George Osborne used his annual address at the Lord Mayor’s banquet last night to announce that Northern Rock would be put up for sale, or at least part of it. During the financial crisis the bank was split into a ‘good bank’ containing the branches, retail deposits and the less...VIEW FULL ARTICLE
UK house prices have dropped at their fastest rate for 19 months with, prices falling 4.1% in the three months to May. This is a trend that is likely to continue in the near term, with, mortgage approvals a leading indicator of house prices dropping in April.VIEW FULL ARTICLE
The European Commission, the ECB and the IMF released a statement on Friday stating they would pay the next instalment of the 110bn Euro bailout and are ready to extend the programme. The plan still needs to be formally signed off by the euro zone finance ministers, but there is...VIEW FULL ARTICLE
Today we start on a brighter note than yesterday with the UK construction sector offering some welcome respite from the recent barrage of gloomy data. The construction PMI released yesterday came in at 54, signalling a pick in the expansion rate from the previous month’s 53.3, where anything above 50...VIEW FULL ARTICLE
Hopes for an economic revival took a major setback yesterday as activity in the manufacturing sector slumped to levels last seen during the recession, mortgage approvals crashed to a record low for April and Britain was officially declared one of the gloomiest nations in the world.VIEW FULL ARTICLE
After yesterday’s relaxing bank holiday the UK’s financial markets are open for business again with news from foreign shores most likely driving developments - with no notably UK economic releases today. That said one story making the headlines here were comments by the FSA chief Hector Sants and the BOE’s...VIEW FULL ARTICLE
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