Lending figures for June dipped below expectations with a smaller rise in consumer credit than expected despite the fledgling recovery indicated by recent growth. The Bank of England recorded a £489m increase in consumer credit compared to £781m of additional lending in May. The level of new mortgages is still higher than the post-crisis average but much lower than seen before 2008 when over 100,000 monthly approvals was the norm, CityAM. Lending to SMEs, however, saw a rare rise of £238m the best month for lending since the Bank began recording it two years ago, writes Philip Aldrick in the Telegraph and retail sales soared in the summer heat says the CBI.
Mortgage rates slashed AGAIN says SOG with Richard Sexton’s E-surv quoted. Laura Pitel in the Times writes that ministers have spent £35,000 of taxpayers’ money building a website to help the public identify ways of saving taxpayers’ money. It reveals that every tax payer in the UK on average pays £173 a month towards hospitals and healthcare, £224 on welfare and pensions, £16 a month on transport and highways, £61 on the armed forced and MOD and £80 on education. In the last three months £1.88 was spent by each person on HS2.
Brompton Road, a disused tube station up for sale for £20m by Jones Lang LaSalle. Shut down in 1934 the station has been owned by the MOD and unconfirmed reports claim that Rudolf Hess was questioned there after he flew solo to Scotland in 1941 in an attempt to negotiate peace, Telegraph
Employment & Recruitment
National Institute of Economic Research says the UK’s private sector created 3.6m jobs in 2011 although 3m were destroyed helping to stop the unemployment rate from deepening. Pre-crisis 4m were created annually while 3.7m disappeared.
Omnicom Publicis $35bn merger described as a fully-fledged “bromance” gets lots of column inches. CityAM ponders whether it points to a potential upsurge in global M&A activity. Ernst & Young says its Capital Confidence Barometer found that 75 % of UK executives expect global deal volumes to rise over the next 12 months. However, PwC says one of key issues dragging M&As is concern about timing and impact of the cessation of quantitative easing on the overall market sentiment and that buyer and seller expectations are out of kilter, which is inhibiting overall deal activity.
Post Office has found that one in three people admit staging holiday photos for social network websites to try to appear as happy as possible to their friends. And Sunshine.co.uk a travel agent found that just one in 10 of the 300 holiday photos people take are deemed good enough to post on social media.
Museum of London says families only sit down to eat together 10 times a month on average, eschewing the dining table for a spot on the sofa in front of the TV
Sunday lunch roasted as most perilous meal says Zurich insurance as it could leave you burned, scalding or even stabbed.