Public sector borrowing hits third highest year since 1947 April 26, 2022 Public sector net borrowing hit £151.8bn in the financial year ending March 2022, the third-highest financial year borrowing since records began in the financial year ending March 1947. Borrowing excluding public sector banks was 6.4 per cent of gross domestic product (GDP), according to freshly published figures from the Office for National Statistics. However, borrowing [...]
China zero-Covid policy sends chill through global markets April 25, 2022 Anxiety over the spillover effects on the global economy of China plunging more of its largest cities into lockdown as it ploughs ahead with its zero-Covid policy sent global markets tumbling today. A surge in infections has increased the likelihood of authorities tipping more cities into the most onerous Covid-19 restrictions, including China’s capital Beijing. [...]
UK factories hit by 1970s-style cost crunch in inflation surge warning April 25, 2022 UK factories are having to swallow the quickest rise in input costs for five decades in a sign that the cost of living crunch gripping consumers is set to tighten, reveals fresh figures published today. The cost to manufacturers of buying components has accelerated at the steepest pace since 1975, according to Britain’s top business [...]
1 Minute Market Rundown – 25th April 2022 April 25, 2022 | City Talk Risk Firmly on the BackfootCrypto LowerSterling and Euro Looking More and More Vulnerable Risk remains heavy across the board as fears over covid in China weigh on markets compounded fears sparked by faster and more aggressive FED tightening. We are also seeing commodities come under pressure sparked by the China fears as well as yields [...]
ONS: Cost of living grip chokes nearly every UK household April 25, 2022 Predictions that the UK economy is hurtling towards a period of weaker growth look set to materialise driven by historically high inflation squeezing almost all households across the country, official statistics released today indicate. Soaring energy, petrol and food prices have led to nearly nine in 10 Brits experiencing an uptick in their cost of [...]
Small businesses suffer unprecedented cost assault in sign of more economic woe April 25, 2022 Swelling costs are eating away at small businesses’ margins in a sign that a key engine of the UK’s recovery is beginning to stall, reveals fresh research published today. Nearly nine in 10 small businesses have experienced an uptick in their operating costs, squeezing their room to combat what is expected to be a weaker [...]
London-listed retailers plummet on expected spending cool down April 24, 2022 An expected slowdown in consumer spending in response to the cost of living crunch hobbling household finances has whacked London-listed retail stocks. The bucket of top retail shares in the City, known as the FTSE 350 retail, has fallen 21 per cent in the year so far, making the sector one of the worst performers [...]
Britain’s biggest banks in higher interest rate profit boost as earnings season kicks off April 24, 2022 Profits at Britain’s biggest high street lenders have been boosted by the Bank of England hiking interest rates to tame historic high inflation. That’s according to top City analysts who are forecasting the UK’s largest banks to have reaped the rewards of being able to charge borrowers more for loans. A higher interest rate environment [...]
Week ahead: City eyes cladding bill impact on house builders’ bottom lines April 24, 2022 Signs of the negative impact of the government turning to home builders to fix the cladding crisis is likely to draw City traders’ gaze in a week of jam packed corporate and economic announcements. London’s capital FTSE 100 index dipped 0.78 per cent to 7,521.68 over the last week, while the mid-cap domestically-focused FTSE 250 [...]
Treasury grants licence to pay contracts for Russia’s Gazprombank until May 31 April 22, 2022 The treasury has granted a licence to pay Russia’s Gazprombank and its subsidiaries until the end of next month. The decision was made to ensure gas supplies continue to flow to the European Union according to a document seen by Reuters. The license allows an individual or firm to continue paying any contracts that began [...]