sales, it can’t deflect attention from what was another heavy fall in overall new registrations in August."
‘Revive quickly if risk of no-deal Brexit subsided’ Builders see sharpest drop in new orders since 2009
The Markit/CIPS UK Construction purchasing managers’ index recorded a reading of 45 in August, down from 45.3 in July.
Recession fears raised as economic indicators flash red
The warning signs have spooked the markets
Brexit has proved that there is a magic money tree -if politicians only cared enough to find it
The magic money tree wasn’t there because politicians didn’t want it to be there, and it is as simple as that.
No-deal Brexit puts jobs and NHS patients at risk warns committee
Boris Johnson's claims that Gatt 24 could be used to avoid tariffs in the event of a no-deal Brexit under WTO rules were debunked by an inluential commitee of MPs.
OBR warns no-deal Brexit will push UK economy into recession and £30bn extra debt per year
The Office for Budget Responsibility’s bleak assessment predicts 2% dip in GDP if UK leaves EU with no deal.
Brexit – “Working people facing huge uncertainty” Economists warn of slowing growth in UK jobs
“Employment growth is showing increasing signs of fraying."
£100bn on HS2 not worth spending to create ‘some jobs in Birmingham’, MP says
Tory MP Victoria Prentis said there are more cost-effective ways to boost employment in the UK.
Labour Party hits joint-lowest level of support in polling history
A new poll puts Jeremy Corbyn’s party in fourth place with just 18 per cent of the vote.
Gordon vows to respect Hibernian traditions after completing takeover
The businessman has acquired the majority shareholding of Sir Tom Farmer and Rod Petrie.
Austerity was based on a Fairytale about Money
Emeritus Professor Mary Mellor debunks the myths behind austerity... Austerity - the culling of public services in response to the spike in public spending following the 2007-8 financial crisis - caused widespread hardship. It reflected two myths: that the market is the sole source of funding for public spending and ...
Should I get an emergency credit card?
Having savings for a rainy day can be a great lifeline if you find yourself struck by a financial emergency. Just one unforeseen event, like a broken down car or losing a job, could see you facing a period of financial instability. However, studies show that 27% of Brits have ...
UK firms to cut investment by most in 10 years as Brexit drags on
British companies look set to cut their investment by the most in 10 years in 2019 as the Brexit crisis drags on, weighing on future economic growth prospects, a survey showed on Monday. Business investment - key for productivity and pay growth - was forecast to fall by 1.3% this ...
China’s May industrial output growth cools to 17-year low as trade war escalates
China's economy flashed more warning signs in May as the United States ramped up trade pressure, with industrial output growth unexpectedly slowing to a more than 17-year low and investment cooling, underlining a need for more stimulus. Despite a slew of support measures since last year, China's economy is still ...
Banking scandal – Watchdog defends not sanctioning RBS
Britain's financial watchdog has defended its controversial decision not to sanction lender RBS or its former executives for past mistreatment of small business customers. The Financial Conduct Authority said it was sticking by its decision not to apply penalties for actions of RBS's former turnaround unit, the Global Restructuring Group. ...
Age-related benefits are outdated – it’s about time we redress the balance
The BBC has come under fire this week for its decision to axe free TV licenses for over-75s. Hundreds of thousands of people have signed a “Save Our Free TV Licence” petition demanding the broadcasting corporation reverses its decision, with Piers Morgan, David Davis and Matt Hancock among the high-profile ...
The mega rich officially have too much money to spend: here’s why that’s a really bad thing
Last night a thought struck me as I walked past The Shard on my way home. Parked outside the Shangri-La Hotel – where suites cost £10,000 a night – were a posse of Bentleys – which cost in excess of £150,000 – and other such beamers which stood proudly in ...
UK on the path to becoming one of the most unequal nations on earth
Rising inequality is putting Britain on the path to becoming one of the most unequal nations on earth, a Nobel-prize winning economist has claimed. Sir Angus Deaton is leading a landmark review of inequality in the UK amid fears that the country is at a tipping point due to a ...