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Updated 2025-07-03 06:45
The robots are coming – but we still need human touch in the workplace
It seems like machines are taking all the jobs, so let’s nurture our ‘soft skills’ and keep people one step aheadWhat a time to be a human: barely a day goes by without a new warning that the machines will steal our jobs. More news is due on this robot uprising this week when George Osborne is expected to announce a trial of driverless lorries in his budget.The World Economic Forum says more than 7 million jobs are at risk from advances in technology in the world’s largest economies over the next five years. The Bank of England’s chief economist, Andy Haldane, is gloomier still and warns up to 15m jobs in Britain are at risk of being lost to an age of robots. Continue reading...
In this budget George Osborne has no room to make any mistakes | Andrew Rawnsley
The politics of the EU referendum and of the Tory succession mean the chancellor’s future depends on his performanceDavid Cameron was talking with an intimate about his relationship with George Osborne and their differences in temperament. “I’m 50% politician, 50% human being,” said the Tory leader. He did not spend every waking minute scheming and strategising. There were other things in his life. That is why he would be content in the retirement from Number 10, which he has told everyone will take place before the next election. Then he mused upon his neighbour, friend and favoured successor. The chancellor was a different blend of species, said the prime minister: “George is 90% politician, 10% human.”Some of George Osborne’s colleagues might query whether there is as much as 10% of human DNA in his genome. He prepares to deliver this week’s budget with a reputation as a supremely political chancellor. His six-year tenure at the Treasury can be seen as an extended tutorial in how guile at politics can be more important than success at policy. He has repeatedly failed to hit many of his own targets. The deficit was supposed to have vanished by now. He has bust his own welfare cap. His growth forecasts have been subject to endless revision. More than once, he has been compelled into large and humiliating U-turns. Yet he has survived his mistakes because he established such a strong narrative when he first moved into the Treasury that everything could be blamed on “the mess” inherited from the last Labour government and he sustained that framing of the argument through to the Tory election victory last May. That was also a reminder that all politics is relative. However chequered his own record, the group of voters who trusted him and David Cameron with the economy outnumbered those who had faith in the two Eds. Continue reading...
How London’s booming ‘butler class’ takes care of the wealthy elite
The capital is home to 1,000 ‘family offices’, made up of lawyers and financiers who service every need of the super-richBehind smart Georgian facades in prime West End addresses a little-known industry that serves the growing numbers of the global super-rich in London is booming.Boasting marble foyers and plushly carpeted meeting rooms, some of these companies might be mistaken for luxury hotels. In fact, they are private offices that manage family wealth that can compare with the assets of FTSE 250 companies such as Tate & Lyle and Debenhams.Related: Almost half of Britain's private wealth owned by top 10% of householdsRelated: One in 65 UK adults now a millionaire, figures show Continue reading...
George Osborne accused of hitting most vulnerable with tax plans
Chancellor urged by Labour and Lib Dems to give priority in his budget to low earners and use spare money to offset welfare cutsChancellor George Osborne is under pressure to shelve promised tax cuts for the well-off as he looks to plug a massive and unexpected black hole in the public finances.In his budget on Wednesday, Osborne faces one of his toughest political and economic tests to date as he tries to keep his deficit reduction strategy on course after a period of weaker than expected growth, while honouring Tory election pledges to cut personal taxes.Related: Osborne faces up to tough choices in an altogether bleaker budgetRelated: How Eurosceptics are stalling George Osborne's ride to No 10 Continue reading...
Osborne faces up to tough choices in an altogether bleaker budget
Last year’s autumn statement painted a rosy picture of rising incomes and revenues. Now the global economy is slipping back, what will the chancellor do?George Osborne is struggling to hit his financial targets. And like an archer facing strong headwinds, the chancellor will almost certainly be forced to adjust his sights in the budget this week to meet his promise of a surplus in the government’s finances by 2020.For months Osborne has warned that storm clouds are gathering over the global economy and that this poses a threat the UK and, by implication, the exchequer. It is these factors that he will blame for blowing him off course. Yet his own fiscal charter’s aim of a budget surplus must still be met. Here are seven areas he may tackle to raise taxes and cut spending. Continue reading...
Growth in university education is affecting graduate earning power
Bank of England says graduates can still expect to earn more than those without degrees but supply has exceeded demandThe rapid expansion of university education is affecting the earning power of graduates, according to a Bank of England study showing the value of a degree has declined sharply over 20 years.Threadneedle Street said those leaving university could expect to earn more over their working lives than people without academic qualifications, but that the wage premium had been cut from 45% to 34% between 1995 and 2015. Continue reading...
Tom Scholar appointed as Treasury permanent secretary
Key figure in EU deal Cameron sealed in Brussels last month to replace Sir Nicholas MacphersonThe Whitehall man who helped David Cameron hammer out his EU deal has been rewarded with one of the most powerful jobs in the civil service and a key role in the running of the economy.Tom Scholar, 47, the prime minister’s principal adviser on the European Union, has been installed as permanent secretary to the Treasury, replacing Sir Nicholas Macpherson who is stepping down at the end of this month.Delighted Tom Scholar will be new @HMTreasury permanent secretary. One of the very best and brightest in our public life. Continue reading...
John McDonnell 'has rehashed Labour policy from last election'
Party’s former election chief says tax and spending plans echo Ed Balls’s approach that was derided by supporters of Jeremy CorbynLabour’s former election chief Spencer Livermore has accused the shadow chancellor, John McDonnell, of rehashing the tax and spending policy on which the party fought the last election.McDonnell used a speech in Westminster on Friday morning to announce a “fiscal credibility rule”, which would force a future Labour government to match tax revenues and day-to-day spending – while allowing borrowing to pay for investment.Related: John McDonnell’s new fiscal rule is strong. But it won’t win an election | Andrew HarropRelated: Nothing wildly radical about John McDonnell's spending plans Continue reading...
John McDonnell’s new fiscal rule is strong. But it won’t win an election | Andrew Harrop
It’ll take more than one good policy to rebuild Labour’s economic credibility, so entrenched is the idea that the party caused the crashJohn McDonnell’s new fiscal rule tweaks a policy the Labour party first came up with 19 years ago. Back then, in May 1997, Gordon Brown called it his “golden rule”. The details have shifted around a bit since, but the essentials haven’t changed. Then and now the Labour party believes governments should balance the books on day-to-day spending, but borrow to invest.The idea has stuck because it’s a good one. Almost all macro economists support governments borrowing to make productive investments, and most of them worry when ministers like George Osborne make a fetish of surplus budgets at the expense of stronger growth.When it comes to economic trust, the messenger as well as the message needs to look the partRelated: ‘Living within our means’ makes no economic sense. Labour is right to oppose it | Ha-Joon ChangRelated: Labour’s economic rock stars will expose the Tories as a one-hit wonder | Anne Perkins Continue reading...
Nothing wildly radical about John McDonnell's spending plans
Shadow chancellor’s strategy of investing billions in infrastructure projects goes all the way back to John Maynard KeynesA pivotal moment during the 2015 general election campaign came when Ed Miliband was asked by a member of the public on Question Time whether Labour had overspent when it was in power. To howls of derision, Miliband said: “No, I don’t.”The exchange went to the heart of Labour’s problem: a large number of voters thought the recession of 2008-09 was due to the Gordon Brown government spending and borrowing too much. The polls showed that George Osborne was better trusted than Ed Balls to manage the nation’s finances.Related: Labour promises 'iron discipline' to shore up fiscal credibility Continue reading...
As monetary policy reaches its limits, it's time for governments to spend
With interest rates so low, governments should borrow to invest in research, education, and infrastructureThe world economy is visibly sinking, and the policymakers who are supposed to be its stewards are tying themselves in knots. Or so suggest the results of the G-0 summit held in Shanghai at the end of last month.The International Monetary Fund, having just downgraded its forecast for global growth, warned the assembled G20 attendees that yet another downgrade was pending. Despite this, all that emerged from the meeting was an anodyne statement about pursuing structural reforms and avoiding beggar-thy-neighbour policies. Continue reading...
Cheaper cities? Economist index shows cost of urban life is going down
City links: A worldwide cost of living index, a failed ‘smart’ bus service and a new gentrification podcast all feature in this week’s pick of the best city storiesThis week’s round-up of city stories takes you from Singapore to New York via Helsinki. We’d love to hear your responses to these stories, and any others you’ve read recently: share your thoughts in the comments below.
George Osborne gets mixed economic news in week before budget
UK’s trade deficit narrows as construction industry output weakens slightlyA modest narrowing of Britain’s trade gap coupled with a slight weakening in the construction sector has provided George Osborne with mixed economic news before next week’s budget.Related: European stocks jump on ECB stimulus and higher oil prices – business live Continue reading...
Mario Draghi: 'Reducing youth unemployment is a priority for everyone'
Read the full transcript of our interview with the ECB president in which he calls for more to be done to help Generation YWhat does the European Central Bank’s own research on incomes and younger generations say?
European job market is rigged against younger workers, says Draghi
ECB president laments high levels of youth unemployment and warns near-zero inflation damages Generation Y’s prospectsEurope’s economies are rigged to protect older workers at the cost of new employees, the president of the European Central Bank has told the Guardian.Mario Draghi also said “tragic” high levels of youth unemployment had the potential to threaten social harmony in Europe and that rock-bottom inflation was damaging the prospects of Generation Y by redistributing their wealth to older people.Related: Mario Draghi: 'Reducing youth unemployment is a priority for everyone'Youth unemployment is a tragedy and prevents people from playing a full and meaningful part in societyRelated: Why the falling oil price may not lead to boom Continue reading...
ECB cuts interest rates to zero amid fears of fresh economic crash
New ultra-cheap loans to banks among unprecedented package of measures as Mario Draghi seeks to jump-start economyThe European Central Bank has cut interest rates across the eurozone to zero as it unveiled an unprecedented package of growth-boosting measures against the backdrop of a fragile global economy.Related: ECB stimulus hint steadies marketsRelated: How the ECB is trying to revive the eurozoneRelated: ECB can only buy time, not solve eurozone growth woesRelated: Kipper Williams on ECB cutting eurozone interest rate to zero Continue reading...
Labour promises 'iron discipline' to shore up fiscal credibility
Shadow chancellor John McDonnell tells Guardian restoring Labour’s economic reputation is “struggle of generation”Labour would borrow billions of pounds to fund public investment projects, while exerting an “iron discipline” over day-to-day spending, shadow chancellor John McDonnell has said, as he seeks to win back the party’s reputation for economic competence.In an interview with the Guardian, he described shoring up Labour’s fiscal credibility as “the struggle of a generation”, but insisted that exerting tight control over spending did not signal the abandonment of Jeremy Corbyn’s anti-austerity stance. Continue reading...
ECB cuts eurozone interest rate to zero to jump-start economy
European Central Bank also ramps up quantatitive easing programme in attempt to fend off deflationThe European Central Bank has surprised financial markets by cutting interest rates in the eurozone to zero, expanding its money printing programme and reducing a key deposit rate further into negative territory as it seeks to revive the economy and fend off deflation.Related: ECB can only buy time, not solve eurozone growth woesRelated: How the ECB is trying to revive the eurozoneMonetary policy decisions https://t.co/eZRPXZcJCy Continue reading...
Kipper Williams on ECB cutting eurozone interest rate to zero
European Central Bank tries again to revive bloc’s economy, with measures including increased quantatitive easing Continue reading...
Markets go into reverse despite ECB cutting rates and boosting QE - as it happened
The European Central Bank has thrown the kitchen sink at the eurozone, by slashing the headline interest rate to zero and increasing the bank’s money-printing programme
ECB can only buy time, not solve eurozone growth woes
Mario Draghi’s efforts will count for little without structural reforms and more aggressive use of fiscal policy by European governmentsFor most of its short life, the European Central Bank fretted about inflation being too high. Now it has the opposite concern.The fear of deflation explains the package of measures announced by Mario Draghi on Thursday. Three months ago, the ECB president disappointed the markets by coming up with less stimulus than he had led them to expect. This time there were no half measures.Related: Markets volatile after ECB cuts interest rates and boosts QE - business live Continue reading...
How the ECB is trying to revive the eurozone
European Central Bank has four key measures to get money into the financial system – what are they and will they work?What has the European Central Bank done?Mario Draghi, the ECB president, has announced four key measures:Related: ECB cuts eurozone interest rate to zero to jump-start economy Continue reading...
EU referendum: Brexit bad for UK, Europe and the world, warns OECD
Organisation’s chief economist dismisses Boris Johnson’s argument that long-term benefits of leaving outweigh costsThe west’s leading economic thinktank has provided backing for David Cameron’s pro-EU stance by warning that a UK vote to leave the union would cause lasting damage and would harm the rest of the world.Catherine Mann, the chief economist at the Organisation for Economic Co-operation and Development, said a vote against remaining in the EU would be “bad for the UK, bad for Europe and bad for the global economy”.Related: The EU referendum: a guide to the UK's biggest political decision of the century Continue reading...
Government loses Sunday trading vote by majority of 31 - Politics live
Rolling coverage of all the day’s political developments as they happen, including David Cameron and Jeremy Corbyn at PMQs and the Commons debate and vote on Sunday trading
A zero-hours contract is not 'flexibility' but exploitation – and it's rising
These contracts are a symbol of an insecure labour market in which the balance of power is tilted decisively in favour of employersThe phrase “zero-hours contract” was virtually unheard of in Britain a decade ago. That’s not surprising, since in the years leading up to the start of the financial crisis in 2007 few people were employed on one.Today, after an eightfold increase in the past 10 years, everybody knows what a zero-hours contract is and what it represents. It is a symbol of an increasingly insecure labour market in which the balance of power is tilted decisively in favour of employers.Related: What are zero-hours contracts? You asked Google – here’s the answer | Dawn Foster Continue reading...
UK growth slows, but manufacturing growth beats forecasts - as it happened
All the day’s economic and financial news, including signs that the UK economy weakened last December, before picking up again
UK factory output soars after three months of decline, official figures show
British manufacturing bounced back in January but slump in oil prices continue to affect industrial productionBritain’s factories bounced back from a dismal 2015 to post a solid increase in output in the first month of the new year, official figures have shown.The Office for National Statistics said manufacturing production rose by 0.7% between December and January, bringing to an end three successive months of decline. Continue reading...
Why Ukraine needs Russia more than ever
With country at risk of becoming a failed state, Kiev must recognise that economic survival depends on Moscow not the westIn January Ukraine’s president, Petro Poroshenko, congratulated the country on surviving its first winter without buying Russian gas. It had instead bought European gas which, as Poroshenko pointed out proudly, was 30% more expensive.
Biggest fall in Chinese exports in seven years hits mining shares
Drops in import and export figures reverse recent rally in oil and metal prices and rekindle concerns about China’s slowdownShares in mining companies fell heavily in the City on Tuesday after the biggest fall in China’s exports in almost seven years rekindled concerns about the impact of a slowdown in the world’s second-biggest economy on the rest of the world.Official figures released in Beijing showed that exports in February were down 25.4% on a year earlier, the worst performance since May 2009, the trough of the global recession.Related: IMF urges action to prevent 'economic derailment' - as it happened Continue reading...
Millennials are swimming against the economic tide | Letters
While your in-depth quantification of the economic betrayal of “generation Y” (Millennials, 8 March) is timely and welcome, setting it as an opposition between the young and pensioners is to miss the real issue. A cursory reading of Thomas Piketty’s Capital in the Twenty-First Century would lead one to expect such a transitional effect. As the balance of power between returns on capital and income shifted back towards the owners of wealth, it disproportionately hit those entering work. It is easier to deny decent wages, job security and pensions to those joining than it is to take them away from those who already have them.That shift in power was orchestrated through state power, including trade union legislation, and the lifting of controls on capital movement, by governments. Shifting the focus from the super-rich, the beneficiaries of that political project, to a generation fortunate in their time of birth is misleading. The civilised pensions will die with that generation, and the wealth in property of the middle classes will quickly dissipate as it is inherited down generations.
IMF urges action to prevent 'economic derailment' - as it happened
Growth-friendly fiscal policies are needed to avert a new crisis, warns International Monetary Fund
Wall Street bonuses fell 9% in 2015 after new regulations and decline in profits
The figures reflect a steady decline in bonuses since the financial crisis in 2008 and the implementation of new controls on how bonuses are awardedWall Street bonuses fell 9% to an average of $146,200 in 2015, driven down by a “challenging year in the financial markets” and new regulations, according to New York state comptroller Thomas DiNapoli.The decline in the banking bonuses was the result, in large part, of a 10.5% decline in profits on Wall Street to $14.3bn in 2015, according to the report from the watchdog. Continue reading...
The phantom benefit cheat is the perfect patsy for austerity | Frances Ryan
It’s in the government’s interests to keep promoting the very myths that keep the benefit fraud hotline ringing – and distract us from real social problemsI can’t decide what is most disturbing: that more than 85% of allegations of benefit fraud put forward by the public over the past five years have been false, or that this is about almost 900,000 out of more than a million cases.That isn’t a handful of mistaken or malicious individuals. It’s a widespread anti-benefit mindset that – over five years of austerity – has rooted itself in British culture: through Benefits Street type-television, the rhetoric of politicians, and the pages of national newspapers. Continue reading...
Australian dollar hits eight-month high after jump in iron ore prices
Spot prices for iron ore explode by 18.5%, their biggest single gain since daily pricing began in 2008The Australian dollar has surged to an eight-month high after a “spectacular” jump in iron ore prices.At 7am on Tuesday, the local unit was trading at US74.70c, up from US74.0c on Monday.Related: Australian shares set to open higher on Monday after surge in base metal price Continue reading...
TUC analysis highlights 'pay penalty' for women having children early
Those who become mothers before 33 earn 15% less than peers who do not, finds study marking International Women’s DayWomen who become mothers before 33 earn 15% less than their peers who have not had children, the Trades Union Congress is to say as it calls for better childcare support to tackle the “motherhood pay penalty”.The TUC’s analysis to mark International Women’s Day on Tuesday says the disparity is down to younger mothers being more likely to have had a significant period out of work or working part-time, before returning to full-time work when their children are older. Continue reading...
Npower cuts jobs – but competitors are creating them | Letters
Your reporting of npower’s problems (Npower to shed 2,500 jobs after mass departure of customers, 7 March) focuses on the anticipated job losses. I have every sympathy for those who will be affected, but jobs are constantly created and lost in a market economy – it’s what competition does. In this case, you might have noted how many staff are already employed by the new competitors who have made life difficult for npower. Politicians, regulators and consumer organisations have been frustrated by the apparent reluctance of consumers to change suppliers of energy (and other essential services where the market has been liberalised and/or privatised). A small celebration, then, for the 200,000 who acted on their dissatisfaction with npower. Banks and others take note.
The Guardian view on energy policy: keeping the lights on is what governments are for | Editorial
George Osborne’s fixation with flattering the books is jeopardising much-needed investment in the UK’s future power generationIt is a good thing this winter has been so mild: the lights didn’t go out. But there will be another potential crisis next winter, and the one after that, as Britain’s geriatric coal and nuclear power stations are slowly taken out of production, not least to meet important new obligations to decarbonise electricity supply by 2020. Anyone looking for the catastrophic consequences of failing to invest in a timely way in infrastructure, and fixating instead on borrowing off the books behind the taxpayer’s back, need look no further.This is not the first UK government that has got energy wrong. Tony Blair dithered for nearly 10 years before giving the go-ahead to a new generation of nuclear power, during which time much expertise had wasted away. The plan for a third generation European pressurised reactor (EPR) in Somerset, to be known as Hinkley Point C, was approved five long years ago. But George Osborne’s obsession with flattering the books has condemned this questionable and costly project to raising cash on the open market. It involves still unproven technology, EDF – which has the contract to build the new power station – is heavily indebted already. The market doesn’t much care to invest despite – or perhaps because – the UK, Chinese and French governments are all heavily involved. According to some reports, two thirds of the funding is yet to be raised. Continue reading...
Greece: Eurogroup says debt talks on the table, troika to return to Athens –as it happened
All the day’s economic news, as finance ministers consider the deadlock between the Greece government and its lenders
Brent crude hits $40 a barrel as iron ore prices soar by 19%
Metal’s highest rise since 2009 on back of China’s plans to boost growth as oil prices also continue to recoverBrent crude oil has climbed back above $40 a barrel, as the recovery in commodity prices continued with iron ore posting a record rise of nearly 20%.Commodities prices have jumped in the last month on expectations that Beijing will work more aggressively to boost growth after two years of faltering manufacturing output. Continue reading...
How we revealed the predicament of Generation Y
Guardian journalists were given access to the world’s largest income database in order to get a clear and detailed picture of the generation gapLuxembourg is not known for its world-beating exports. You could cross the country by car in an hour and hardly know it was there, unless you travelled by taxi, in which case it would leave a large hole in your wallet.But if you stopped a stone’s throw from France and approached a cluster of colourful blocks that rise out of an old industrial site, you would be close to one of the country’s best-kept secrets.Related: Generation Y: a guide to a much-maligned demographicRelated: Revealed: the 30-year economic betrayal dragging down Generation Y’s income Continue reading...
Ivory Coast hopes to tempt investors with stability and a booming economy | Clár Ní Chonghaile
After years of political turmoil, Ivory Coast’s budget minister hopes booming economy and improved infrastructure will create climate to attract investmentAs many economies in Africa wrestle with the consequences of a slowdown in China and depreciating currencies, Ivory Coast has bucked the trend. The country is enjoying strong growth and focusing on infrastructure projects, job creation, and improving its business climate to win back investors after years of political paralysis.Leading the economic charge is former Goldman Sachs trader Abdourahmane Cissé, the 34-year-old budget minister, who says the world’s top cocoa producer is strong enough to weather external shocks, while stability is almost guaranteed.Related: Boom town: Abidjan flourishing as Ivory Coast heads to polls – in picturesRelated: Does the international criminal court help to end conflict or exacerbate it? | Alex VinesRelated: Yaya Touré: Africa's youth can be driving force to win the development gameRelated: Ivory Coast president tours country's first chocolate factory Continue reading...
Gender pay gap: women earn £300,000 less than men over working life
Analysis finds gap of £5,732 or 24% in average annual salaries in UK, prompting calls for more to be done to tackle problemWomen are likely to earn £300,000 less than men over their working lives, according to a new analysis that has sparked fresh calls for more shared parental leave to close the UK’s stubborn gender pay gap.Before International Women’s Day on Tuesday, figures show a gap of £5,732, or 24%, in average full-time annual salaries between women and men – more than four decades after the Equal Pay Act of 1970 was introduced.Related: Website aims to get female teachers back to work after pregnancy Continue reading...
'Gathering storm' for global economy as markets lose faith
The Bank of International Settlements warns that trouble has been brewing ‘a long time’ but central bank options are dwindlingA fragile calm in global financial markets has given way to all-out turbulence, the Bank of International Settlements has said, warning of a “gathering storm” which has long been brewing.
Manufacturing slide could be bottoming out, says EEF
Signs of improvement in industry after dismal 2015, according to manufacturers’ organisationUK manufacturers are hopeful they can eke out some growth this year after the 2015 slump, but worries about the world economy will continue to weigh on hiring and investment plans, a survey of the sector found.
FCA chief denies new regime is soft on bankers
Rules designed to hold executives to account come into effect alongside new offence of failing to prevent bank collapseThe City’s top regulator has said a new system designed to hold bank executives to account is “not about trying to get heads on sticks”.The new regulatory regime, which came into force on Monday and holds top executives responsible for failures in banks, has been watered down since it was first proposed, though Tracey McDermott, the acting head of the Financial Conduct Authority, insisted it would still have a major impact.Related: Jeremy Corbyn claims City firms treat ordinary workers like 'cash cows' Continue reading...
Labour is the only friend this pro-EU prime minister still has
David Cameron is under fire from the press and Tory MPs. It would become him to act more courteously to the pro-Europeans on the other side of the houseThe cuts are getting closer to home. Last weekend, an 86-year-old near neighbour died in a house fire when he might have been rescued had the fire brigade not been suffering from a programme of cutbacks.One can never be sure in such cases, but the London secretary of the Fire Brigades Union, Paul Embery, pointed out the fire engines were significantly later on the scene than they should have been. Thanks to the cuts to local authority budgets which are an integral feature of George Osborne’s austerity policy, and reductions in the fire service being energetically pursued by the mayor of London, the borough of Islington has reportedly lost 60% of its fire cover in the past three years. The Islington Tribune – a newspaper David Cameron says he regularly subscribes to – reports that this leaves “just two engines for a borough with a population of more than 200,000”. Continue reading...
Australian shares set to open higher on Monday after surge in base metal price
Oil price rose 4% after Australian market shut on Friday, while gold and iron ore both lifted by about 1% and Wall Street closed higherThe Australian share market is expected to open up to 40 points higher on Monday on the back of strong surges in oil and base metal prices.And all eyes will be on interest rate signals at home and abroad over the coming week.Related: Commonwealth bank admits failing customers over heart attack claimsRelated: ANZ to ‘vigorously defend’ interest rate rigging case Continue reading...
QE, inflation and the BoE's unreliable boyfriend: seven years of record low rates
We look back over seven years of ultra-loose monetary policySeven years ago on Saturday (5 March), the Bank of England slashed interest rates to a record low of 0.5%. At the time, the cut and plans to pump billions of pounds of electronic money into the economy seemed like an emergency measure to cushion the UK from the global financial crisis. But borrowing costs are still at their record low and amid warnings that a new global slump is around the corner, Bank policymakers show no signs of raising rates any time soon.We look back over seven years of ultra-loose monetary policy: Continue reading...
242,000 Americans got a job last month. Here's why they're not celebrating | Michael Paarlberg
There is a disconnect between what indicators say and what workers feel. A hard look at the numbers shows all isn’t well
FTSE 100: third week of gains leaves investors scratching their heads
Share index turnaround of 12% since February contributes to mood of cautious optimism in CityWas that it? The year began with warnings to sell up and hunker down for another financial crisis. But now investors have been left scratching their heads after the FTSE 100 enjoyed its third week of gains to soar back to where it started 2016.The index rallied 1% on Friday to close at 6,199.43, just shy of the 6,242.32 level at which it opened the year and above the 6,093 where it closed on the first trading day of the year. Continue reading...
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