Inflation to lift off to five per cent as cost living crisis bites Brits December 9, 2021 Inflation will hit heights not seen since the aftermath of the financial crisis, led higher by swelling household energy bills and rising prices for second-hand cars, according to City analysts. The cost of living will rise to five per cent in October, jumping from 4.2 per cent in the previous month, according to Capital Economics. [...]
UK economic growth to slow as Omicron set to fuel inflation and whack spending December 9, 2021 Weaker spending in pubs, bars and restaurants will weigh down economic growth, according to forecasts by City economists. A reduction in the number of diners driven by a combination of inflation eating into consumers’ real income and concerns about catching coronavirus will hit output in the food and accommodation sectors, according to Pantheon Macroeconomics. The [...]
Omicron hit to economy: New Covid restrictions may cost businesses £4bn in December December 9, 2021 The UK economy should brace itself for a £4 bn a month hit and see taxpayers foot the bill for more emergency support as new Covid restrictions to clamp down on the spread of the Omicron variant come into force, a think tank has warned. The right-wing Institute of Economic Affairs (IEA) said Plan B [...]
Soaring house prices yield £3 trillion windfall for wealthy Brits December 9, 2021 Soaring house prices over the last two decades has delivered £3 trillion in gains for Brits, according to a new report released today. Older homeowners have been the main beneficiaries of swelling house prices, earning around £80,000 on average over the last 20 years, research by the economic think tank the Resolution Foundation has found. [...]
Severe imbalances in jobs market are ‘unsustainable’ for businesses December 9, 2021 Severe imbalances in the UK jobs market are “unsustainable” for businesses and will clamp down on Britain’s recovery from the pandemic, according to a new report released today. Red hot demand for workers is rubbing up against weak supply, causing wages to lift off, research by consultancy KPMG and the Recruitment and Employment Confederation (REC). [...]
Weaker spending to weigh on UK economy next year December 9, 2021 Weaker consumer spending and downbeat trade will cause the UK economy to expand at a slower pace than expected next year, according to a new report released today. The British economy will grow 4.2 per cent next year, a downward revision from 5.2 per cent, according to projections made by the business group the British [...]
Goldman Sachs: Bank of England to hold off on hiking rates until February December 8, 2021 Goldman Sachs have reined in their bet on the Bank of England hiking interest rates at their next meeting due to uncertainty over the trajectory of the Omicron variant. The Wall Street giant had previously expected the Bank to raise rates 15 basis points at its next meeting of rate setters on 16 December. However, [...]
London markets climb again as investors brush off Omicron fears December 8, 2021 London markets climbed again this morning as investors continue to brush fears over the Omicron variant. The capital’s premier FTSE 100 index added 0.37 per cent to reach 7,366.76 points, while the mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, rose 0.51 per cent to 23,356.58 points. This [...]
London markets boosted by bullish Omicron outlook December 7, 2021 Investors continue to be bullish about the Omicron variant posing little threat to the global recovery from the pandemic, lifting London markets today. The capital’s premier FTSE 100 index shot up 1.13 per cent to 7,314.33 points during the first hour of trading. The mid-cap FTSE 250 index, which is more aligned to the health [...]
Top Bank of England rate setter warns inflation will breach five per cent soon December 6, 2021 A top rate setter at the Bank of England has today warned inflation will soar far above the Old Lady’s target and breach five per cent. Ben Broadbent, a deputy governor at the Bank, said in a speech in Leeds “in the spring of next year… [inflation] will probably climb comfortably through five per cent, [...]