The Global Ecosystem of Insurance August 1, 2023 | Sponsored “Insurance is a three hundred, four hundred, year old industry,” Richard Wheeler, Aon’s co-leader of Global Re Specialty reflects. “But the opportunities ahead still significantly outweigh the journey that the market has been on. Because everything requires insurance.” Wheeler would know. In his role he ranges across global challenges, in the world’s richest and poorest [...]
FTSE 100 close: HSBC leaps and BP gives up gains in mixed day for London index August 1, 2023 London’s FTSE 100 kicked lower today after a clutch of mixed results puzzled investors. The capital’s premier index fell 0.43 per cent lower to 7,666.26 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slipped 0.41 per cent to 19,065.66 points. A set of results [...]
Are central banks to blame for the inflation crisis? August 1, 2023 As we enter what looks like the final leg of central banks’ interest rate rising journeys, it’s as good a time as ever to trace why they have been jolted into action after over a decade of ultra loose policy and whether their response to the inflation crisis has been effective. Coming out of the [...]
Tighter interest rates and inflation clobber UK business confidence August 1, 2023 Higher interest rates and elevated prices have thrown a wet blanket over UK business optimism, according to surveys out today. Confidence as measured by the lobby group the Institute of Directors (IoD) was largely unchanged last month at minus 30 points, up marginally from June’s minus 31 point reading. It solidifies signs that pessimism is [...]
Food inflation slumps to lowest level this year but experts caution against declaring victory yet August 1, 2023 Food inflation has slipped to its lowest level this year and has fallen for the third month in a row, an encouraging signal that suggests the UK is through the worst of the cost of living crisis, a new survey out today shows. The cost of groceries climbed 13.4 per cent over the year to [...]
Bank of England interest rate rises yet to pass fully through economy as borrowing ticks up July 31, 2023 The effects of the Bank of England’s aggressive interest rate rises have yet to fully feed through the UK economy as Brits continue to borrow and look to get on the property ladder, official data out today shows. A clutch of numbers released by the Bank of England today revealed consumers are not yet being [...]
Eurozone economy pulls away from recession as inflation slips again to 5.3 per cent July 31, 2023 The European economy is outperforming expectations and pulling away from recession as inflation continues to descend, official data out today shows. Growth across the 20 countries that use the euro hit 0.3 per cent in the three months to June, according to the bloc’s statistics agency Eurostat. That topped analysts’ expectations of a 0.2 per [...]
British businesses locked in disputes with HMRC over possible unpaid tax July 31, 2023 More than half of British mid-sized firms are locked in disputes with the taxman over potential unpaid tax, a sign of the troubles companies encounter when trying to navigate the UK’s complex web of levies. Some 61 per cent of 500 firms surveyed by consultancy BDO are embroiled in a tax dispute with HMRC. Tax [...]
UK private economy wilts amid high inflation and interest rates, CBI survey shows July 31, 2023 Britain’s private sector economy is being trapped by high inflation and elevated interest rates and companies fear growth will continue to contract, a new survey out today shows. Research by the lobby group the Confederation of British Industry (CBI) has found that activity across the private sector – which generates most output in the UK [...]
Bank of England to hike interest rates for 14th time in a row to 2008 high of 5.25 per cent July 31, 2023 The Bank of England this week is tipped to hike interest rates for the 14th time in a row as it extends its fight against roaring inflation. Members of the nine-strong monetary policy committee (MPC) are expected on Thursday to back a 25 basis point increase to the UK’s official interest rate, which would send [...]