British exports to the Eurozone fell to its lowest proportion in July, while exports beyond the EU exceeded exports to countries inside it. This contributed to the UK’s trade deficit shrinking to £1.5bn in July, down from £4.3bn in June – a fact which may boost Q3 GDP. City AM, p.1; Telegraph, B2.
The Bank of England has begun the recruitment process for a new Governor, and will advertise in this week’s Economist. The successful candidate will take up position from next July, for a non renewable 8 year term. The FT places Lord Turner and Paul Tucker as front-runners for the position. Many critics believe the jobs responsibilities have become too vast. Times, p.3; City AM, p.1; Telegraph, B3, FT, p.4
Utility bills are showing signs of rising once more. Two of the cheapest fixed rate energy deals from First Utility and Scottish power were pulled on Monday. This comes after EDF pulled its popular Blue + Price Promise April 2014 fixed rate offering at the end of August, and Southern Energy announced it was hiking prices by 9% in October. Express, p.31
Peter Luff, the former Defence Secretary believes the new relaxation on extension planning will spark thousands of fall-outs with neighbours. He also pointed to Spain and Ireland to suggest that construction booms were not the way to secure economic growth, blaming a shortage of demand for homes, rather than a shortage of land supply. Times, p.14