By Victor Hill Now gather up the wee bairns and tell Grandad to put his ear trumpet in. I have some weighty news to impart. I don't know how to put this in a way that will not scare you; but here goes… Mr Carney has decreed that the additional Counter-cyclical Capital (CCC) buffer of 0.5 percent decreed last March for UK banks will be scrapped… It's no good staring at me gormlessly like that – don't you see what this means? I mean, it's massive. The Old Lady of Threadneedle Street has spent the last eight years since the Crash arm-twisting the banks to raise their capital ratios, using every trick in the Basel III stroke Capital Requirements Directive IV rulebook – plus a few home-grown ruses. And now, for the first time in the Post-Credit Crunch world, she is rowing back. It is as if Nanny, after years of drilling the children never to besmirch their pristine sailor suits, turns round and invites them to make mud pies... Click Here To Read The Full Story The Master Investor Market Report - The FTSE 100 closed the day at 6,670.40, a decrease of 10.29 points.
- The FTSE 250 fell 56.05 points to finish at 16,751.02.
- The FTSE All Share dropped 6.05 points to finish at 3,607.61.
- The FTSE AIM All Share finished at 725.12, up by 3.73 points.
Housebuilder Barratt Developments (BDEV) said full-year profits before taxation will rise by 20% to £680 million, but warned that it may reduce the rate at which it is building as a result of Brexit. Total completions for the year ended 30th June climbed 5.3% to 17,319 as demand from consumers remained very strong, despite increased uncertainty in the London region. Barratt shares fell by 6.10p to 404.80p. |
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