UK inflation could go “above five per cent” this winter says new BoE chief economist October 21, 2021 UK inflation could rise above five per cent next year, said the Bank of England’s new chief economist. Speaking to The Financial Times, Huw Pill said: “I would not be shocked — let’s put it that way — if we see an inflation print close to or above five per cent [in the months ahead]. [...]
UK export sales stall amid global shipping crisis October 21, 2021 UK export sales are stalling amid the global shipping industry snarling up due to soaring container prices. Around a third of UK exporters experienced an uptick in sales in the last quarter, up slightly from 27 per cent in the second quarter of the year. Higher shipping costs are squeezing margins and deterring exporting firms [...]
Swelling costs triggers highest manufacturer inflation since 1980s October 21, 2021 Manufacturers are hiking prices at the fastest pace in forty years amid a breakdown in supply chains severely squeezing margins. Swelling costs drove 41 per cent of manufacturers to raise their prices over the last quarter, the highest proportion since 1980, research from Confederation for British Industry has found. More to follow.
Roaring inflation to shove government borrowing back to expected levels October 21, 2021 Roaring inflation will shove government borrowing back to expected levels in the coming months. Surging energy prices, compounded by a jump in the rate of VAT for hospitality businesses, will drive sharp price rises, swelling the government’s interest bill. Further pressure on the public finance from higher debt servicing costs will bring “borrowing in the [...]
Chancellor to tighten belt despite tax windfall October 21, 2021 Despite the Chancellor receiving a windfall from the government’s fiscal watchdog raising its forecasts for the economy, he will not use the extra wriggle room renege on tax hikes at next week’s budget. The Office for Budget Responsibility (OBR) will upgrade its forecasts for UK economic growth to around seven per cent next Wednesday, up [...]
Sunak eyes Covid-19 emergency loan scheme extension at budget October 20, 2021 Chancellor Rishi Sunak is eyeing extending the emerging Covid-19 loan scheme at the budget next week. The Recovery Loan Scheme was scheduled to finish on December 31, but Sunak is reportedly planning on backtracking on the plans. The news was first reported by Bloomberg. Sources told the news organisation discussions on the matter are ongoing. [...]
Germany central bank chief quits with parting inflation shot October 20, 2021 The chief of Germany’s central bank has stepped down five years earlier than expected, dishing out one final warning on inflation to European policymakers before leaving. Jens Weidmann will leave his role as head of the Bundesbank on December 31 for personal reasons, half a decade before his term was supposed to end. More to [...]
Inflation ‘pauses for breath’ in September before racing ahead soon October 20, 2021 Inflation “paused for breath” in September before it races ahead at a fiery pace in the coming months. Prices were 3.1 per cent higher than they were a year ago last month, according to the Office for National Statistics (ONS). The rate of inflation edged back slightly from August’s 3.2 per cent clip and was [...]
Confidence in London’s financial pulling power remains high among wealthy Brits October 19, 2021 High-net-worth-individuals (HNWIs) in the UK have a positive outlook for the prospects of the economy with most singling out London as the driver behind UK Plc, according to new data shared with City A.M. this morning. Confidence in London’s financial pulling power remains, with 68 per cent saying that London will continue to be Europe’s [...]
Markets today: Europe set for a modest rebound as Asia markets bounce back October 19, 2021 Not a particularly great start to a new week yesterday for markets in Europe, but having just come off the back of three days of strong gains at the end of last week, markets were probably overdue a bit of a pullback. The big question for CMC chief market Michael Hewson, chief market analyst at [...]