Banks, Financial

RBS emerges as biggest failure in tough UK bank stress tests

Royal Bank of Scotland has emerged as the biggest failure in the UK’s annual stress tests, forcing the state-controlled lender to present regulators with a new plan to bolster its capital position by at least £2bn. Barclays and Standard Chartered also failed to meet some of their minimum hurdles in the toughest stress scenario ever […]

Continue Reading

Economy

Draghi: Eurozone will decline without vital productivity growth

It’s productivity, stupid. European Central Bank president Mario Draghi has become the latest major policymaker to warn of the long-term economic damage posed by chronically low productivity growth, as he urged eurozone governments to take action to lift growth and stoke innovation. Speaking in Madrid on Wednesday, Mr Draghi noted that productivity rises in the […]

Continue Reading

Currencies, Equities

Scary movie sequel beckons for eurozone markets

Just as horror movies can spook fright nerds more than they expect, so political risk is sparking heightened levels of anxiety among seasoned investors. Investors caught out by Brexit and Donald Trump are making better preparations for political risk in Europe, plotting a route to the exit door if the unfolding story of French, German […]

Continue Reading

Banks

Barclays: life in the old dog yet

Barclays, a former basket case of British banking, is beginning to look inspiringly mediocre. The bank has failed Bank of England stress tests less resoundingly than Royal Bank of Scotland. Investors believe its assets are worth only 10 per cent less than their book value, judging from the share price. Although Barclays’s legal team have […]

Continue Reading

Banks, Financial

Banking app targets millennials who want help budgeting

Graduate debt, rent and high living costs have made it hard for millennials to save for a house, a pension or even a holiday. For Ollie Purdue, a 23-year-old law graduate, this was reason enough to launch Loot, a banking app targeted at tech-dependent 20-somethings who want help to manage their money and avoid falling […]

Continue Reading

Categorized | Property

UK housing anxiety highest for 40 years


Posted on August 31, 2016

A couple look at houses for sale in the window of William H Brown estate agents in this arranged photograph in Chelmsford, U.K., on Tuesday, Dec. 15, 2015. U.K. asking prices rose an annual 7.4 percent in December amid a continuing shortage of homes for sale, according to Rightmove. Photographer: Chris Ratcliffe/Bloomberg©Bloomberg

More people are worried about housing than at any point since October 1974, according to a survey that tracks changes in UK attitudes.

The Ipsos Mori Issues Index for August shows the number of people citing it as one of the most important matters facing Britain has risen to 22 per cent and even higher than the levels before the 2007 recession.

    Ben Page, chief executive at Ipsos Mori, said: “While immigration and the EU remain at the top of public concerns, anxiety about housing has now risen to the highest level in over 40 years, especially among the young and Londoners.”

    The score is higher among people aged 18-34, with 26 per cent saying it is one of the most important issues facing Britain today, compared with 17 per cent of those aged 55-plus. It is also higher among those who live in Greater London, where it is mentioned by 44 per cent. Renters are more likely to bring it up (27 per cent) than those either paying a mortgage (22 per cent) or who own their home outright (14 per cent).

    Housing is now the fifth most important issue, behind immigration, the EU, the NHS and the economy.

    The findings, which since 1974 have provided an insight into the key issues concerning the country, are based on information gathered every month through face- to-face interviews with a weighted sample of 983 adults.

    Interviewees are asked: “What would you say is the most important issue facing Britain today?” and “What do you see as other important issues facing Britain today?” The interviews, at which respondents were asked an open question with no suggested answers, took place between August 1 and August 11, six weeks after Britain voted to leave the EU.

    Beyond the Brexit vote, and the fears it may cause a slowdown in the housing market, August also saw the release of a Resolution Foundation report that revealed home ownership in Britain had dropped to a 30-year low, with many younger households priced out of the market, even outside the south-east.

    UK Housing

    This month also found a rise in people saying they were concerned about the pound and the exchange rate (up to 4 per cent from 1 per cent), following a post-Brexit fall in the exchange rate.

    Europe is still seen as the single most important issue, after worries jumped to their highest level in two decades following the referendum result, overtaking fears about immigration, the economy and healthcare.

    UK Housing