Workforce shrinkage risks roiling growth and embedding inflation December 20, 2022 A workforce squeezed by older Brits retiring earlier threatens to intensify inflation in the UK and whack economic growth, a new report out today claims. The some 565,000 people who have left the jobs market since the start of the Covid-19 crisis will drag on a UK economy that is already tumbling into an at [...]
FTX founder Sam Bankman-Fried agrees to US extradition in major U-turn December 20, 2022 The disgraced founder of FTX, Sam Bankman-Fried, has agreed to be extradited to the US from Bahamas where he faces a slew of fraud and conspiracy charges from federal prosecutors.
FTSE 100’s winners and losers in 2022 December 19, 2022 The Christmas lull is setting in. Investors are bracing to turn off their screens and get away from the daily City grind. Trading volumes on the FTSE 100 are thinning. It’s also that time of year when financial journalists pick through the UK’s worst (and best) performing stocks over the past 12 months. Without further [...]
London Stock Exchange group strikes deal to buy Acadia December 19, 2022 The London Stock Exchange Group (LSEG) announced it had snapped up risk management firm Acadia today as it looks to boost the growth of its post-trade offering.
Despite Britain’s Brexit borders, immigration at record 1m a year to become ‘new normal’ in UK December 19, 2022 Britain must prepare for a new era of high immigration caused by UK domestic need and changes in global economics and politics, a new think-tank paper said today. The post-pandemic immigration rate of 1.1m arrivals a year could be the start of a trend towards historically high migration levels in the coming decades, according to [...]
Hunt confirms full fat budget and OBR forecast on 15 March 2023 December 19, 2022 The government will deliver a full fat budget on 15 March next year, chancellor Jeremy Hunt confirmed today. The announcement will be accompanied by an assessment of the impact of the government’s tax and spending plans on the public finances by the Office for Budget Responsibility (OBR). Last month, Hunt delivered what was in effect [...]
Treasury grabs extra £85bn in taxes from Brits after Covid measures end December 19, 2022 The UK government has added an extra £85.1bn in tax revenues over the last year after a raft of Covid-19 support measures were scrapped, new figures out today show. Total revenue flowing into the treasury from Brits’ pockets hit £775.6bn in the year to April 2022, up from £690.5bn in the previous year, according to [...]
UK on course for slow burning recession, KPMG predicts December 19, 2022 The UK economy is on track to enter a long recession sparked by households and businesses being squeezed by sky high price rises, new forecasts out today unveil. Gross domestic product (GDP) will shrink 1.3 per cent next year, according to consultancy KPMG, who have become the latest organisation to warn of a protracted slump [...]
City eyes final economic data before Christmas shut down December 18, 2022 Although investors will be readying to get away over the Christmas break, there are a few economic data sets to get through before the City shuts down. Last week, London’s FTSE 100 index slumped nearly two per cent to close at 7,332.12 points as traders were bombarded by a barrage of global economic news. FTSE [...]
UK consumer confidence rises but forecasts remain bleak  December 16, 2022 Consumer confidence in the UK improved by two points this month, but still remains near all-time low levels.