Pound euro exchange rate: GBP flat as German consumer confidence shaken

The GfK consumer confidence index fell for the second consecutive month from 10.1 to a lower-than-forecast 9.8. The survey showed that confidence has been shaken by concerns that thousands of jobs could be at risk due to German carmakers being embroiled in trade tensions. This dampened sentiment in the single currency, leaving the euro flat against Sterling.  Commenting on the data, Rolf […]

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‘The UK is headed towards a cliff edge’ – two experts on the economic outlook

David Blanchflower Professor of economics at Dartmouth College in the US and member of the Bank of England’s monetary policy committee (MPC) from 2006-09 Uncertainty rules the waves, not only on who the next prime minister will be but also who will be the next chancellor and the next governor of the Bank of England. Mark Carney is done early […]

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Brexiteer Steve Baker warns EU’s Barnier: ‘Make no mistake – we’re leaving on October 31’

And he warned he and his colleagues would never be able to sign Britain up to any agreement which included the much-maligned backstop arrangements for the Irish border, underlining his belief it would leave the UK tethered to EU rules indefinitely. Mr Baker, a former junior Brexit minister who quit the Government last July in protest at Prime Minister Theresa […]

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Pound euro exchange rate: GBP falls despite Germany economic sentiment weakening

The flash German PMI composite revealed that output growth remained moderate, however sentiment weakened as the composite remained unchanged at 52.6. Data showed that the services sector drove growth in June, with the services PMI jumping to a two-month high of 55.6 and manufacturing rising to 45.4, a four-month high – although still in a state of contraction. Commenting on the data, […]

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Brexit Party accuses CBI of ‘cherry picking’ negative data to talk down EU exit

Louis Stedman-Bryce, The Brexit Party’s sole MEP for Scotland, said he refuses to believe warnings of a hard Brexit being bad for the economy, claiming it is the uncertainty which is having a bad impact on finances. Speaking to the Helensburg Advertiser, he said “I don’t believe the warnings” and maintained a no deal exit must “remain an option”. Mr […]

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Germany's Scholz says rules must be followed as Italy's rising debt frustrates EU

EU finance ministers are in Luxembourg for a monthly meeting. Italian deficit levels are breaking EU rules and the European Commission has previoulsy said that “a debt-based EDP is warranted.” An EDP stands for an “Excessive Deficit Procedure” and is an action launched by the commission against any EU member state that exceeds the budgetary deficit ceiling or fails to […]

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Brexit win as UK nails trade deal with South Korea – and it didn’t take seven years

International Trade Secretary Liam Fox confirmed the major Brexit win today, which will allow businesses to continue trading freely after Britain’s exit from the European Union on October 31. It comes as a major contrast from previous comments suggesting the UK could face negotiations of up to seven years for tariff-free trade under World Trade Organization rules. Anneli Howard, a […]

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High street visits hit six-year low as Brexit uncertainty deters shoppers

The fate of Sir Philip Green’s sprawling fashion empire will be decided this week as new shopper figures lay bare the challenge faced by traditional retailers hit by customers deserting high streets, shopping centres and retail parks across the country. The British Retail Consortium’s (BRC) monthly footfall tracker for May shows store visits hit a six-year low in May as […]

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