Tax take plunged by £9bn through the pandemic, NAO finds December 16, 2022 The amount of cash the taxman brought in during the pandemic plunged by £9bn due to a rise in dodging and non-compliance, according to official figures released today.
UK consumer confidence rises but forecasts remain bleak  December 16, 2022 Consumer confidence in the UK improved by two points this month, but still remains near all-time low levels.
Bank of England sends interest rates to 14-year high but slows hike cycle to 50 points December 15, 2022 The Bank of England today sent interest rates to their highest level since October 2008, although it slowed the pace of increases to avoid unnecessarily intensifying a looming recession by squeezing households and businesses’ finances. Threadneedle Street’s monetary policy committee (MPC) voted 6-3 in favour of a 50 basis point rise to 3.5 per cent, [...]
US Federal Reserve ushers in global rate hike slow down with 50 point rise December 14, 2022 The US Federal Reserve has tamed the pace of its aggressive interest rate hike campaign tonight, but signalled borrowing costs will eventually peak much higher than previously expected. Chair Jerome Powell and the rest of the federal open market committee (FOMC) backed a 50 basis point rise in the world’s most important interest rate, climbing [...]
FTSE 100 shrugs off rosy inflation numbers as house builders drop December 14, 2022 London’s FTSE 100 shrugged off upbeat figures today that indicated the UK’s inflation surge may have finally passed its peak. The capital’s premier index edged 0.09 per cent lower to 7,495.93 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.25 per cent to [...]
‘At last!’: City cheers signs of UK inflation passing its peak December 14, 2022 The City has cheered fresh figures out today that revealed this year’s historic inflation surge may have finally turned a corner. Prices accelerated 10.7 per cent over the year to November, down from a 41-year high rate of 11.1 per cent in the previous month, according to the Office for National Statistics (ONS). The fall [...]
Global markets surge after US inflation data signals early Fed hike exit December 13, 2022 Global markets received a huge boost today from another positive US inflation print. London’s premier FTSE 100 index closed 0.76 per cent higher at 7,502.89 points, while its mid-cap domestically-focused counterpart, the FTSE 250 index, climbed 1.42 per cent to 19,086.29 points. The pair had been fairly muted for most of the morning session. But, [...]
Bankruptcy specialists prepare for boom as economic headwinds hit UK firms December 13, 2022 Corporate restructuring specialists Begbies Traynor and FRP Advisory are expecting a boom in demand for their services in the oncoming economic slump. The advisory businesses are expecting to profit from a surge in insolvencies as worsening economic headwinds start sinking more UK firms. Begbies Traynor’s executive chairman Ric Traynor told City A.M. the consultancy stands [...]
Sir Richard Branson: No new investment in Brexit Britain December 13, 2022 Sir Richard Branson has ruled out investing new cash in the UK for the foreseeable future, claiming the economy has been hamstrung by trade barriers and “red tape” brought on by Brexit.
Bank of England calls for tighter rules on LDI market after mini-budget chaos December 13, 2022 Tighter oversight of the pensions industry is needed to ensure it can “withstand severe but plausible market moves” similar in size to those seen in the aftermath of Liz Truss’s disastrous mini-budget in September, the Bank of England said today. The recommendation from the Bank’s financial policy committee (FPC) has been sparked by concerns over [...]