Spring statement: Record fall in living standards under current parliament March 24, 2022 UK living standards will fall quicker over the course of this parliament than any other since records began, reveals fresh analysis released in the wake of chancellor Rishi Sunak’s spring statement. The typical non-retired household is forecasted to be two per cent worse off by the time of the next election in 2024, according to [...]
Cost of living squeeze already biting UK economy as experts warn worst is still to come March 24, 2022 The damage the cost of living squeeze is inflicting on UK households is already starting to weigh on the economy as top forecasters warn the worst effects of spiralling living standards are yet to come. A fresh flurry of data released today revealed consumers are slashing spending to alleviate pressure on their finances caused by [...]
Sunak’s decision to hike national insurance while cutting income tax is ‘indefensible’ March 24, 2022 Top economic forecasters today slammed Chancellor Rishi Sunak’s decision to push ahead with the national insurance tax hike while cutting the basic rate of income tax as “indefensible”. All of the windfall households will receive from lower income tax bills will be offset by fiscal drag and a 1.25 percentage point national insurance uplift and [...]
1 Minute Market Rundown – 24th March 2022 March 24, 2022 | City Talk Russia – UkraineYields in focusCrypto consolidates Rates markets continue to dominate proceedings with yields continuing to push higher but risk is holding in rather well. Looking across equities and crypto it feels like the dips are getting shallower and we are putting in higher lows. We have been saying crypto has been quietly bid and [...]
Fresh 30-year high inflation print wobbles London investors March 23, 2022 A fresh 30-year high UK inflation print wobbled London’s top indexes today. The capital’s premier FTSE 100 index dipped 0.22 per cent to 7,460.63 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.53 per cent to 21,001.62 points. Fresh data released today by [...]
UK households to be saddled with heaviest tax burden since 1940s March 23, 2022 UK households are set to be saddled with the heaviest tax burden since the 1940s even when Chancellor Rishi Sunak’s income tax cut and national insurance tweaks are baked in. Britain’s fiscal watchdog is forecasting the tax burden to hit 36.3 per cent in four years’ time, it said in fresh forecasts published today. The [...]
Spring statement: OBR slashes economic growth forecasts on Russia-Ukraine war inflation spike March 23, 2022 The UK’s fiscal watchdog has slashed its forecasts for economic growth this year driven by the Russia-Ukraine war sending inflation spiking. The Office for Budget Responsibility (OBR) is expecting the UK economy to grow 3.8 per cent this year, down from six per cent in its previous forecast. Russian President Vladimir Putin’s decision to send [...]
As it happened: Rishi Sunak’s Spring Budget 2022 March 23, 2022 Live updates and links to all our coverage, reactions and analyses as the Chancellor of the Exchequer, Rishi Sunak, delivers the government’s Spring Budget for 2022 . Please do get in touch and let us know your opinion via news@cityam.com or @Cityam With the cost of living crisis, rising inflation, war in Ukraine and [...]
Sunak gives National Insurance help and promises 2024 income tax cut March 23, 2022 Rishi Sunak has increased the income threshold for National Insurance in a £330 annual tax cut for employees, while also delivering a gloomy updated forecast for the UK economy. Sunak said in his spring statement that the threshold at which employees pay National Insurance will be lifted by £3,000 to £12,570 in what he called [...]
Will the world economy avoid an inflationary bust? March 23, 2022 | City Talk Today’s high inflation is being compared to the 1970s. However, robust consumer spending, fuelled by pandemic savings, makes for a different set of circumstances. Memories of the 1970s were evoked as the price of Brent crude oil temporarily climbed above $139 a barrel in the wake of Russia’s invasion of Ukraine. That was a period [...]