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 [...]
Jeremy Hunt readies placeholder budget that will let a lot of people down March 9, 2023 Jeremy Hunt is going to let a lot of people down at his budget next Wednesday. Businesses. Families. Even former Prime Ministers. The Chancellor is poised to resist calls to save a flatlining economy by staying the course set in his November autumn statement of balancing the books. Households want an extension of energy support [...]
UK dodges recession but economy still poised to be below pre-Covid-19 size until end of 2024, BCC forecast March 9, 2023 The UK is poised to avoid a recession this year but suffer a slow burning economic slump that will leave GDP below its pre-pandemic level until the final months of next year, new forecasts out late last night claim. Stronger than expected household spending despite sky high inflation plaguing families’ finances will put the economy [...]
FTSE 100 close: Wall Street sell off tames London index after Powell rate warning March 8, 2023 London’s FTSE 100 was tamed today by a sell off that gathered pace in Wall Street last night after US Federal Reserve chair Jerome Powell signalled outsized interest rate rises could be back on the menu. The capital’s premier index squeezed out a 0.13 per cent gain to close at 7,929.93 points, while the domestically-focused [...]
Bank of England risks tipping UK economy into recession with further interest rate hikes, MPC’s Dhingra warns March 8, 2023 The Bank of England risks tipping the UK economy into recession if it raises interest rates too aggressively and worsening the cost of living crisis, a top official said today. Swati Dhingra, an external member of the Bank of England rate setting monetary policy committee (MPC), warned “overtightening poses a more material risk at this [...]
London businesses shelve hiring plans amid UK recession uncertainty March 8, 2023 London businesses are the most reluctant to take on new staff in the UK due to uncertainty over whether the country will eventually tip into recession, a closely watched survey out today reveals. The capital’s firms are trimming intentions to expand their workforce due to concerns over a looming drop in consumer spending amid the [...]
Business groups question Bank of England Mann’s ‘greedflation’ claim March 8, 2023 Business groups yesterday said many firms had no choice but to raise prices to offset high costs in response to a Bank of England rate setter claiming companies are pursuing so-called ‘greedflation’ by pumping up prices to exploit strong consumer spending. Catherine Mann, an external member of the Bank’s rate setting monetary policy committee (MPC), [...]
FTSE 100 close: Powell interest rate warning drags London index into the red March 7, 2023 London’s FTSE 100 was muted today as investors sweat over whether Fed chair Jerome Powell’s warning that US interest rates will stay higher for longer means other central banks will follow suit. The capital’s premier index closed 0.13 per cent lower at 7,919.49 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned [...]
Federal Reserve chair Powell warns of ‘higher than expected’ rate peak and steep hikes to stun inflation March 7, 2023 The US Federal Reserve is prepared to heap more pressure on the world’s largest economy by returning to steep interest rate hikes to contain inflation, its chief warned today. Jerome Powell, chair of the Fed, said the world’s most influential central bank is “prepared to accelerate rate hikes” if the pace of price increases in [...]