Cream of central banking crop have underestimated inflation crunch, experts warn January 31, 2022 The world’s top central banks have underestimated the stickiness of inflation spreading throughout rich economies, prompting them to launch a quicker than expected rate hike cycle this year. Measures used to quantify the severity of underlying inflation pressures will stay high even by the end of the year in most rich countries, according to fresh [...]
Levelling down London will hamstring the rest of the country, report warns January 31, 2022 The levelling up agenda will hamstring the UK economy if it moves business outside of London, reveals a fresh study published today. The government will fail in its ambition to narrow regional inequalities by pushing to stimulate economic activity across the UK “at London’s expense,” according to consultancy EY. Choking London’s contribution to the British [...]
Furlough scheme protects route back to work for young Brits January 31, 2022 The furlough scheme shielded young Brits from the worst economic impact of the pandemic, allowing them to return to work rapidly, reveals a fresh study released today. Despite fears over a wave of redundancies after the furlough scheme was wound down at the end of September, three in four young people who were unemployed during [...]
Typical British household pays over £1m in taxes in their lifetime… before national insurance hike January 31, 2022 The average household in the UK pays over £1m in taxes in their lifetime even before the national insurance hike comes into effect, reveals a fresh study released today. The new research underlines the heavy tax burden Brits are already shouldering even before the 1.25 percentage point national insurance hike takes effect in April. According [...]
Week ahead: City braces for another Bank of England rate hike January 30, 2022 All eyes will be on Threadneedle Street this week as the City braces for another rate hike from the Bank of England. The Old Lady is widely expected to lift borrowing costs again on Thursday, marking the first time the central bank has hiked rates at successive meetings since 2004. The Bank lifted rates for [...]
Bank of England to hoist rates to highest level since 2009 January 30, 2022 Interest rates in the UK will climb to the highest level since the immediate aftermath of the financial crisis by the end of the year, City traders are betting. The Bank will reinforce its sharp policy shift to zeroing in on rampant inflation at its meeting of rate setters this Thursday after it hiked rates [...]
Businesses brace for insolvency storm as Covid aid winds down January 28, 2022 Over half a million UK businesses are struggling financially amid soaring inflation and the rollback of government Covid-19 support.
Treasury Committee chair joins chorus of MPs urging government to ditch national insurance hike January 27, 2022 The chair of an influential group of cross-party MPs that scrutinise the government’s spending plans has joined the chorus of policy makers calling for the national insurance hike to be scrapped. Tory MP Mel Stride, who chairs the Treasury Committee, urged the government to cancel the looming 1.25 percentage point national insurance rise to ease [...]
London markets mixed as banks soar on looming rate hikes January 27, 2022 London markets were a mixed bag today despite banks surging on the prospect of the global economy lurching into a period of higher interest rates. The capital’s premier FTSE 100 index closed 1.13 per cent higher at 7,554.31 points, while the domestically-focused FTSE 250, which is more aligned to the health of the UK economy, [...]
US economy smashes Wall Street expectations as GDP accelerates at quickest pace since 1980s January 27, 2022 The US economy is powering faster than Wall Street can keep up with as the recovery across the pond continues to gather momentum. Stateside GDP growth came in at 6.9 per cent in the final three months of last year, the US Commerce Department said today. Experts had been pencilling in a 5.5 per cent [...]