Liquid error: wrong number of arguments (2 for 1) Morning papers: UK growth to hit four-year high | Marsh & Parsons Sales and Lettings Estate Agents London

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Morning papers: UK growth to hit four-year high

Mon 28 Apr 2014

Morning papers: UK growth to hit four-year high

LinkedinAccording to a Guardian report based on economists forecasts, Britains economy could have clocked up its fastest growth for almost four years during the first quarter of 2014, outpacing other advanced nations.

The first official estimate of GDP for the January to March quarter, due today, is expected to show the economy grew 0.9 per cent, according to the consensus forecast in a Reuters poll of economists.

That would mark an acceleration from 0.7 per cent in the final quarter of 2013 and would be the fastest growth since the second quarter of 2010 when GDP rose 1 per cent.

Deutsche Banks net income drops a third

Deutsche Banks net income dropped by a third in the first quarter even as its fixed income arm weathered the storm in market conditions better than expected, the Financial Times reports.

Debt trading revenue at the bank fell 10 per cent to 2.4bn in the first quarter of the year compared with the first quarter of 2013 outperforming most of Deutsches Wall Street peers, where fixed income revenue fell between 11 to 21 per cent in the first quarter.

Morgan Stanley was the only major US investment bank to reveal a surprise rise in debt trading, which has been battered by investors uncertainty over the pullback in monetary easing by the US Federal Reserve.

Bank prepares new stress tests

The Bank of England is preparing to order eight of the UKs biggest banks and building societies to undertake tests to ensure they are strong enough to withstand sharp drops in house prices and sudden rises in interest rates, according to the Guardian.

Banks would be required to show they could survive a 35 per cent fall in house prices and interest rates jumping to 5 per cent, the newspaper claims.

The conditions that banks must be able to withstand are to be outlined by the Bank of England today (29 April).

Seven banks the bailed-out Royal Bank of Scotland and Lloyds Banking Group, as well as Barclays, HSBC, Standard Chartered, Co-operative and the UK arm of Spains Santander are to be subjected to the Bank of Englands tests, along with Nationwide Building Society.

Average cost of home in prime London to reach 2m by the end of next year

The average cost of a home in prime areas of London will be more than 2m by the end of next year, a report by one of the capitals leading estate agents predicts today (29 April).

The Daily Mail report, from the estate agency Marsh & Parsons, says: Jackpot prices are fast becoming the norm [in the capital].

House prices in London have jumped by more than a quarter over the last year.

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