Latest GDP figures confirm UK economy grows 0.8 per cent as Covid fears subside March 11, 2022 Official data from the Office for National Statistics (ONS) showed that gross domestic product (GDP) grew by 0.8 per cent in January as the hit from the Omicron variant subsided. It more than reversed the entire 0.2 per cent fall that had been observed in December. Experts had predicted a 0.1 per cent rise in [...]
Four in ten Brits consider job change to counter higher cost of living and rising inflation March 11, 2022 Almost forty per cent of people polled this week have considered changing jobs to counter rising inflation and costs of living. Pressures are showing on people’s wages and mental health, with leading employment board Totaljobs urging employers to support their workers through difficult financial times. In a survey published this week, 37 per cent of [...]
Rishi Sunak urged to ‘turn wise words into action’ by FSB chair after small retailers feel ‘abandoned’ March 11, 2022 The chair of the Federation of Small Businesses (FSB) has urged chancellor Rishi Sunak to “turn wise words into action”, after the vast majority of micro firms said they felt “abandoned” by his policies. As the cost of living crisis continues to bite for retailers and consumers alike, 2,000 independent retailers were surveyed through Not [...]
London’s top indexes give up gains as Moscow assault of Ukraine ramps up March 10, 2022 London’s top indexes gave up some of their gains yesterday as investors fretted over a ramping up in Moscow’s invasion of Ukraine. The capital’s premier FTSE 100 index dropped 1.27 per cent to 7,099.00 points, while the domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.57 per [...]
Year-ahead inflation expectations hit record high ahead of BoE’s rate decision March 10, 2022 A record proportion of Brits expect the current inflation crunch to linger in a year’s time, fresh data released today reveals. Some 35 per cent of households think the cost of living will top five per cent by this time next year, according to Bank of America. The fresh figures will worry the Bank of [...]
Stateside inflation surges to over 40 year high strengthening case for rapid US Fed tightening March 10, 2022 Stateside prices are accelerating at the fastest pace in over 40 years, strengthening the case for the US Federal Reserve to front load reining in policy. Inflation in the US scaled to 7.9 per cent, according to data released by the US Bureau of Labor Statistics today, the hottest rate since January 1982. The fresh [...]
European Central Bank leaves rates negative despite inflation hitting record high March 10, 2022 The European Central Bank left interest rates unchanged in negative territory today despite inflation on the Continent running at a record high. President Christine Lagarde and co kept borrowing costs at minus 0.5 per cent, where they have been for several years, sticking with its more dovish stance toward monetary policy. The ECB has been [...]
Ukraine war backfires as Russia’s economy is expected to take dramatic 10 per cent hit this year March 10, 2022 Analysts this morning revised their economic forecast for Russia in light of international sanctions imposed following the invasion of Ukraine. Experts at the Economic Intelligence Unit (EIU) said they expect economic activity to be severely disrupted with both domestic demand and the external sector taking a hit. “While the full impact of international sanctions and [...]
Wages continue to surge amid tightening jobs market March 10, 2022 Strong competition for workers amid a tight jobs market is accelerating starting pay at near record highs, reveals a fresh survey published today. A shortage of available workers is driving businesses to hike pay to out muscle competitors from poaching top talent, according to research from the Recruitment and Employment Confederation (REC) and KPMG. Starting [...]
Russia-Ukraine war to take tax cuts off the table, IFS warns March 10, 2022 Even higher inflation triggered by Russia invading Ukraine will take promised tax cuts off the table, a leading think tank warned today. Surging energy prices driven by concerns over the security of oil and gas supplies amid a ramping up in tensions between Moscow and the West will eat into Chancellor Rishi Sunak’s room to [...]