London Fund Managers More Optimistic About Economy, Survey Shows

The survey also showed that 62 percent view the recovery as sustainable and not built on an artificial housing boom. The Bank of England said last week that the recovery is taking hold and increased its growth forecast for this quarter to 0.7 percent from 0.5 percent. The nine-member Monetary Policy Committee unanimously agreed at its meeting this month that the economy currently requires no more stimulus, and policy maker Ben Broadbent said yesterday recent data has been strong. Investors are beginning to see some light at the end of what has been a very long and jet-black tunnel, said Nick Lewis, head of trading and market risk at Capital Spreads. It remains to be seen whether this is more than a housing bubble, but the City seems cautiously optimistic. Government initiatives to boost mortgage availability have drawn criticism for potentially stoking the property market too much. A gauge of house prices by the Royal Institution of Chartered Surveyors rose to the highest in almost seven years in August. In a sign that some investors remain cautious, 30 percent of those polled said the U.K. economy is a bubble based on a housing boom, though they expect it to grow for the foreseeable future. Of the 200 respondents, 6 percent forecast that the economy will weaken over the coming 12 months, down from 8 percent a year earlier. The poll was conducted by Populus from Sept. 3 to Sept. 10 for Capital Spreads, the spread-betting unit of London Capital Group Holdings Plc.

Budget cuts to hit Filipino nurses at London hospital

London property prices tumbled by 16 percent, Foxtons proved unable to handle its debts, and the banks moved in. NOT A NORMAL UNIVERSE In a normal universe you would expect it to end there – bad loans and bad policies are followed by a crash and lenders mop things up. But we don’t live in a normal universe. British and global monetary policy has been kept exceptionally loose since the crash, at least in part to support asset values. At the same time, while parts of financial services in Britain have been hard hit, a failure globally to adequately regulate the industry means it remains huge in relation to the rest of the British economy. Britain seems unable, politically or otherwise, to wean itself from its addiction to property price gains. Exhibit A is the government’s Help to Buy scheme, under which the state subsidizes mortgages by guaranteeing a portion to the bank, allowing borrowers to buy houses with as little as 5 percent down. That’s active for new properties now and will shortly be allowed for existing homes. Sound like state-sponsored subprime lending to you? Nice for banks and older property owners who can cash out, but not so good for ordinary people trying to buy ordinary houses on ordinary salaries. All this has also not been great for Britain, as is shown by the fact the economy has even now only clawed back about half the 7.2 percent of output it lost in the crash. It has however, been fantastic for London property prices, and by extension for real estate agents in general and Foxtons in specific. Prices in London are now 6 percent above their pre-crash peak and are rising at the fastest rate in nearly seven years. For Foxtons it has been a wild ride.

Foxtons, the London bubble stock: James Saft

Barts Health is on a mission to save 77.5 million this year, which it said will be done across the board and with plans that will not affect clinical safety or the quality of care for patients. But according to Villarico, the Trusts strategy to pinch nursing staff salaries is unfair and disrespectful after years of loyal service and valuable contributions, many of them claiming to have worked for the hospital for over a decade. The truth is we give so much to this hospital. We do several jobs in one: we are nurses, porters, cleaners, and whatever else that needs doing. Thats why were so bitter about what they plan to do to us, he said. For Marvin Escueta, another senior nurse at Whipps Cross, cutting nursing staff or reducing their salary will have a far reaching effect on several other people, not only within the UK but as far away as the Philippines. We will struggle even more. We will provide even less for our families, especially our children. And we dont just have expenses here in London, we also send money back home to our relatives in the Philippines who rely on us. he explained. Escueta believes that debanding nurses could reduce their monthly income by approximately 500, or P35,000, citing an example from Band 6 down to Band 5. The 38-year-old from Manila added: Everyone will be affected, even our friends here and the local community. This will reduce patient care. We wanted to be nurses to look after people, but if we dont have jobs or rights to decent pay, then what is the point? Nurses took their protest online with posters and slogans in social media platforms The so-called cost-efficiency measures at Barts Health hospitals is part of a wider strategy within the British National Health Service (NHS) to cut costs and save money.