Experts blame France pipping UK to EU investment crown for second straight year on Brexit May 11, 2023 Experts have today partially blamed post-Brexit uncertainty for helping France pip the UK to Europe’s investment hub crown for the second year in a row. The UK was home to 15.6 per cent, or 929, of all European foreign direct investment (FDI) projects last year, down from 16.9 per cent in 2021, according to consultancy [...]
FTSE 100 close: ASOS shares nosedive 22 per cent after posting dim results May 10, 2023 London’s FTSE 100 slipped in the City today as online fashion retailer ASOS was pummelled after a dim set of results. The capital’s premier index shed 0.29 per cent to close at 7,741.32 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, lost 0.15 per [...]
US inflation falls faster than expected to 4.9 per cent, raising chances of Fed rate hike pause May 10, 2023 US inflation fell faster than expected last month, potentially paving the way for the Federal Reserve to pause its aggressive interest rate hike campaign at its meeting next month, official figures unveiled today unveiled. The rate of price increases in the world’s largest economy slipped to 4.9 per cent in April, down from five per [...]
UK businesses turn to temp staff amid recession worries May 10, 2023 UK businesses are turning to part-time staff to avoid locking into long-term contracts for fear of being dragged down by the economic slump, a new survey out today shows. Demand for temporary staff is running much higher than for full-time workers, according to consultancy KPMG and the Recruitment and Employment Confederation (REC). The pair’s permanent [...]
UK risks dropping green energy lead by failing to respond to Biden’s $400bn package, Johnson Matthey chief warns May 10, 2023 The head of one of Britain’s largest manufacturers has warned Prime Minister Rishi Sunak that he risks squandering the country’s lead in clean energy production by failing to respond to US President Joe Biden’s $400bn (£317bn) green stimulus package. Liam Condon, chief executive of Johnson Matthey, told Sky News it has intellectual property which could [...]
FTSE 100 close: Barclays and NatWest rise on London index as stalling house prices knock builders May 9, 2023 London’s FTSE 100 kick started a fresh week down today, with Britain’s biggest home builders sliding after new figures showed house price growth has stalled. The capital’s premier index nudged 0.18 per cent lower to 7,764.10 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, [...]
Why you should never, ever bet against UK house prices May 9, 2023 Remember the start of the year? “UK house prices have gone into sharp reverse over recent months. And we expect that elevated mortgage rates will result in at least a 12 per cent price correction,” so said Capital Economics at the time. This is from building society Nationwide last week: “While annual house price growth [...]
Bank of England to hike interest rates for 12th time in a row and forecast falling inflation May 9, 2023 The Bank of England is poised to intensify the strain on households and businesses’ finances by hiking interest rates for the 12th time in a row this Thursday in a bid to bring down inflation, City analysts are betting. Threadneedle Street’s nine-member Monetary Policy Committee (MPC), the group tasked with setting official borrowing costs in [...]
Booming services sector steers UK economy further away from recession May 9, 2023 Britain’s economy is running at its strongest level in nearly a year, powered by households still splashing the cash amid the cost of living crisis in another sign the country will skirt a recession. A new survey out last night from consultancy BDO revealed output growth in the UK reached its highest level in eight [...]
UK to officially avoid recession in first half of this year as Bank of England readies twelfth straight interest rate rise May 8, 2023 Britain is set to have officially avoided a recession in the first half of this year in a sharp turnaround in fortunes for the country’s economy, figures out this week are expected to reveal. Gross domestic product (GDP), which measures the amount of goods and services produced in the UK, is anticipated to have risen [...]