Why does the Bank of England (secretly) want to sack you? To hose down the inflation fire March 14, 2023 Whisper it very, very softly, but the Bank of England (secretly) is trying to force you out of the job. That’s right. Governor Andrew Bailey wants to toss you to the wolves in the name of the fight against inflation. That’s overegging it. No one is directly trying to make someone else unemployed. A kernel [...]
FTSE 100 close: Silicon Valley Bank collapse drags London index into red despite HSBC sale March 13, 2023 London’s FTSE 100 was dragged down into a global market sell off today driven by fears over how far the effects of the collapse of tech-focused Silicon Valley Bank could ricochet through the financial system. The capital’s premier index slid more than two per cent to close at 7,548.64 points, while the domestically-focused mid-cap FTSE [...]
US Federal Reserve to refrain from rate hike later this month after Silicon Valley Bank collapse, bets Goldman March 13, 2023 Speculation is growing among traders that the US Federal Reserve could refrain from hiking interest rates later this month for fear of triggering another Silicon Valley Bank-style collapse. Turmoil in financial markets sparked by the tech-focused lender’s collapse has raised the likelihood Fed chair Jerome Powell and co may hold off raising rates any further. [...]
UK pay on track to trail inflation for 15th month in a row as cost of living crisis bites March 13, 2023 Wages are on track to trail inflation for the 15th month in a row, underscoring how much pressure the cost of living crisis is piling onto household finances, official figures out on Tuesday are expected to show. Regular pay growth is projected to trim to 6.6 per cent over the three months to February, down [...]
London economy steams ahead to top UK growth league and on track to avoid recession March 13, 2023 London’s economy is racing ahead of the rest of the UK and is on track to power the country’s GDP out of its current slump, new figures out today show. The capital’s purchasing managers’ index (PMI) shot up to 56 points last month, up sharply from 50.5 points and far above the 50 point threshold [...]
Recession kicked into long grass as UK steams ahead of Europe and US March 13, 2023 A recession hitting the UK economy is looking like an increasingly far flung prospect after yet more data today shows businesses and families are fending off the cost of living crunch. A net balance of 43 per cent of UK businesses are buoyant about the economy over the coming year, the highest level in a [...]
Week ahead: ECB Lagarde to sign off on another 50 point interest rate hike and Deliveroo updates markets March 12, 2023 Topping City traders’ minds this week will be what is tipped to be another 50 basis point interest rate hike by the European Central Bank (ECB) on Thursday. The monetary authority of the 20 countries using the euro has explicitly told markets to expect another steep rate hike this week and possibly more in the [...]
Chancellor Hunt says he can’t rush into tax cuts before economy gets back to growth March 11, 2023 British finance minister Jeremy Hunt said he wanted to lower tax rates for individuals and especially businesses in the longer term but warned it would take time because the economy needed to grow more quickly first. Hunt, who is due to present his budget on Wednesday, said in an interview broadcast on Saturday that lower tax [...]
UK economy ‘bounces back’ in another signal a recession is off the table but experts warn of stagnation March 10, 2023 The UK economy “bounced back” from a sharp contraction over Christmas and is holding up better than feared in another sign the country could avoid a recession, official figures out today show. Gross domestic product (GDP) jumped 0.3 per cent in January, better than the consensus forecast of 0.1 per cent growth, according to the [...]
Making hybrid working work across the City March 9, 2023 Last month, ACCA published our inaugural Global Talent Trends 2023 survey, which shared valuable insights into workplace trends and practices from more than 8,400 professional accountants around the world. We found that out of all the topics covered in the report, hybrid working attracted the most attention. This deep interest in hybrid work models is [...]