Millions of Brits’ tax bills set to soar as fiscal drag bites May 15, 2022 Millions of Brits’ tax bills are set to soar due to chancellor Rishi Sunak freezing the thresholds at which people start paying the taxman, revealed research published yesterday. Around 6.7m people will be hit by higher rates by 2024, the year the next general election is scheduled, according to consultancy Lane Clark and Peacock (LCP). [...]
Week ahead: City eyes potentially ‘staggering’ inflation figures May 15, 2022 The City will turn its gaze to what is likely to be another tranche of “staggering” inflation data in a week bulging with economic and corporate updates. London’s premier FTSE 100 index whipsawed last week, dropping sharply on Monday before finishing the week up 0.41 per cent at 7,418.15 points. The mid-cap domestically-focused FTSE 250 [...]
Andrew Bailey faces House of Commons grilling amid cost of living crunch May 14, 2022 Bank of England Governor Andrew Bailey will face questions over his leadership on Monday following his policy towards the cost of living crunch.
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A volatile week draws to a close on Friday the 13th with ‘a UK economy that has more or less ground to a halt’ May 13, 2022 There were more wild swings in equity markets over the last 24 hours, largely driven by a concern over slowing growth, and sticky inflation, raising fears of looming stagflation and possible recession. These worries manifested themselves in the guise of fluctuating bond yields, and weaker commodity prices, while Federal Reserve officials continued to show little [...]
Stagflation fears trigger sea of red in the City as FTSE 100 plummets May 12, 2022 Stronger signals indicating the UK economy is in the teeth of a slump sent London’s FTSE 100 tumbling today. The capital’s premier index plummeted 1.56 per cent to 7,233.34 points, while the mid-cap domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, closed 0.85 per cent at 19,480.88 points. [...]
UK recession to hit sooner than first thought as economy unexpectedly shrinks May 12, 2022 The UK is “dangerously close” to tipping into a recession sooner than predicted due to households already cutting spending ahead of the cost of living squeeze tightening. That’s according to City economists’ assessment of weaker than expected GDP figures published today by the Office for National Statistics (ONS). The economy shrank 0.1 per cent in [...]
More rate hikes are coming, Bank of England official warns May 12, 2022 More rate hikes are on the way this year as the Bank of England continues to wrestle with a historic inflation crunch, a senior official at the monetary authority has said. Sir Dave Ramsden, a member of the Bank’s monetary policy committee, told households to brace for higher borrowing costs despite new figures released today [...]
UK economic growth slows as GDP records 0.8 per cent between January and March May 12, 2022 The UK economy grew by 0.8 per cent between January and March, down from growth of 1.3 per cent in the previous three months, the Office for National Statistics has said. Darren Morgan, director of economic statistics at the Office for National Statistics (ONS), said: “The UK economy grew for the fourth consecutive quarter and [...]
Compass Group revenue forecast hike cooks up a storm on FTSE 100 May 11, 2022 A bumper crop of results sent shares in catering giant Compass Group soaring today helping London’s top index post a strong day. The capital’s premier FTSE 100 index climbed 1.44 per cent to 7,347.66 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, added 1.35 [...]