Brits flock back to country’s drinking holes in sign of normalising spending February 11, 2022 Brits are flocking back to the country’s drinking holes after Covid-19 restrictions were scrapped last month, revealed fresh figures released yesterday. Social spending is nearly back to pre-pandemic levels as the end of Plan B curbs encouraged consumers to return to their favourite pubs, bars and restaurants. According to data released by the Office for [...]
Weak efforts to claw back stolen furlough money by HMRC to leave taxpayers with £4bn bill February 11, 2022 Weak efforts by the taxman to clawback Covid-19 support money stolen by fraudsters will result in taxpayers shouldering a £4bn loss, warns a new report published today by a group of cross-party MPs. “HMRC’s unambitious plans” to recover billions of misspent pounds through the furlough and business loan schemes could see taxpayers holding the bag, [...]
Travel stocks continue ascent as London markets post mixed open February 10, 2022 Travel stocks continued their ascent today in a positive day for London markets. The capital’s premier FTSE 100 index closed 0.38 per cent higher at 7,672.40 points, while the domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, added 0.11 per cent to finish at 22,207.75 points. Airline stocks [...]
Stateside inflation climbs to four decade high dialling up pressure on US Fed to go further and faster February 10, 2022 Stateside inflation is running at its hottest rate since the early 1980s, piling even more pressure on the US Federal Reserve to launch a stauncher and faster rate hike cycle. Prices in the US are 7.5 per cent higher than they were a year ago in January, according to fresh figures published today by the [...]
Inflation crunch to intensify as wave of firms hike prices to survive cost assault February 10, 2022 A cost assault is forcing businesses to hike prices to protect margins in a sign the UK cost of living crisis is set to get worse before it gets better, reveals a new study published today. Around three in four firms are raising prices to weather soaring energy and staffing costs in what is being [...]
Go for growth to avoid economic stagnation, experts urge February 10, 2022 Going for growth by avoiding repeatedly hiking taxes to fund an ever-expanding British state is crucial to boosting the country’s economy, experts urged today. Policymakers must escape the trap of choking economic growth by financing further government spending by repeatedly hiking taxes. John O’Connell, chief executive of the TaxPayers’ Alliance, told City A.M.: “Ministers must [...]
Persistent labour crunch intensifies pay pressures in sign of sticky inflation February 10, 2022 A shallower pool of available workers and growing calls among staff for employers to lift pay to offset the cost of living crunch is stoking wage tension in the jobs market, reveals fresh figures released today. Intensifying pay pressures in the jobs markets adds to the growing body of evidence indicating historically high inflation could [...]
London markets boosted by financials rally February 9, 2022 London markets soared yesterday to a two-year high driven by a rally among travel stocks after the UK government signalled it intends to scrap remaining Covid-19 rules soon. The capital’s premier FTSE 100 index rose 1.01 per cent to 7,643.42 points, while the domestically-focused FTSE 250 index, which is more aligned with the health of [...]
Bank of England chief wonk backs ‘steady handed’ approach to rate hikes February 9, 2022 The chief wonk at the Bank of England today backed a “steady handed” approach to rate hikes despite a projected more than seven per cent inflation peak. Huw Pill, the Bank’s chief economist and successor to Andy Haldane, said the Bank needs to hold fire on pursuing an “activist” approach to tightening monetary policy. Pill’s [...]
More economists warn of cost of living crunch’s drag on UK growth February 8, 2022 The squeeze on households’ living standards from the cost of living crunch will drag on the UK economy this year, reveals fresh forecasts published today. A triple whammy of Inflation topping seven per cent, a heavier tax burden and swelling energy bills is set to erode consumers’ real incomes, prompting a pull back in spending, [...]