City minister Griffith calls in top Hogan Lovells lawyer to boost floundering capital markets March 9, 2023 Ministers have called in a top City lawyer to oversee a review of the investment landscape today amid fears the UK’s capital markets are losing ground to international competitors. In a speech to traders in the Square Mile, City minister Andrew Griffith said that Rachel Kent, a senior partner at Hogan Lovells, would oversee the [...]
FTSE 100 live: London takes fright as Powell testimony scares off blue chip investors March 9, 2023 London’s main index took another step back on Thursday as a second day of testimony in front of Washington lawmakers by Federal Reserve chair Jerome Powell largely stuck to the hawkish tone of the previous day. The FTSE 100 was last at 7,868.64, down 61.28 points or 0.77 per cent while the FTSE 250 which includes [...]
Making hybrid working work across the City March 9, 2023 Last month, ACCA published our inaugural Global Talent Trends 2023 survey, which shared valuable insights into workplace trends and practices from more than 8,400 professional accountants around the world. We found that out of all the topics covered in the report, hybrid working attracted the most attention. This deep interest in hybrid work models is [...]
Jeremy Hunt readies placeholder budget that will let a lot of people down March 9, 2023 Jeremy Hunt is going to let a lot of people down at his budget next Wednesday. Businesses. Families. Even former Prime Ministers. The Chancellor is poised to resist calls to save a flatlining economy by staying the course set in his November autumn statement of balancing the books. Households want an extension of energy support [...]
UK dodges recession but economy still poised to be below pre-Covid-19 size until end of 2024, BCC forecast March 9, 2023 The UK is poised to avoid a recession this year but suffer a slow burning economic slump that will leave GDP below its pre-pandemic level until the final months of next year, new forecasts out late last night claim. Stronger than expected household spending despite sky high inflation plaguing families’ finances will put the economy [...]
FCA mounts defence after being blamed for Arm’s London snub March 8, 2023 The Financial Conduct Authority has mounted a defence of its role in the botched charm offensive on British chipmaker Arm today after the firm revealed it would shun a London listing in favour of New York last week.
FTSE 100 close: Wall Street sell off tames London index after Powell rate warning March 8, 2023 London’s FTSE 100 was tamed today by a sell off that gathered pace in Wall Street last night after US Federal Reserve chair Jerome Powell signalled outsized interest rate rises could be back on the menu. The capital’s premier index squeezed out a 0.13 per cent gain to close at 7,929.93 points, while the domestically-focused [...]
Bank of England risks tipping UK economy into recession with further interest rate hikes, MPC’s Dhingra warns March 8, 2023 The Bank of England risks tipping the UK economy into recession if it raises interest rates too aggressively and worsening the cost of living crisis, a top official said today. Swati Dhingra, an external member of the Bank of England rate setting monetary policy committee (MPC), warned “overtightening poses a more material risk at this [...]
Business groups question Bank of England Mann’s ‘greedflation’ claim March 8, 2023 Business groups yesterday said many firms had no choice but to raise prices to offset high costs in response to a Bank of England rate setter claiming companies are pursuing so-called ‘greedflation’ by pumping up prices to exploit strong consumer spending. Catherine Mann, an external member of the Bank’s rate setting monetary policy committee (MPC), [...]
London businesses shelve hiring plans amid UK recession uncertainty March 8, 2023 London businesses are the most reluctant to take on new staff in the UK due to uncertainty over whether the country will eventually tip into recession, a closely watched survey out today reveals. The capital’s firms are trimming intentions to expand their workforce due to concerns over a looming drop in consumer spending amid the [...]