Some economists hold out hope for Bank of England rate hike December 15, 2021 The Bank of England would have hiked interest rates sharply to quash the over 10-year high inflation print if the UK was not in the teeth of the Covid-19 crisis, according to City economists. That’s the prediction from analysts at Bank of America, who today said: “In normal times, the BoE would likely already have [...]
Decade-high inflation print dials up pressure on Bank of England to hike rates December 15, 2021 Pressure on the Bank of England to hike rates is dialling up amid swelling energy bills causing inflation to skyrocket to its highest level in over a decade. The cost of living climbed to 5.1 per cent last month, according to data released by the Office for National Statistics (ONS) today, smashing analysts’ expectations and [...]
China’s Evergrande: not so grand financial statements? December 15, 2021 | City Talk Evergrande Group is the latest listed company to unexpectedly find itself on the verge of bankruptcy. When businesses are thrust into public view for the wrong reasons, my first thought is always whether trouble could have been coming. To see if the Chinese property development giant’s travails could have been anticipated, I looked at its [...]
Soaring fuel and clothes prices push inflation to 5.1 per cent, its highest level in a decade December 15, 2021 Spiralling prices in transport and retail have pushed inflation to its highest level for a decade piling pressure on the BoE to hike rates.
Londoners have the second-lowest perception of their wealth in England December 15, 2021 Despite having the highest average total wealth in the country, London dwellers’ perceptions of their financial wellbeing are particularly poor, according to this year’s UK financial health index by wealth manager St James’s Place. Data from the index released today, ahead of The Bank of England’s announcement of its next move on interest rates later this [...]
London markets post mixed bag as investors mull Bank’s next rate move December 14, 2021 London markets were a mixed bag yesterday as investors mulled the Bank of England’s next move on interest rates. A strong jobs print boosted investor sentiment yesterday morning, lifting the capital’s main indexes. However, the FTSE 100 gave up morning gains to close 0.18 per cent lower at 7,218.64 points, as did the mid-cap FTSE [...]
IMF takes swipe at Bank of England over rate inertia amid soaring inflation December 14, 2021 The International Monetary Fund (IMF) today fired a warning shot at the Bank of England, urging the central bank to hike interest rates now to tame runaway inflation. The world’s economic watchdog told the Bank it needs to “withdraw the exceptional support provided during” the Covid-19 crisis or risk facing spiralling inflation. In a stark [...]
Dual threat of Omicron and Plan B to destabilise UK jobs market recovery, warn City economists December 14, 2021 The dual threat of the Omicron variant and strict restrictions on daily life to curb its spread will smash the UK jobs market, City economists warned today. Measures to cut Brits’ social contact in a bid to quash the new coronavirus strain, including being encouraged to work from home, will hit retail, leisure and hospitality [...]
Labour market squeeze: UK unemployment rate falls to 4.2 per cent as vacancies soar to 1.2m December 14, 2021 The UK unemployment rate decreased by 0.4 percentage points on the quarter to 4.2 per cent for the three months to the end of October. A rise in more part-time work is partly behind the fall, according to Office for National Statistics data out this morning. Young people, a group that bore the brunt of [...]
UK businesses resist hiking prices despite cost assault December 14, 2021 UK businesses are swallowing swelling costs in a bid to avoid wiping out demand by hiking prices, reveals fresh research published today. The chasm between the amount it costs firms to produce goods and the price they charge for their products has widened to the largest on record, research by Lloyds Bank found. Soaring costs [...]