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1. High Street confidence falls
2. Housebuilding hits a 10-year low
3. Regulator keeps watch on Libor transition
The fall in UK productivity in the first quarter of 2019 compared with the same quarter in the previous year, according to figures from the Office of National Statistics
Brexit uncertainty continued to have a ?crippling effect? on retailers three years on from the referendum, according to the latest BDO high street sales tracker. The data recorded a 0.8 per cent fall in like-for-like sales in-store across June, highlighting the increasing financial pressure on the retail sector.
Commenting on the figures Sophie Michael, head of retail and wholesale at BDO, said:
?June was another washout month. We saw retailers discount early on in June, adding further pressure to tight margins, yet they still weren't able to salvage the month. Retailers are stuck between a rock and a hard place. They want to invest and adapt but they don't have the funds or confidence to do so.? (City AM, p5, The Times, p37, £).
The construction of homes in London has fallen to its lowest level in ten years amidst a slowdown across the UK. Figures published by the government yesterday revealed that the construction of 2950 homes was started in London in the first three months of this year, down 50 per cent on the same quarter a year before. This is the lowest level of home construction recorded for the capital since the second quarter of 2009 (The Times, p37, £).
Meanwhile, Conservative leadership candidate Boris Johnson has pledged to cut stamp duty to get the ?locked up? housing market moving and free up homes for first-time buyers if he becomes prime minister, reports The Daily Telegraph, (online only, £). Mr Johnson described stamp duty as ?a problem?, particularly in London, adding that ?I?m not going to put a figure on how much we?re going to cut but we will certainly be looking to do that in such a way as to increase revenues?.
Edwin Schooling Latter, head of markets policy at the Financial Conduct Authority, has commented that the transition away from Libor is about conduct as well as commercial risk, reports the Financial Times (online only, £). Speaking at an event yesterday, Mr Schooling Latter said that the Libor transition will have an impact on the loan market to businesses and households, meaning it is ?very much about conduct?. He added: ?If the small print buries massive rate hikes and inflicts those on unsuspecting customers, you can expect a lot of supervisory interest from the FCA.?
Sue Rossiter, UK Finance Principal, Mortgage Regulation, blogs on the FCA's consultation on mortgage advice and selling standards.
The Financial Times (online only, £) reports many British banks are experiencing a surge in the number of customers trying to claim compensation for mis-sold payment protection insurance ahead of a deadline in August.
Several Conservative MPs are reportedly preparing for an autumn election, creating campaign literature and mobilising election teams (Financial Times, p2, £).
A survey from the Institute of Directors has found Brexit uncertainty, skills shortages, and the burden of regulatory compliance are the biggest factors directors feel are having a negative impact on their businesses (The Guardian, online only).
The prime minster Theresa May will today call on European countries to work together to tackle organised crime and corruption at a Western Balkans Summit in Poland (The i, print only p2).
The Public Accounts Committee has criticised the government for making ?no effort? to measure the impact made by organisations given £12 billion of public money to encourage regional growth (The Times, p38, £).
The Financial Times? (£, p11) editor Gillian Tett argues that policymakers concerned by the recent decline in house prices in advanced economies cannot rely solely on interest rate cuts to reflate the market. Ms Tett notes that there is little evidence that cutting rates will, in advanced economies, have a significant stimulatory effect on house prices. She argues policymakers concerned with volatility in property prices would be better served exploring macroprudential tools, such as curbs on loan-to-value ratios, and even some capital controls.
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19.04.24
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