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You can find the current article at its original source at https://www.theguardian.com/business/live/2017/nov/29/pound-two-month-high-brexit-bill-consumer-credit-mortgages-business-live
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| Pound rallies on £50bn Brexit bill hopes; US growth revised up – business live | Pound rallies on £50bn Brexit bill hopes; US growth revised up – business live |
| (35 minutes later) | |
| If Donald Trump takes his fingers off the retweet button, he’ll notice that the US economy appears to be doing pretty well on his watch. | |
| Here’s Paul Ashworth of Capital Economics on the new growth figures: | |
| Third-quarter GDP growth was revised up modestly to 3.3% annualised, from 3.0%, thanks to a stronger positive contribution from business investment and a much smaller drag from State and local government expenditure. The growth rate of final sales to domestic purchasers was revised up as well to 2.5%, from 2.3%. | |
| Business investment growth is now estimated to have been 4.7% annualised, with equipment investment up by 10.4%. With borrowing costs still relatively low, confidence strong and capex intentions surveys at elevated levels, we expect another decent gain in the fourth quarter. | |
| Bitcoin just smashed through $11,000, defying the doubters with their taunts about tulip bulbs.... | |
| wow - Bitcoin now through $11,000 | wow - Bitcoin now through $11,000 |
| Bitcoin is almost $3,000 up on the week already and we're only halfway through. | Bitcoin is almost $3,000 up on the week already and we're only halfway through. |
| Despite its summer surge, the US hasn’t grown quite as fast as the eurozone over the last year. | Despite its summer surge, the US hasn’t grown quite as fast as the eurozone over the last year. |
| It’s comfortably outpacing Britain, though.... | It’s comfortably outpacing Britain, though.... |
| US economic growth in Q3 revised up a touch. Running at 2.3%y/y compared to 2.5%y/y in the Euro Area and 1.5%y/y in the UK. pic.twitter.com/BjvlwLUCoq | US economic growth in Q3 revised up a touch. Running at 2.3%y/y compared to 2.5%y/y in the Euro Area and 1.5%y/y in the UK. pic.twitter.com/BjvlwLUCoq |
| Economists are cheering the news that America’s economy expanded by 3.3% (annualised) in the last three months. | Economists are cheering the news that America’s economy expanded by 3.3% (annualised) in the last three months. |
| This upward revision suggests the US is in decent shape. | This upward revision suggests the US is in decent shape. |
| Here’s some early reaction: | Here’s some early reaction: |
| US Q3 GDP growth was revised up to 3.3% q/q (saar) - the strongest growth in 3 years. No sign of growth tapering off any time soon pic.twitter.com/Op4Pmrm7Sy | US Q3 GDP growth was revised up to 3.3% q/q (saar) - the strongest growth in 3 years. No sign of growth tapering off any time soon pic.twitter.com/Op4Pmrm7Sy |
| Just in: The US economy expanded 3.3% in Q3 (the hurricane quarter), up from 3.1% in Q2. Very strong growth that's a good sign for Trump as biz investment is picking up.https://t.co/00d9nD9E8W #economy | Just in: The US economy expanded 3.3% in Q3 (the hurricane quarter), up from 3.1% in Q2. Very strong growth that's a good sign for Trump as biz investment is picking up.https://t.co/00d9nD9E8W #economy |
| GDP revised up to 3.3% for Q3. It does make you wonder if we really do need tax reform. Economy has had two straight quarters of solid growth. Consumers spending. Market at all-time highs. Still maintain this is not all because of Trump but he can take a deserved victory lap. | GDP revised up to 3.3% for Q3. It does make you wonder if we really do need tax reform. Economy has had two straight quarters of solid growth. Consumers spending. Market at all-time highs. Still maintain this is not all because of Trump but he can take a deserved victory lap. |
| BREAKING: America’s economy grew faster than expected in the third quarter of 2017. | BREAKING: America’s economy grew faster than expected in the third quarter of 2017. |
| Fresh figures from the Commerce Department shows that US GDP expanded at an annualised rate of 3.3% in July-September, up from a first estimate of 3.0%. | Fresh figures from the Commerce Department shows that US GDP expanded at an annualised rate of 3.3% in July-September, up from a first estimate of 3.0%. |
| That’s equal to a quarterly growth rate of over 0.8% -- twice as fast as Britain’s 0.4% in Q3. | That’s equal to a quarterly growth rate of over 0.8% -- twice as fast as Britain’s 0.4% in Q3. |
| The new data shows that corporate profits boosted growth, jumping by 4.3% quarter-on-quarter. | The new data shows that corporate profits boosted growth, jumping by 4.3% quarter-on-quarter. |
| Net trade also boosted growth, with exports up by 2.2% but imports down by 1.1%. | Net trade also boosted growth, with exports up by 2.2% but imports down by 1.1%. |
| US GDP Revised Slightly Higher To 3.3% On An Annualized Basis In Q3 https://t.co/ZBUG1nXMr6 pic.twitter.com/TwCosgZlFv | US GDP Revised Slightly Higher To 3.3% On An Annualized Basis In Q3 https://t.co/ZBUG1nXMr6 pic.twitter.com/TwCosgZlFv |
| Reaction to follow.... | Reaction to follow.... |
| German bank Berenberg has raised their forecasts for UK growth over the next couple of years, on optimism that a hard Brexit can be avoided. | German bank Berenberg has raised their forecasts for UK growth over the next couple of years, on optimism that a hard Brexit can be avoided. |
| They say: | They say: |
| We raise our calls for real GDP growth for 2018 and 2019 to 1.8% and 1.9% from 1.6% and 1.7% respectively, following modest increases to our growth projections for household consumption and business investment. | We raise our calls for real GDP growth for 2018 and 2019 to 1.8% and 1.9% from 1.6% and 1.7% respectively, following modest increases to our growth projections for household consumption and business investment. |
| Our forecasts exceed Bloomberg consensus (29 November 2017) of 1.4% in 2018 and 1.6% in 2019. We see risks to the growth outlook as roughly balanced. | Our forecasts exceed Bloomberg consensus (29 November 2017) of 1.4% in 2018 and 1.6% in 2019. We see risks to the growth outlook as roughly balanced. |
| Foreign exchange news site DailyFX flags up that the pound has outperformed other currencies against the dollar today: | Foreign exchange news site DailyFX flags up that the pound has outperformed other currencies against the dollar today: |
| Best/worst performers - Majors vs USD today: GBP: 0.4% NZD: 0.0% EUR: -0.1% CHF: -0.2% JPY: -0.3% AUD: -0.4% pic.twitter.com/jt92QwLpRd | Best/worst performers - Majors vs USD today: GBP: 0.4% NZD: 0.0% EUR: -0.1% CHF: -0.2% JPY: -0.3% AUD: -0.4% pic.twitter.com/jt92QwLpRd |
| The price of bitcoin is going up even faster than Britain’s potential Brexit bill. | The price of bitcoin is going up even faster than Britain’s potential Brexit bill. |
| The cryptocurrency smashed through the $10,000 mark overnight, and is currently changing hands at $10,900. | The cryptocurrency smashed through the $10,000 mark overnight, and is currently changing hands at $10,900. |
| That means it’s risen by around 1,000% during 2017. Five years ago, you could have bought a bitcoin for only $12.... | That means it’s risen by around 1,000% during 2017. Five years ago, you could have bought a bitcoin for only $12.... |
| Bitcoin - Over $10,000 todayUnder $1,000 on Jan. 1Up nearly 1,000% this year pic.twitter.com/SpE22fw3ZZ | Bitcoin - Over $10,000 todayUnder $1,000 on Jan. 1Up nearly 1,000% this year pic.twitter.com/SpE22fw3ZZ |
| The higher bitcoin goes, the louder are the warnings that it’s an unsustainable speculative bubble. But then, I can remember the same warnings back in 2013! | The higher bitcoin goes, the louder are the warnings that it’s an unsustainable speculative bubble. But then, I can remember the same warnings back in 2013! |
| Bitcoin vs other “bubbles”: on track to surpass the original Tulip mania pic.twitter.com/YCqMb1jeR6 | Bitcoin vs other “bubbles”: on track to surpass the original Tulip mania pic.twitter.com/YCqMb1jeR6 |
| Sir Jon Cunliffe, the BoE deputy governor, has suggested that potential bitcoin investors should be cautious. | Sir Jon Cunliffe, the BoE deputy governor, has suggested that potential bitcoin investors should be cautious. |
| He told BBC Radio 5 this morning that: | He told BBC Radio 5 this morning that: |
| “This is not a currency in the accepted sense. There’s no central bank that stands behind it. For me it’s much more like a commodity. | “This is not a currency in the accepted sense. There’s no central bank that stands behind it. For me it’s much more like a commodity. |
| “This is not at a size where it’s a macroeconomic risk to the global economy, but when prices are moving like that, my view would be investors need to do their homework.” | “This is not at a size where it’s a macroeconomic risk to the global economy, but when prices are moving like that, my view would be investors need to do their homework.” |
| Back to Brexit, and the BBC’s Katya Adler reports that some EU officials are irritated that the £50bn settlement hit the headlines last night. | Back to Brexit, and the BBC’s Katya Adler reports that some EU officials are irritated that the £50bn settlement hit the headlines last night. |
| Although they do want money from the UK, they don’t want to be bounced into an agreement. They also don’t accept that any payment will guarantee Britain the post-Brexit deal it wants... | Although they do want money from the UK, they don’t want to be bounced into an agreement. They also don’t accept that any payment will guarantee Britain the post-Brexit deal it wants... |
| She writes: | She writes: |
| If and when an agreement on the Brexit bill is made, the EU will push back hard at UK government assertions that Brexit financial payments be tied to a future trade and transition deal. | If and when an agreement on the Brexit bill is made, the EU will push back hard at UK government assertions that Brexit financial payments be tied to a future trade and transition deal. |
| Brussels insists this is money the UK owes - dating back to commitments made on annual and long-term budgets while an EU member. | Brussels insists this is money the UK owes - dating back to commitments made on annual and long-term budgets while an EU member. |
| “This is not blood money,” an EU civil servant told me. | “This is not blood money,” an EU civil servant told me. |
| “This is money the UK must pay on leaving the EU. The new relationship post-Brexit Britain will have with the EU is something quite separate. Europe is not about to be blackmailed.” | “This is money the UK must pay on leaving the EU. The new relationship post-Brexit Britain will have with the EU is something quite separate. Europe is not about to be blackmailed.” |
| #Brexit Bill doesn’t ‘buy’ a good trade deal .. The view - and my thoughts -from Brussels https://t.co/eQVmcsSluw | #Brexit Bill doesn’t ‘buy’ a good trade deal .. The view - and my thoughts -from Brussels https://t.co/eQVmcsSluw |
| Breaking away from Brexit briefly, shipping company Clarksons has admitted it’s been hacked. | Breaking away from Brexit briefly, shipping company Clarksons has admitted it’s been hacked. |
| Clarksons told the City that it has been working with the police since discovering a cybersecurity incident which involved “unauthorised access to the Company’s computer systems”. | Clarksons told the City that it has been working with the police since discovering a cybersecurity incident which involved “unauthorised access to the Company’s computer systems”. |
| It warned shareholders that those responsible “may release some data” today. | It warned shareholders that those responsible “may release some data” today. |
| Andi Case, CEO of Clarksons, has hinted that the company refused to pay the hackers to return stolen data, saying: | Andi Case, CEO of Clarksons, has hinted that the company refused to pay the hackers to return stolen data, saying: |
| I hope our clients understand that we would not be held to ransom by criminals, and I would like to sincerely apologise for any concern this incident may have understandably raised.” | I hope our clients understand that we would not be held to ransom by criminals, and I would like to sincerely apologise for any concern this incident may have understandably raised.” |
| More evidence that the eurozone economy is ending 2017 on a high, from the EC’s latest health check: | More evidence that the eurozone economy is ending 2017 on a high, from the EC’s latest health check: |
| Euro-area companies are the most upbeat about the outlook than at any time since the financial crisis https://t.co/esMLyXRUKr via @ZSchneeweiss pic.twitter.com/M42Jef5w7J | Euro-area companies are the most upbeat about the outlook than at any time since the financial crisis https://t.co/esMLyXRUKr via @ZSchneeweiss pic.twitter.com/M42Jef5w7J |
| Employment expectations for industry in the eurozone reach a THIRTY TWO YEAR HIGH (entire series history). #EUROBOOM deniers and haters will be forgiven, the boom is magnanimous. pic.twitter.com/dwoVMySHIW | Employment expectations for industry in the eurozone reach a THIRTY TWO YEAR HIGH (entire series history). #EUROBOOM deniers and haters will be forgiven, the boom is magnanimous. pic.twitter.com/dwoVMySHIW |
| #Eurozone economic sentiment indicator reached its highest level since October 2000❗️Survey points to solid and faster GDP growth in Q4, in line with PMIs. /via @nghrbi 🇪🇺 💶 pic.twitter.com/2eAk1whGdG | #Eurozone economic sentiment indicator reached its highest level since October 2000❗️Survey points to solid and faster GDP growth in Q4, in line with PMIs. /via @nghrbi 🇪🇺 💶 pic.twitter.com/2eAk1whGdG |
| Despite Brexit uncertainty, individuals and businesses in Europe are increasingly optimistic. | Despite Brexit uncertainty, individuals and businesses in Europe are increasingly optimistic. |
| New data from the European Commission shows that eurozone consumer and economic confidence jumped again in November, to their highest level in 17 years. | New data from the European Commission shows that eurozone consumer and economic confidence jumped again in November, to their highest level in 17 years. |
| #European Commission report further rise in #Eurozone #business and #consumer confidence in Nov to highest level since Oct 2000. Confidence up in all business sectors except #retail. #Consumer confidence highest since January 2001 | #European Commission report further rise in #Eurozone #business and #consumer confidence in Nov to highest level since Oct 2000. Confidence up in all business sectors except #retail. #Consumer confidence highest since January 2001 |
| Newsflash: UK households reined in their borrowing last month. | Newsflash: UK households reined in their borrowing last month. |
| Unsecured consumer credit (such as borrowing on credit cards) grew by 9.6% in October compared to a year ago, down from 9.8% in September. | Unsecured consumer credit (such as borrowing on credit cards) grew by 9.6% in October compared to a year ago, down from 9.8% in September. |
| That’s the smallest rise since April 2016, and follows concerns that people were being driven into debt by rising inflation and falling real wages. | That’s the smallest rise since April 2016, and follows concerns that people were being driven into debt by rising inflation and falling real wages. |
| New Bank of England figures also show a fall in the number of mortgages approved by lenders, down to 64,575 in October from over 66,000 in September. | New Bank of England figures also show a fall in the number of mortgages approved by lenders, down to 64,575 in October from over 66,000 in September. |
| Transport secretary Chris Grayling has defended the government against criticism that it might stump up £50bn to leave the EU. | Transport secretary Chris Grayling has defended the government against criticism that it might stump up £50bn to leave the EU. |
| He told BBC Radio 4’s Today programme that the UK has financial obligations to settle, adding: | He told BBC Radio 4’s Today programme that the UK has financial obligations to settle, adding: |
| “I don’t think people in this country would expect us to just walk away from things we’ve already said we’d pay for.” | “I don’t think people in this country would expect us to just walk away from things we’ve already said we’d pay for.” |
| Bonus marks to anyone who spotted that on the side of a bus last year. | Bonus marks to anyone who spotted that on the side of a bus last year. |
| Anyway, Andrew Sparrow’s Politics Live blog has all the action from Westminster today: | Anyway, Andrew Sparrow’s Politics Live blog has all the action from Westminster today: |
| Grayling defends paying massively increased Brexit divorce bill, saying UK shouldn't 'just walk away' - Politics live https://t.co/uL7xSYssND | Grayling defends paying massively increased Brexit divorce bill, saying UK shouldn't 'just walk away' - Politics live https://t.co/uL7xSYssND |
| The EU’s chief negotiator, Michel Barnier, has sounded a cautious note about the £50bn figure. | The EU’s chief negotiator, Michel Barnier, has sounded a cautious note about the £50bn figure. |
| Collared by reporters in Berlin this morning, Barnier suggested that a deal wasn’t agreed yet. | Collared by reporters in Berlin this morning, Barnier suggested that a deal wasn’t agreed yet. |
| He said: | He said: |
| “We are still working. ....I am working for an agreement.” | “We are still working. ....I am working for an agreement.” |
| Barnier says Brexit bill reports are 'claims or rumours in the press' and 'we are continuing to work' on the subject, @AFP reporting from Berlin | Barnier says Brexit bill reports are 'claims or rumours in the press' and 'we are continuing to work' on the subject, @AFP reporting from Berlin |