Recruiter Robert Walters sounds profit alarm on recession chilling UK jobs market January 10, 2023 Jitters over the UK economy tumbling into a tough recession is likely to trigger a hiring slow down, sparking recruiter Robert Walters to today warn its full year profits will drop below expectations. The alert sent the firm’s London-listed shares down more than three per cent today, clawing back some ground after shedding around nine [...]
UK insurance: shares in Aviva and Admiral shrug off Bank of England’s warnings of a ‘prolonged’ recession in the sector January 10, 2023 The UK’s insurance companies were told to brace themselves for a “prolonged” recession by boosting their risk management processes, the Bank of England (BoE) has said in a letter to sector CEOs. In a letter to insurance chief executives, the BoE’s insurance watchdog warned that various risks might stem from the downturn as it called [...]
Pantheon: Investment slump on Bank of England’s rate hikes will deepen UK recession January 10, 2023 The UK recession is set to be powered by businesses slashing investment due to higher interest rates squeezing their finances, City economists have warned. Finance chiefs are “despondent” amid a rapid acceleration in borrowing costs caused by the Bank of England scrambling to tame sky high inflation, Samuel Tombs, chief UK economist at Pantheon Macroeconomics, [...]
Recession fears force UK businesses to park hiring plans January 10, 2023 Recession fears are forcing businesses to mothball hiring plans to keep costs at a minimum, a new survey out today reveals. KPMG and the Recruitment and Employment Confederation’s (REC) permanent hiring index stumbled to 44.5 in December from 46.4 in the previous month. The reading has now been below the 50 point mark that separates [...]
Sunak and Starmer offer little new year cheer on ailing UK growth path January 10, 2023 This brand new weekly column, published every Tuesday, will drill down into the stories behind the numbers to reveal what makes the UK – and global – economy tick. But, today, inspired by what resembled soon-to-broken new year’s resolutions by political leaders last week, it will make the case for why a stable government economic [...]
Inflation wipes out Christmas sales as Britain stumbles toward recession January 10, 2023 Inflation is forcing Brits to rein in spending to shield their finances, prompting experts today to warn of a rise in high street bankruptcies as the country stumbles into a recession. Retail sales fell in real terms over the Christmas period, when consumers tend to splash the cash on food, new clothes and decorations, according [...]
FTSE 100 close: China reopening boosts Antofagasta and London miners January 9, 2023 London’s FTSE 100 has today extended its robust start to the new year, fuelled by mining giants clinching gains on investors betting commodity prices are on the rise as China dismantles pretty much all of its Covid-19 restrictions. The capital’s premier index jumped 0.33 per cent to close at 7,724.93 points on the opening day [...]
Bank of England chief economist Pill admits we ‘underestimated’ inflation surge January 9, 2023 The Bank of England did not understand inflation “well enough” and “underestimated” the strength of the 40-year high price surge, its chief economist admitted in a speech in the US today. Huw Pill said with “the benefit of hindsight,” the central bank’s “own analysis” failed to foresee inflationary pressures magnified by global supply chain pressures [...]
UK’s cost of living crisis will swipe over £2k from Brits pockets with some groups expected to feel squeeze of recession even more January 9, 2023 The UK is just halfway through a cost of living crisis that will swipe £2,100 year from incomes with living standards remaining at pre Covid levels until at least 2028, a report out today has revealed. The cost of living crisis which, when combined with a tough recession, will leave households worse off than they [...]
Exclusive: UK firms stop hiring and mull layoffs as recession takes hold January 9, 2023 Layoffs are on course to climb, driven by businesses cutting costs amid what risks being the longest UK recession in memory, exclusive research shared with City A.M. indicates. Firms are planning to pause hiring or even sack workers to protect their finances from a slump in spending sparked by the cost of living crisis. Nearly [...]