Bank of England workers vote in favour of four-day strike

Miranda Wadham
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0
Bank of England workers vote in favour of four-day strike
Bank of England workers voted in favour of holding a four-day strike on Monday, after the central bank offered a pay increase below inflation. The strike will start on July 31 after 95 percent of Unite union members voting in favour. The vote was taken after the Bank of England offered its workers a below-inflation increase in earnings – despite the fact inflation should be under their control. Unite represents workers in the Bank’s maintenance and security departments, but represents approximately 2 percent of its workforce. The Bank has said it will continue to operate as usual: Bank of England claims, though, that it will keep operating as usual:
“The Bank has been informed of industrial action being called by Unite the Union… Should the strike go ahead, the Bank has plans in place so that all sites can continue to operate effectively. We will continue to have discussions with Unite and hope that there will be a positive outcome,” it said in a statement.

Property price growth continues to slow as economic uncertainty hits

Miranda Wadham
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1
Property price growth continues to slow as economic uncertainty hits
Property prices in England, Wales and Greater London continued to see a slowdown in 2017, reflecting the instability in the economy in the wake of the general election. The introduction of mortgage caps and the growing new build crisis also impacted on the figures, with numbers falling by a significant 41 percent across the year. According to analysis from London Central Portfolio, sales levels are now at their lowest level on record, even less than during the Global financial crisis. Average prices continued to grow during the quarter, with quarterly price growth of 4.6 percent after a greater proportion of more expensive properties being transacted. Prices are now 5.4 percent higher than two years ago, a result of investor preference for safe havens in the face of global uncertainty, coupled with discounted prices and a weak sterling. However, Naomi Heaton, CEO of London Central Portfolio, warned that the “increase in average prices is likely to reflect a greater proportion of higher value properties being sold, rather than any real underlying price growth.” London saw a particularly weak quarter, with average prices now standing at £610,141 after growing by just 1.2 percent over the quarter. This is a slowdown from the previous quarter, here price growth in the capital stood at 1.5 percent.

Stock Tip: House builder with 24% increase in profit and 40% dividend hike

Raymond Jones
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0
Stock Tip: House builder with 24% increase in profit and 40% dividend hike

This UK home builder has recently rewarded investors with a 40% dividend hike.

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The full tip is available below along with the unique rating of this stock.

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The WeStockTip website and any associated communications are general in nature and are not investment advice. Any information presented on this website should not be taken as a recommendation, inducement or invitation to enter into any financial transaction. Please seek independent financial advice before you make any investments. WeStockTip accepts no liability or responsibility for any action taken by any company or individual using this website. By using WeStockTip you agree to the terms and conditions.

Eurozone inflation moves further from ECB target in June

Miranda Wadham
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0
Eurozone inflation moves further from ECB target in June
Eurozone inflation continued to fall in June, edging further away from the ECB’s target despite four years of stimulus programmes. The inflation figure fell to 1.3 percent June from 1.4 percent, a significant way from the 2 percent target in place by the European Central Bank but above analysts expectations of a drop to 1.2 percent. in a setback for the European Central Bank as its stimulus programs enter a fourth year. June’s inflation reading was the lowest so far in 2017, with weaker energy price rises having a negative impact according to a flash estimate from the Eurostat statistics office. Jennifer McKeown, chief European economist at Capital Economists, said the European Central Bank was unlikely to cut interest rates any time soon. “The data will add to the ECB’s sense that reflationary pressures are appearing. But core inflation is still well below the Bank’s near-2 percent medium-term target for the headline rate, and its rise has been concentrated in Germany. “The Bank has repeatedly stressed that it will wait for core inflation to be on a clear upward path throughout the euro-zone before raising interest rates and we suspect that this is still some way off.”  

Lloyds miss compensation deadline for HBOS fraud cases

Miranda Wadham
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0
Lloyds miss compensation deadline for HBOS fraud cases

Lloyds Banking Group (LON:LLOY) have missed the deadline it set itself to pay compensation to victims, after a fraud trial that ended in February.

Two HBOS bankers were found guilty pressurising small business customers into hiring a turnaround consultancy firm, which then bullied business owners into paying extortionate fees and handing over their companies.

HBOS was bought by Lloyds in 2009, making it responsible for the compensation payments of the victims. £100 million was set aside, but only a small fraction of that has been paid so far.

Of the 64 customers who joined the compensation scheme, fewer than 10 have received offers and only one settlement has been reached.

Shares in Lloyds fell on Friday, currently trading down 0.71 percent at 66.67 (1221GMT).

 

How to legally shelter your income from the taxman

Raymond Jones
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0
How to legally shelter your income from the taxman

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Download this comprehensive report on legal methods to protect your wealth from the taxman, including:

  • ISAs
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The age-old saying that the only two things that are sure in life are death and taxes is hard to argue with and is as true now as it has ever been. In fact, of the two, if either were to foreseeably change at some point in the distant future, rendering the saying obsolete, most people’s money would be on death.

Who knows what future scientific developments may hold when it comes to mortality. Taxes, on the other hand, unfortunately seem here to stay. For as long as we live in an economy-based society, and it’s difficult to envisage any other workable system, a part of our income will always go to the tax man. We need public services and infrastructure and as much as it may pain us to see the percentage of our earnings that are whisked away to the public coffers, we also understand that it’s a necessary part of a functioning society.

Terms, Risk Warning & Disclaimer:

Although the author and publisher have made every effort to ensure that the information in this publication was correct at press time, the author and publisher do not assume and hereby disclaim any liability to any party for any loss, damage, or disruption caused by errors or omissions, whether such errors or omissions result from negligence, accident, or any other cause. Investments can go up in value as well as down, so you could get less than you invested. This information does not constitute personal advice and you should speak to your financial advisor before committing to any pension product. Information in this document is for reference use only and its accuracy cannot be guaranteed and is subject to change.

US economy grew faster than anticipated in Q1

Miranda Wadham
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0
US economy grew faster than anticipated in Q1
The US economy grew faster than initially anticipated in the first three months of the year, according to the Commerce Department’s final figure released on Thursday. Gross domestic product increased at a 1.4 percent annual rate, 0.2 percent higher than the 1.2 percent pace reported last month. The revised growth figure was boosted by a growth in consumer spending, which saw a solid revision from a rate of 0.6 percent to 1.1 percent. “The economy is expanding at a solid, if unspectacular pace,” said Gus Faucher, chief economist at PNC Financial Services. The revised figure will go some way to alleviate fears of a slowdown in the world’s largest economy. Earlier this week the International Monetary Fund warned that political uncertainties meant there were “larger than usual” risks to the U.S. economy.

FCA cracks down on unclear pricing structures in investment sector

Miranda Wadham
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0
FCA cracks down on unclear pricing structures in investment sector
The Financial Conduct Authority have cracked down on the way the asset management sector charges its customers, in a bid to make the industry more transparent. The new regulations will aim to promote a clearer pricing structure, with each firm declaring a complete annual fee, rather than the current mix of different charges. The FCA’s investigation found that firms in the sector had an average profit margin of 36 percent. Yet despite “sustained, high profits” for these firms, there was weak price competition and no link between higher fees and better performance. “In the current low-interest environment, it is vital we help people earn a return on their savings. We need a competitive sector, attracting investment into the United Kingdom which also works well for the people who rely on it for their financial well-being,” said Andrew Bailey, FCA chief executive. “We have put together a comprehensive package of reforms that will make competition work better and help both retail and institutional investors to make their money work well for them.”

Kromek shares sink despite recording smaller loss for 2017

Miranda Wadham
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0
Kromek shares sink despite recording smaller loss for 2017
Technology company Kromek (LON: KMK) saw shares sink nearly 10 percent on Wednesday, after recording a £1.5 million loss for the year to April 2017. The company, who focus on the medical, security screening and nuclear markets, saw revenue increase 7.5 percent to £9 million, with product sales accounting for 74 percent of total revenues. The company still recorded a £1.5 million EBITDA loss for the year, an improvement on the £2.4 million loss seen last year, with loss before tax for the year was £3.8 million. This came despite attracting further investment of £3.5 million. The company provides radiation detection products for the medical, security screening and nuclear markets, based on cadmium zinc telluride and other advanced technologies. Shares in Kromek are currently trading down 9.13 percent at 32.83 (1058GMT).

IMF lower growth US growth forecasts on Trump uncertainty

Miranda Wadham
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0
IMF lower growth US growth forecasts on Trump uncertainty
The International Monetary Fund lowered their forecasts for US growth on Tuesday, down to 2.1 percent from their previous figure of 2.3 percent. Following a review of U.S. economic policies, the IMF lowered their expectation for economic growth to 2.1 percent for both 2017 and 2018. Giving a reason for their decision, the body said that the Trump administration’s push for annual growth of over 3 percent for a sustained period was unlikely, partly because the labor market is already at a level consistent with full employment. The IMF said they were uncertain over the efficacy of the Trump administration’s plans for the economy, with Alejandro Werner, director of the IMF’s Western Hemisphere Department, saying at a press briefing in Washington that they “have removed the assumed fiscal stimulus from our forecast”. In a statement, the IMF said:“The U.S. is effectively at full employment. For policy changes to be successful in achieving sustained, higher growth they would need to raise the U.S. potential growth path.” “The U.S. economic model is not working as well as it could in generating broadly shared income growth,” the IMF added. “Most critically, relative to historical performance, post-crisis growth has been too low and too unequal.”
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