London markets register sobering day as Bank of England rate hike spooks investors February 3, 2022 London markets dropped sharply yesterday after investors were spooked by the Bank of England hiking interest rates at successive meetings for the first time since 2004. The capital’s premier FTSE 100 index closed 0.71 per cent lower at 7,528.84 points, while the domestically-focused FTSE 250, which is more aligned with the health of the UK [...]
Brits should brace for further rate hikes from Bank of England, City economists warn February 3, 2022 Households should brace for further rate hikes from the Bank of England this year as it steps “up its fight against inflation”. The Bank will rapidly pivot policy toward getting on top of Britain’s cost of living crunch, City economists are betting after today’s decision to raise rates at back-to-back meetings for the first time [...]
Russia-Ukraine: What will sanctions mean for UK businesses? February 3, 2022 Liz Truss this week warned Russia that the UK is now prepared to hit the Russian Federation with its “toughest sanctions regime” ever, as it seeks to deter the country from sending troops into Ukraine. “Nothing is off the table and there will be nowhere to hide,” the foreign secretary said. But as of yet, [...]
ECB leaves rates untouched despite record high inflation February 3, 2022 The European Central Bank (ECB) yesterday left interest rates unchanged despite inflation on the Continent running at its highest level ever. The ECB’s decision to leave rates in negative territory was taken despite president, Christine Lagarge, warning the cost of living in the bloc could rise even further. Europe’s central bank’s inertia runs against the [...]
UK services inflation accelerates at record pace as cost of living squeeze intensifies February 3, 2022 UK businesses are raising prices at the fastest rate on record as Brits prepare for a once-in-a generation cost of living squeeze, reveals a closely watched survey published today. Prices for products produced by services businesses, including pubs, restaurants and bars, rose at the quickest pace since 1996, according to IHS Markit. Soaring raw material [...]
Brits brace for worst cost of living squeeze since 1990 February 3, 2022 Brits are set for the worst cost of living squeeze in recent history in just a few months’ time, reveals fresh forecasts released by the Bank of England today. A combination of swelling energy bills and soaring food prices will erode real incomes at the fastest pace since in over 30 years. Rampant price rises [...]
Bank of England hikes rates at successive meetings for first time since 2004 February 3, 2022 The Bank of England today flexed its inflation fighting muscles and hiked interest rates at successive meetings for the first time since 2004. A majority of the Bank’s committee of rate setters voted to lift rates 25 basis points to 0.5 per cent. The consecutive rate hikes mark a sharp policy shift from Threadneedle Street [...]
Europe racks up over £430bn in climate-related losses since 1980 February 3, 2022 Europe has racked up climate-related losses of between £375bn and £433.5bn since 1980, according to the European Environment Agency (EEA). In a new report on the economic impacts of extreme weather and climate across the EEA’s 32 member states, Germany, which suffered catastrophic floods last July, was found to have swallowed the highest losses between [...]
Exclusive: Bank of England to launch quickest tightening cycle since 2004 February 3, 2022 The Bank of England will this year embark on the fastest rate hike cycle since 2004 in a bid to tame rampant inflation in the UK, starting at its meeting of rate setters today, reveals an exclusive City A.M. poll of top City economists. The first back-to-back rate hike in 18 years is a foregone [...]
Eurozone inflation hits record high piling pressure on ECB to act February 2, 2022 Inflation in Europe is running at its highest level ever, turning up the dial on the European Central Bank to rein in ultra-stimulative policy, reveals official figures released today. Prices are 5.1 per cent higher than they were a year ago in January, the hottest rate of inflation in the area of countries using the [...]