BoE stress tests: all you need to know

The Bank of England has released the results of its latest round of its annual banking stress tests and its semi-annual financial stability report this morning. Used to measure the resilience of a bank’s balance sheet in adverse scenarios, the stress tests measured the impact of a severe slowdown in Chinese growth, a global recession […]

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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 […]

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Asia markets tentative ahead of Opec meeting

Wednesday 2.30am GMT Overview Markets across Asia were treading cautiously on Wednesday, following mild overnight gains for Wall Street, a weakening of the US dollar and as investors turned their attention to a meeting between Opec members later today. What to watch Oil prices are in focus ahead of Wednesday’s Opec meeting in Vienna. The […]

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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 […]

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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 […]

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Categorized | Property

Autumn Statement: £2.3bn fund to help unlock land for housing

Posted on November 23, 2016

“The challenge of delivering the houses we so desperately need in the places where it is least affordable is of course not a new one but the effect of unafforable housing on our nation’s productivity makes it is an urgent one,” chancellor Philip Hammond said, as he confirmed plans to bolster housing.The chancellor has pledged an additional £1.4bn to build an extra 40,000 affordable homes as well as a £2.3bn housing infrastructure fund to build 100,000 new homes in areas of “high demand”.

The chancellor said the government intends for the new £2.3bn fund to be used to unlock land for housing. A housing White Paper will also be brought forward to try and address Britain’s housing problems in the longer-term.

Among the chancellor’s other announcements was a regional pilot of “right to buy” for housing association tenants. London will receive £3.15bn in affordable housing funds to build 90,000 new properties.

Estate agents will also no longer be able to charge tenants fees such as for checking references and preparing a tenancy agreement in a move that will no doubt prove popular with millennials and “jams” – families that are just about managing.

Shares in estate agents such as Foxtons and Countrywide have taken a hit today as the Treasury revealed its intentions to clampdown on charges imposed on tenants overnight.

The moves on letting fees echo measures already introduced in Scotland that shift the cost burden on to the landlords and away from tenants.

Image above from Getty