Government to scale up nuclear power production after ‘years of dithering’ September 26, 2021 The government will back a rapid expansion of the UK’s nuclear energy production after “years of dithering” as the energy crisis prompts it to strengthen the country’s electricity supply. Ministers are understood to have zeroed in on nuclear energy as a means to helping the government achieve its net zero target by 2050, according to [...]
Lorry driver squeeze and CO2 shortage leaves Brits unable to buy food September 24, 2021 Severe lorry driver and CO2 shortages are stopping Brits from buying food, according to official statistics released today. Around one in six people are unable to buy essential food items due to them not being available, according to the Office for National Statistics (ONS). A paucity of lorry drivers has led to lengthy delays in [...]
Exclusive: Fund managers say UK equities are still undervalued despite Brexit and Covid bounce back September 24, 2021 Nearly nine in ten professional investors from the UK, US and Germany believe UK equities are undervalued, according to new research shared exclusively with City A.M. this morning. The investors, who collectively manage over $300bn, said in a MBH survey that one of the key reasons for optimism around UK equities is that the country [...]
IoD: Higher wages will stoke inflation September 24, 2021 The chief economist of the Institute of Directors (IoD) has predicted severe worker shortages plaguing the UK economy will trigger a sharp rise in prices. Kitty Ussher, chief economist at the IoD, told City A.M. she expects “a step-change in wage rates for high-demand skills that will put upward pressure on prices in the short-term.” [...]
Anxiety about soaring living costs weighs down UK consumer confidence September 24, 2021 Intense anxiety about sharp rises in the cost of living is weighing down Brits’ confidence levels, according to fresh data published today. Consumer confidence in the UK slid five points to minus 13 in September, driven by Brits sharpening their focus on the spectre of inflation and tax hikes looming over their living standards. Empty [...]
BoE warns inflation will top previous forecast but takes no action September 23, 2021 The Bank of England warned today soaring energy and raw materials prices will push inflation above its previous forecasts, but did nothing to rein in price rises. Officials on Threadneedle Street upped their inflation forecasts for the year to above four per cent, over double its target. Despite the higher than expected inflation clip, the [...]
Drill, baby, drill: Arctic set for £230bn oil and gas bonanza with JPMorgan, Barclays and Citi piling in September 23, 2021 Oil and gas companies are set to ramp up production in the Arctic by 20 per cent in the next five years, according to a new report shared with City A.M. this morning. The main Arctic expansionists – Gazprom, Total and ConocoPhillips – are backed by hundreds of billions of pounds from dozens of City [...]
Spectre of ‘stagflation’ looms over UK economy September 23, 2021 The UK economy is in real danger of undergoing a period of “stagflation” as prices soar and growth slows to a snail’s pace, according to a closely watched survey released today. The latest IHS Markit / CIPS UK composite output index dropped to 54.1 in September, down from August’s reading of 54.8. Chris Williamson, chief [...]
Markets today: Fed tilts towards a taper, Bank of England up next September 23, 2021 European markets underwent another strong session yesterday, as concerns about Evergrande diminished further, while markets in the US shook off their early week malaise by finishing close to the highs of the day in the wake of last night’s Fed meeting, which despite what looked like a fairly neutral statement, saw the central bank outline [...]
Thatcherite think tank urges UK to shake off EU regulatory regime September 23, 2021 An influential Thatcherite think tank has called for Britain to shake up its regulatory regime to ensure legacy EU rules do not crowd out innovation after Brexit. The Institute for Economic Affairs (IEA) has urged the government to introduce a “British innovation principle” to avoid choking the UK economy’s competitiveness. The IEA warned the UK’s [...]