Economics

As the possibility of a No deal Brexit continues the impact of this potential scenario is being calculated. The CBI (Confederation of Business Industry) have illustrated the long-term economic decline the North East would disproportionally suffer under a No Deal situation, compared to the rest of the UK. The study has calculated that the annual loss of output in this region would be worth £7billion by 2034, in an area of the country that is already one of the poorest...

The price of chips could soar as Brexit and Russian Crimean tensions have left a shortage of potato pickers in Jersey, farmers say. Other factors including an improving economy in Poland and a pound that has been weakening since 2016’s EU referendum have also led to a lack of migrant workers on the island - the home of the Royal potato. Traditionally farms have relied on seasonal potato pickers from the EU, but Brexit uncertainties have made it far harder...

Banks and financial institutions have shifted at least $1 trillion worth of assets out of the UK and into the European Union because of Brexit, EY have claimed in a report published this week. Many banks have set up new offices in Europe to safeguard their regional operations, which means they have moved substantial assets over to satisfy EU regulators. Other firms are moving assets to protect clients against market volatility and sudden changes in regulation. In total at least £800 billion...

The Nationwide building society has reported that compared with a year earlier there was a house price rise of only 0.5 per cent in December, the lowest level since February 2013. The lender believes that uncertainty over the economic outlook is hampering confidence in the housing market. London and surrounding areas saw a small fall in house prices in 2018. The average house price in the UK in December 2018 was £212,281 compared to £211,156 in December 2017. Northern Ireland...

As if you weren’t feeling rubbish enough after going back to work, the news that top bosses have already made more than the average salary for the year already, is unlikely to fill you with joy..Unless of course you are a CEO. Chief executives of FTSE 100 firms have average pay packets £3.9 million, around £1,000 per hour and are now paid 133 times more than the average worker. So when the clock strikes 1pm they have made the money most...

Leading economists have warned Brexit will be either ‘bad or awful’ for UK prospects in 2019 with damage likely to be inflicted even if Britain manages to avoid a disorderly Brexit. The UK can expect no more than 1.5 per cent economic growth over the next year in the best case scenario, according to a Financial Times survey. Nina Skero, head of macroeconomics at the Centre for Economics and Business Research, said that whatever its long-term effects, “in 2019, Brexit...

Stocks are falling in London, as traders rush to sell following last night’s hike in US interest rates. It is the worst performance since Sept 2016. When the markets opened for trading the FTSE 100 shed 119 points (1.6%), which is a new 28-month low of 6646 points. Over in the US, Wall Street stocks slumped on Wednesday after the Federal Reserve lifted interest rates, sending major indices to fresh 2018 lows, even as the US central bank signaled it...

Britain risks slipping from being the world's fifth-biggest economy, when it is due to leave the European Union, with France and Indian on course to overtake it, accountancy firm PwC said. It is thought that France and India will overtake the UK economy. The accountancy firm projected economic growth in 2019 of 1.6 per cent for Britain -- assuming the country manages to avoid the shock of a no-deal Brexit in March against 7.6 per cent of India and 1.7 % for France. "The...

Jaguar Land Rover's announcement that it plans to axe up to 5,000 jobs shows a "Brexit bomb is exploding over Britain’s manufacturing industry", The Independent's Chief Business Commentator James Moore has said. The car manufacturer said it will be making thousands of job cuts in the new year as part of a £2.5 billion savings plan to ward off the threat from Brexit, falling sales in China and a drop in demand for diesel cars. Britain’s biggest carmaker employs 40,000 in the...