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Turkish president Erdogan rails against US tariffs in media offensive

Turkish president Tayipp Erdogan today hit back at US President Donald Trump, saying it was "wrong" to double tariffs on Turkish metal imports. The country is in the midst of a deepening economic crisis as Turkish lira sank as much as 18 per cent against the dollar, its biggest fall since 2001. Relations between the two nations are in turmoil, over issues ranging from
Money

First-time buyers hit by UK house price hikes

First-time buyers now make up more than half the market in their highest numbers for a decade, but rising prices are keeping them reliant on help from Mum and Dad. Data from Halifax revealed this year's first-time property buyers are getting hit by a 21 per cent hike in house prices over the last ten years, with the average price in the UK rising from £172,659 to
Money

The summer economics quiz 2018: Here are the answers

Here are the answers to Deloitte's summer economics quiz. 1. What reason does the UKs Office for National Statistics (ONS) give for the 80% decline in UK residents taking day trips abroad since the 1990s? A. Better weather in the UK B. An increase in staycations C. A decline in booze cruise trips D. Preference for longer holidays Answer: C. A decline in booze
Money

Summer in the City: Test yourself with this summer economics quiz

The long, hot summer seemed to have ended yesterday as drizzle descended on the City, but recapture that sunshine feeling with this economics quiz from Deloitte. From sun cream to staycations, Big Macs to booze cruises, how much do you know about economics with a summery twist? Answer the questions below to work out your score, then click through to find out the stats
Money

Co-op Bank finance boss steps down after less than a year in the job

The chief financial officer of the Co-operative Bank has bowed out after only 11 months in the job. Tom Wood will leave his role once a successor has been appointed, with the board set to begin a formal search process in due course. Wood joined the Bank in September after the position's former occupant, John Worth, stepped down with only a little over a year under
Money

Corbyn approval ratings reach lowest level in a year

Jeremy Corbyn's approval rating has fallen to the lowest level since May 2017, as the Labour leader fails to grapple with the antisemitism claims dogging his party. A new YouGov poll found just 22 per cent would support him as Prime Minister, compared with 36 per cent of people backing Theresa May. Neither of those two options were as popular as 'Don't
Money

Better weather helps UK GDP pick up pace

The UK economy has shrugged off the impact of the extreme weather during the first quarter of this year, with the second quarter doubling the pace of growth. GDP grew by 0.4 per cent in the three months to June, up from a revised growth of 0.1 per cent in the three months to May. Head of national accounts at the Office for National Statistics, Rob Kent-Smith, said: “The
Money

Last Week in the City: Currency markets flinch

Garry White, chief investment commentator, looks at the market-moving events that have shaped the UK equity markets this week (6 to 10 August 2018). All eyes were on currency markets this week, as concerns over a no-deal Brexit hit the pound, the Turkish lira collapsed as the countrys economic woes took a turn for the worse and the rouble fell on new US sanctions against
Money

Trump doubles steel and aluminium tariffs on Turkey as lira nosedives

Donald Trump has today announced massive increases to tariffs against Turkey as its currency the lira continues to plummet. It fell to a record low this morning, and has now dropped 18 per cent today to 6.5 lira to the dollar, compared with 5.5 lira last night, as a deepening monetary crisis and diplomatic relations with the US deteriorated. The currency has lost