The Brexit vote has cost each British household more than £600 a year, according to the National Institute of Economic and Social Research. The forecasting group said it is "almost certain" the referendum result has hit living standards and damaged the prospects for economic growth. A spokesman said Brexit is "affecting investment and productivity now".
The expected rise in interest rates will not harm the UK’s property market, says Moody’s. However, the ratings agency warned that prospects for the buy-to-let market have worsened significantly. Spokesman Colin Ellis said: "The [property] market is holding up OK." He added that there is an "underlying resilience" and that UK house prices "are not overexposed".
Two-thirds of Brits visit a supermarket more than once a day, with one in 10 buying their evening meal just before they eat it, according to a new report that says the weekly shop is on the way out. The Waitrose Food and Drink Report 2017 says shoppers are aiming to reduce waste and stop themselves "over-buying", with a new trend called "as and when shopping".
Royal Bank of Scotland should have accepted criticism over its treatment of struggling businesses, says the head of the City watchdog. Describing the lender's attitude as "unfortunate", Financial Conduct Authority chief executive Andrew Bailey said: "Had we had a meeting of minds between the parties early on, then it would have been a quicker process."
Wall Street was bolstered by strong economic data, with the Nasdaq at a new record. After it was revealed that US consumer confidence hit a 17-year high in October, the Dow Jones Jones Industrial Average finished up 0.1% at 23,377.2 points, while the S&P 500 climbed 0.1% to 2,575.2. Nasdaq Composite leapt 0.4% to 6,727.6 points.
"We have the most regionally unbalanced economy in Europe. All but two of the core cities outside London are below the national average in output per head. We have areas that have never recovered from deindustrialisation, are trapped with poor infrastructure, low investment and skills.” Writing in The Guardian, Richard Jones our industrial strategy needs direction.
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