Record world debt could trigger new financial crisis, Geneva report warns: Global debts have reached a record high despite efforts by governments to reduce public and private borrowing, according to a report that warns the “poisonous combination” of spiralling debts and low growth could trigger another crisis.
In August, on a monthly basis, M4 money supply in the UK rose 0.3%. In the preceding month, M4 money supply had registered a revised rise of 0.2%.
UK net consumer credit rose more than expected in August
Net consumer credit rose by £0.9 billion in August, in the UK, higher than market expectations for a rise £0.8 billion. In the previous month, net consumer credit had risen by £1.1 billion.
UK number of mortgage approvals for house purchases eased in August
Number of mortgage approvals for house purchases recorded a drop to 64.2 K in the UK, in August, compared to market expectations of a fall to a level of 65.0. In the previous month, number of mortgage approvals for house purchases had registered a revised reading of 66.1 K.
UK net lending to individuals advanced in August
Net lending to individuals rose by £3.2 billion in the UK, in August. Net lending to individuals had advanced by £3.4 billion in the prior month.
UK net lending secured on dwellings advanced more than expected in August
In August, net lending secured on dwellings advanced by £2.3 billion in the UK, compared to a revised similar rise in the preceding month. Markets were expecting net lending secured on dwellings to climb by £2.1 billion.
Technology companies “that go to extraordinary lengths” to cut their tax bills will be hit with new anti-avoidance rules, as George Osborne signalled plans to raise “hundreds of millions” in tax from the likes of Google and Microsoft. Mr Osborne said he would use his Autumn Statement to stop large technology multinationals avoiding corporation tax. “This is a warning of an impending hit,” said one senior Conservative figure. (Financial Times)
LONDON, Sept 30 (Reuters) - British consumer morale edged down from a recent nine-year high this month as households became slightly less upbeat about the outlook for the economy and their personal finances, a survey from researchers GfK showed on Tuesday.
GfK's headline consumer confidence index fell slightly more than expected to -1 in September from August's reading of +1, which was the same as June's nine-year high.
Nick Moon, GfK's managing director for social research, said the index was likely to continue to hover around this level, in part because strong economic data was not translating into improved living standards as wage growth remains weak.
"Many people are not themselves feeling any better off despite the growth in GDP, and this may be tempering the impact of positive media coverage of the economy," he said.
September's decline in the index was driven by a fall in four of the index's five main components, with the biggest drops coming in household expectations for their personal finances and the general economy over the next 12 months.
The Bank of England forecasts that Britain's economy will grow by 3.5 percent this year, which would be its best rate of growth in around a decade, given recent downward revisions to growth in the run-up to the financial crisis.
The Office for National Statistics is scheduled to publish further wide-ranging revisions to British economic output since the start of 2013 at 0830 GMT.
* The GfK survey was conducted between Sept. 1 and Sept. 16 on behalf of the European Commission. For a detailed table of the results, see (Reporting by David Milliken; Editing by Mark Heinrich)
LONDON, Sept 29 (Reuters) - The Bank of England said on Tuesday it would publish its verdict on the government's Help to Buy mortgage guarantee scheme on Oct. 2 and say whether it needs new powers to control the housing market.
The Help to Buy mortgage scheme was launched last October after being announced as a flagship measure at the ruling Conservative Party's annual conference. It offers government guarantees to high loan-to-value mortgages on properties worth up to 600,000 pounds ($975,000).
Many private-sector economists criticised the scheme when it was launched because it risked further fuelling Britain's rapidly rising house prices, and the government asked the BoE to advise on whether the scheme should be modified after a year.
Although British house prices have risen sharply since the scheme's launch, it only accounts for a small fraction of mortgages issued. BoE policymakers have said previously that the scheme did not appear to be driving a house price bubble.
The Bank of England also said it would respond on Thursday to a request from finance minister George Osborne to say whether it needed new powers to regulate Britain's housing market.
In June the BoE recommended that no more than 15 percent of mortgages should be greater than 4.5 times a borrower's income, shortly after Osborne said he would be willing to give the BoE legal powers to enforce this type of measure. ($1 = 0.6152 British Pounds) (Reporting by David Milliken; Editing by Hugh Lawson)
Jings100: agree,David has been around for quite sometime.An interesting character, sounds quite upfront. When I listen to some city experts they often sound ambiguous but David is one better than many. GL
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