Where next for oil and gold ? – the speculative bubble map updated Posted on January 30, 2009 by John Ashcroft Oil prices Brent Crude basis were trading at just under $150 per barrel in July. Any number of justifications were put forward as the market peaked. We listed most in our November blog. Since then the oil price collapsed below … Read More
Nationwide – house prices down 17% in January Posted on January 30, 2009 by John Ashcroft House prices fell by a further 1.3% in January, as the deepening economic recession and financial market turbulence continued. January’s decline leaves the average price of a typical house at £150,501, down 16.6% from 12 months ago, according to Natinowide. … Read More
IMF world growth grinds to a halt, UK worst hit Posted on January 29, 2009 by John Ashcroft According to the IMF, World growth is projected to fall to 0.5 percent in 2009, its lowest rate since World War II and world trade in goods and services is expected to fall by just under 3%. The UK is … Read More
Select Committee – Chancellor’s policies not working Posted on January 28, 2009 by John Ashcroft The report by the Treasury Select Committee casts severe doubt on the Treasury’s management of the economy. The Select committee second report on the Pre Budget Report is worded in diplomatic language but we clarify the gist of the statement. … Read More
£2.3bn for the car industry – not a bail out more like a band aid Posted on January 27, 2009 by John Ashcroft The Government announced a major package of help for the UK's ailing car industry today, including £1 billion of direct loans and £1.3 billion in loans from the European Investment Bank. The Business Secretary said that there would be no … Read More
Barclays brightens banking sector Posted on January 26, 2009 by John Ashcroft In view of the events in the banking sector last week, we have decided to communicate now with employees, customers, clients, and shareholders in this open letter in order to address the principal causes of concern which we are hearing. … Read More
Steel job losses – part of the cycle Posted on January 26, 2009 by John Ashcroft Corus, Britain's biggest steelmaker announced a scale down that will cost about 3,500 jobs, including 2,500 in the UK about 10 per cent of the UK work force. The group, owned by Tata, the Indian conglomerate, said the job cuts, … Read More
Retail Sales December fall in value Posted on January 24, 2009 by John Ashcroft According to the Office for National Statistics, retail sales fell in value in December 2008 by just under 1% compared to the prior year. Volume figures increased by just under 2% on a non seasonally adjusted basis. The implied price … Read More
GDP slumps by 1.8% in final quarter of 2008 Posted on January 23, 2009 by John Ashcroft Today’s GDP figures are pretty bad, confirming recession. The fall in GDP is far worse than expected falling by 1.8% compared to the fourth quarter of 2007 and suggests the economy will contract by at least 2.5% this year. This … Read More
Chancellor Darling kept in the dark Posted on January 22, 2009 by John Ashcroft According to the Guardian, the Chancellor was “kept in the dark” about the lifting of the ban on short selling on Friday. “A rift has opened up between the government and the financial authorities after a furious Alistair Darling was … Read More
