City rejects looming interest rate rise: ‘Old Lady should adopt Maradona theory’ October 14, 2021 Markets are increasingly betting that the Bank of England will raise interest rates before Christmas to contain spiralling inflation. The shift came after two of the Old Lady’s most senior officials gave the strongest signal yet that the central bank is ready to choke off inflation. Strengthening predictions over a looming rate hike triggered a [...]
US Fed to launch tapering as soon as next month October 14, 2021 The world’s most influential central bank has provided the strongest signal yet it is preparing to rein in the wave of stimulus it unleashed in response to the Covid-19 crisis. The US Federal Reserve is considering pulling back asset purchases designed to shield the American economy from the worst effects of the pandemic as soon [...]
London markets shake off Fed tightening concerns October 14, 2021 London markets this morning shook off fears that the Bank of England could follow the US Federal Reserve and begin tightening monetary policy next month. The capital’s premier FTSE 100 index climbed 0.69 per cent to 7,191.41 points during the opening session today. More to follow.
Hays to reward investors with £150m special dividend amid bumper growth October 14, 2021 Recruitment firm Hays has reported strong growth in the first quarter with fees up 41 per cent and permanent roles rising sharply. The international recruiter, which employs over 10,000 people across 256 offices in 33 countries, saw record fees in 12 countries with the UK and Ireland delivering fee growth of 44 per cent for [...]
‘Buoyant stock markets’ push funds under management growth at Charles Stanley October 14, 2021 Revenue swells at wealth management group Charles Stanley, as “buoyant stock markets” increase its funds under management. In the three months to 30 September, revenue jumped 15.3 per cent to £46m, up from the £39.9m it pulled in in the second quarter of last year. The wealth manager saw its total funds under management inch [...]
Tax hikes to derail UK economy at the final hurdle October 14, 2021 Imposing punitive tax hikes on businesses will blow the UK economic recovery off course just as it is in touching distance of reaching pre-pandemic strength. That’s the warning to Chancellor Rishi Sunak from economists and industry leaders after data from the Office for National Statistics (ONS) revealed Britain is inches away from full repair. “Our [...]
Top industry brass press Sunak on business rates overhaul October 14, 2021 The UK’s top business groups who represent over 9m workers are pressing Chancellor Rishi Sunak to overhaul the business rates regime. The Confederation of British Industry (CBI), alongside 41 trade associations acting on behalf of 261,000 businesses, have called on Sunak to reduce the burden of business rates on firms at this month’s budget to [...]
Value of Westminster and Chelsea homes equals value of Welsh homes October 14, 2021 The value of UK property has hit £9.2tn, four times the country’s GDP. This sum – which is more than four times the value of all companies listed in the FTSE 100 – has risen £1.6tn over the past five years. More than a third of that growth has been in the past year alone, [...]
City Moves: Who’s switching jobs in the Square Mile today? October 14, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. McDermott Will & Emery Law firm McDermott Will & Emery has poached the new Head of its London Corporate Tax practice from Deloitte. Kevin Cummings makes his return to the legal market after being a Partner at [...]
Buyers face slim pickings as market supply still limited October 14, 2021 Buyers have slim pickings when it comes to the housing market, with a continued lack of supply of homes on the market. There was a more stable trend in buyer demand in September, after a brief pull-back following the frenzy around the stamp duty holiday. Data from the Royal Institution of Chartered Surveyors (RCIS) showed [...]