Brexit ‘has cost each household £600 annually’
The Brexit vote has cost each British household more than £600 a
year, according to the National Institute of Economic and Social
Research. The forecasting group said it is “almost certain” the
referendum result has hit living standards and damaged the
prospects for economic growth. A spokesman said Brexit is
“affecting investment and productivity now”.
Rates rise wouldn’t hit ‘resilient’ house market
The expected rise in interest rates will not harm the UK’s
property market, says Moody’s. However, the ratings agency warned
that prospects for the buy-to-let market have worsened
significantly. Spokesman Colin Ellis said: “The [property] market
is holding up OK.” He added that there is an “underlying
resilience” and that UK house prices “are not overexposed”.
Waitrose says the weekly shop is over
Two-thirds of Brits visit a supermarket more than once a day,
with one in 10 buying their evening meal just before they eat it,
according to a new report that says the weekly shop is on the way
out. The Waitrose Food and Drink Report 2017 says shoppers are
aiming to reduce waste and stop themselves “over-buying”, with a
new trend called “as and when shopping”.
RBS ‘should have listened better to criticism’
Royal Bank of Scotland should have accepted criticism over its
treatment of struggling businesses, says the head of the City
watchdog. Describing the lender’s attitude as “unfortunate”,
Financial Conduct Authority chief executive Andrew Bailey said:
“Had we had a meeting of minds between the parties early on, then
it would have been a quicker process.”
Wall Street up on positive economic headlines
Wall Street was bolstered by strong economic data, with the
Nasdaq at a new record. After it was revealed that US consumer
confidence hit a 17-year high in October, the Dow Jones Jones
Industrial Average finished up 0.1% at 23,377.2 points, while the
S&P 500 climbed 0.1% to 2,575.2. Nasdaq Composite leapt 0.4% to
6,727.6 points.
Quote of the day… ‘Unbalanced’ Britain needs new direction
“We have the most regionally unbalanced economy in Europe. All
but two of the core cities outside London are below the national
average in output per head. We have areas that have never recovered
from deindustrialisation, are trapped with poor infrastructure, low
investment and skills.” Writing in The Guardian, Richard Jones
our industrial strategy needs direction.
THE NUMBERS… AT 0747 GMT
FTSE 100: up +0.07 to 7493.08
Dow Jones: up +0.12 to 23377.24
Dax: up +0.09 to 13229.57
Cac 40: up +0.18 to 5503.29
Nikkei: up +1.86 to 22420.08
Hang Seng: up +0.91 to 28502.97
US dollar: buys €0.85870 and £0.75250
Sterling: buys $1.32910 and €1.14100
Oil: $61.07 up +0.8
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