Impacts of Covid and Brexit hard to uncouple, MPC appointee Dr Swati Dhingra June 29, 2022 Dr. Swati Dhingra said that the impacts of Covid and the impacts of Brexit are still difficult to differentiate. In an oral evidence session following her appointment to the Monetary Policy Committee, Dr. Dhingra said “We’re still struggling with how to distinguish between the impacts of Covid and Brexit,” with the EU exit date coinciding [...]
Bailey: Steeper rate hike at Bank of England’s next meeting is ‘on the table’ June 29, 2022 A larger rate hike is “on the table” at the Bank of England’s next meeting on 4 August, its chief said today. Speaking on a panel at the European Central Bank’s (ECB) forum on central banking in Sintra, Portugal, Bank governor Andrew Bailey did not rule out a steeper rate rise, saying “there will be [...]
Are we heading for a global recession? June 29, 2022 | City Talk Keith Wade, Chief Economist, discusses what central bankers’ next move might be, what markets are pricing in and what the probability of a recession is. People are worrying about a global recession and with good reason. But what if the factors driving rising prices are beyond the limits of policymakers’ control? The squeeze on living [...]
London markets follow Wall Street lower as rate hike jitters ramp up June 29, 2022 London markets followed their Wall Street counterparts lower today as investors fretted over the pace of rate hikes by central banks to tame inflation. The capital’s premier FTSE 100 index dropped 0.44 per cent to 7,291.48 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, [...]
Flying Rolls Royce boosts London’s FTSE 100 June 28, 2022 A positive analyst note sent aerospace engineer Rolls Royce flying in the City today, bumping London’s FTSE 100. The capital’s premier index climbed 0.9 per cent to 7,323.41 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, edged 0.17 per cent higher to 19,351.27 points. [...]
Global consumer confidence plunges to new lows on inflation spike June 28, 2022 Consumers in rich countries have never been more glum as inflation takes its toll on household balance sheets. Confidence in Germany, Europe’s economic powerhouse, dropped to minus 27.4 this month, the lowest level since record began, GfK said today. The figures come as another survey published by GfK last Friday revealed UK consumer confidence has [...]
Rees-Mogg says cutting taxes could reduce inflation in split with PM June 28, 2022 Jacob Rees-Mogg has said cutting taxes immediately may reduce inflation in comments that will put him in direct dispute with Boris Johnson and Rishi Sunak. The Brexit minister today said getting inflation under control “doesn’t necessarily mean tax increases – indeed it could mean tax cuts”. Johnson and Sunak have both said the UK cannot cut [...]
Sunak: UK has ‘tools at our disposal’ to tackle 40-year high inflation June 28, 2022 The UK has “the tools at our disposal” to tackle the worst inflation spike in four decades, the chancellor urged today. Responding to a grilling by MPs in the house of commons, chancellor Rishi Sunak said Britain is “not immune” to the inflationary “shocks” that are sweeping through the world’s richest economies. Prices have climbed [...]
Lagarde: European Central Bank will go ‘as far as necessary’ to tame inflation June 28, 2022 The European Central Bank (ECB) will go “as far as necessary” to tame the worst bout of inflation on the Continent since records began, its chief said today. President Christine Lagarde said at the ECB’s monetary policy summit that the central bank’s commitment to getting the rate of price rises back to its two per [...]
Soaring inflation burns hole in councils’ finances, LGA finds June 28, 2022 Rampant inflation is burning a hole in the finances of English and Welsh councils and may force them to trim public services without more funding, reveals a fresh report published today. Rising energy costs caused by Russia’s invasion of Ukraine lifting European gas prices and an uplift to the national living wage will heap an [...]