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 [...]
FTSE 100 close: Interest rate jitters drag down Persimmon and Taylor Wimpey June 29, 2023 London’s FTSE 100 slipped today as investors fretted over central banks keeping interest rates higher for longer. The capital’s premier index dropped 0.38 per cent to 7,471.68 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.77 per cent to 18,270.73 points. Losses in [...]
Number of higher rate income taxpayers soars to record high 5.59m June 29, 2023 The number of Brits paying the higher rate of income tax has surged to its highest level on record, caused by Prime Minister Rishi Sunak and Chancellor Jeremy Hunt freezing tax bands to help rebalance the public finances, official figures out today reveal. Some 5.59m people in the UK are being subjected to the higher [...]
Bank of England chief economist Huw Pill admits forecasts have struggled to explain inflation shock June 29, 2023 Any central banker would have struggled to accurately forecast the impact of the series of shocks that have hit the UK economy, the Bank of England’s chief economist claimed today. Huw Pill, a former Goldman Sachs banker, in response to a letter from the Treasury select committee today hit back at critics who have slammed [...]
Exclusive: London businesses shelve growth plans amid gaping skills gap June 29, 2023 London businesses are being held back by a shortage of staff who have the skills to excel in roles, exclusive research for City A.M. has found. Just over three in four firms in the capital are running into roadblocks when trying to find staff who have the necessary knowledge to propel their business, according to [...]
FTSE 100 close: Tumbling pound boosts London index as Ocado slides June 28, 2023 London’s FTSE 100 sprang higher today, aided by the pound clocking a dreadful day. The capital’s premier index jumped 0.52 per cent to 7,500.50 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, leapt 1.98 per cent to 18,412.81 points. Early advances in the City [...]
Andrew Bailey, Christine Lagarde and Jerome Powell warn inflation fight not yet done June 28, 2023 Andrew Bailey and the cream of the global central banking crop today warned they may need to keep heaping pressure on the global economy before they can declare victory over high inflation. Speaking at the European Central Bank’s (ECB) annual monetary policy conference in Sintra, Portugal, the chiefs of the Bank of England, Federal Reserve [...]
Bank of England commits to reducing greenhouse gas emissions 90 per cent by 2040 June 28, 2023 The Bank of England has committed to reducing its greenhouse gas emissions 90 per cent by 2040 as part of its net zero push. In a speech ahead of the publication of the Bank’s climate transition plan, Bank of England COO Ben Stimson said “our central target is to reduce greenhouse gas emissions from our [...]
Rishi Sunak should cut national insurance and make investment relief permanent, report argues June 28, 2023 Prime Minister Rishi Sunak and Chancellor Jeremy Hunt should cut companies’ national insurance contributions and make the temporary business investment tax relief permanent, an influential think tank has argued in a radical blueprint to overhaul the UK’s tax regime. Employers’ should be subjected to a 12.8 per cent national insurance levy, one percentage point lower [...]