Pound’s dramatic fall and pressure on commercial real estate sector sees Henderson, Threedneedle Columbia and Canada Life gate their dealings
Britain’s vote to leave the EU has sent further shock waves through financial markets, with three more property funds suspended, the pound plunging and share prices falling amid fresh uncertainty about the economic impact of the decision to leave the EU.
Funds responsible for investing some £14bn in shopping centres, office blocks and warehouses have now locked out investors following the decision by Henderson, Threedneedle Columbia and Canada Life to suspend dealing on Wednesday after being swamped by investors attempting to redeem their cash.
Related: Retailer shares fall as Asda signals supermarket price wars
Federal Reserve held off on raising interest rates in June due to the possibility of market turbulence after Brexit and worries about the latest US job report
The Federal Reserve held off on raising interest rates in June due to uncertainty about the US labor market as well as a then-upcoming vote on whether the UK would exit the European Union, according to notes released on Wednesday.
The US central bank last met on 14 and 15 June. It was the Fed’s fourth meeting since it raised interest rates in December. Last year’s hike was the first one in almost a decade. The Fed was expected to raise interest rates four times this year. The forecast has since been adjusted to just two hikes in 2016.
Related: Federal Reserve puts interest rates rise on hold and blames Brexit
Related: US stock markets sink again following Brexit vote
In 2015, the income of the 99% grew by just 3.9% – ‘the best real income growth in 17 years’ – while the rich saw growth was twice that at 7.7%
The top 1% of Americans are finally recovering from the great recession. A new analysis of IRS data revealed that the average income of the top 1% of income earners grew by 7.7% in 2015, reaching $1.36m.
Report author Emmanuel Saez, an economics professor at the University of California-Berkeley, calculated earlier this year that the top 1% had an average income of $1.26m in 2014. And though the world’s wealthiest were able to raise that income to $1.36m within one year, they are still not making as much as they were just before the 2008 recession.
Related: ‘Bombshell’ jobs report puts economic growth back in US election spotlight
He’s swapped Waitrose for Whitehall and is at the centre of negotiations for new trade deals in the wake of the vote for Brexit
With investors now barred from withdrawing their money from half of the UK property fund sector and sterling hitting a fresh 31-year low, it was surprising to hear someone talk positively about the economic benefits of Brexit. That the comments came from a government minister made it even more striking.
Mark Price has kept a low profile since switching from Waitrose to Whitehall three months ago. But the man who was affectionately known as the “chubby grocer” while he ran Britain’s biggest upmarket supermarket chain has a crucial role in the post-referendum world – as minister for trade and investment, Lord Price will be at the centre of negotiations about new trade deals.
Anna Soubry, who has remit for small business, tells MPs that all options are on the table over steel plants put up for sale by Indian conglomerate
The government would consider nationalising Tata Steel, the minister for small business has said, as she warned leaving the EU could further damage the struggling steel industry.
Giving evidence to MPs on a joint select committee session about the steel industry, Anna Soubry said she remains confident that Tata Steel will find a buyer for its UK business, despite economic volatility triggered by the Brexit vote. She renewed the government’s pledge that it stands ready to lend money “on commercial terms” to any eventual buyer, or take an ownership stake in the business.
Related: Steelworkers urge government to resolve concerns over Tata sale
Politics should now be directed at understanding how the establishment could have done so little to address the concerns of citizens
Digesting the full implications of the United Kingdom’s Brexit vote will take Britain, Europe, and the world a long time. The most profound consequences will, of course, depend on the EU’s response to the UK’s withdrawal. Most people initially assumed that the EU would not “cut off its nose to spite its face”: after all, an amicable divorce seems to be in everyone’s interest. But the divorce – as many do – could become messy.
The benefits of trade and economic integration between the UK and EU are mutual, and if the EU took seriously its belief that closer economic integration is better, its leaders would seek to ensure the closest ties possible under the circumstances. But Jean-Claude Juncker, the architect of Luxembourg’s massive corporate tax avoidance schemes and now president of the European commission, is taking a hard line: “Out means out.”
Related: Brexit: EU leaders say UK cannot have ‘à la carte’ single market
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Jarrod has finally received his promotion, but how can he call it a promotion when all he’s got is a new set of duties, without a pay raise or a title change?