FTSE 100 close: London index muted amid Wall Street shut down for 4th July as Wizz Air soars July 4, 2023 London’s FTSE 100 was muted on a quiet trading day globally due to Wall Street being shut for US Independence Day. The capital’s premier index edged 0.10 per cent lower to 7,519.73 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, added 0.14 per cent [...]
UK now only rich country where inflation is rising despite Bank of England interest rate hikes July 4, 2023 Britain is now the only rich country where inflation is rising, signalling the Bank of England’s series of interest rate rises have been less effective than its peers’, new data out today shows. Inflation across the Group of Seven (G7) nations fell to 4.6 per cent in May, down from 5.4 per cent in April, [...]
Much like the UK economy, pound sterling suffers from a certainty deficit July 4, 2023 Barrelling around in the piping of the UK economy so far this year has been a sustained pound sterling rally. Britain’s currency in 2023 has been one of the best performers in the rich world. It is up nearly five per cent against the US dollar at $1.26, a far cry from the record low [...]
Rishi Sunak and Jeremy Hunt urged to raise investment to unlock £150bn economic boost July 4, 2023 Rishi Sunak and Jeremy Hunt should ramp up government investment spending to unlock a £149bn boost to the UK economy, an influential think tank has urged today. Spending on quality capital projects like expanding renewable energy infrastructure and improving transport networks could “pay for itself” by yielding tens of billions of pounds in growth and [...]
FTSE 100 close: London index’s downbeat run extends into second half of 2023 July 3, 2023 London’s FTSE 100 kicked off the second half of the year in subdued style today, despite a rally among Britain’s largest banks and industrial giants. The capital’s premier index was up for most of the day, before eventually closing marginally lower, down 0.06 per cent to 7,527.27 points. The domestically-focused mid-cap FTSE 250 index, which [...]
UK factories slip further into recession on cooling overseas spending July 3, 2023 Britain’s factories have plunged further into recession territory, driven by domestic and foreign buyers reining in spending amid intense economic uncertainty, a closely watched survey out today shows. S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) purchasing managers’ index (PMI) for the UK’s manufacturing industry slipped to 46.5 in June from 47.1 [...]
Higher interest rates tipped to accelerate UK house price decline in quiet week for City July 3, 2023 Higher interest rates are set to accelerate UK house prices’ decline, new figures in what will be a quiet week for markets are expected to reveal. Analysts at consultancy Oxford Economics reckon Halifax’s house price data on Friday will show they dropped 2.5 per cent over the last year and 0.1 per cent over the [...]
Exclusive: London businesses shake off UK economic doom and gloom July 3, 2023 London businesses are shaking off all the doom and gloom swirling around the UK economy and are poised to power the country’s recovery, exclusive research shared with City A.M. has found. The capital’s firms are standing up to rising costs and shaky consumer demand, but are still alive to inflationary threats, according to the London [...]
Factory worker shortages deal £6.5bn blow to UK economy July 3, 2023 A shortage of factory workers is dealing a £6.5bn blow to the UK economy, while London and the South East’s manufacturing economy is outpacing any other in the country, a new report out today has claimed. Factories are still to fill 74,000 empty roles, representing a big slice of lost output, according to industry body [...]
British businesses most optimistic in over a year but London firms sweat over inflation June 30, 2023 British business optimism has climbed to its highest level in over a year despite consumers retreating in response to rising prices and the Bank of England’s aggressive interest rate rises, a survey out today reveals. UK business confidence climbed nine points to 37 per cent in June, taking it up to its highest level since [...]