Traders foresee small Fed interest rate cut July 21, 2019 The US Federal Reserve is set to lower interest rates for the first time in nearly a decade when it meets at the end of this month, although there is confusion about the size of the cut. Read more: ‘Faulty thought process’: Trump lashes out at the Fed Market participants now think it is certain [...]
‘Faulty thought process’: Trump lashes out at Fed – again July 19, 2019 US President Donald Trump renewed his attack on the Federal Reserve today, saying it is due to a “faulty thought process” that it has higher interest rates than other major central banks. Read more: Donald Trump takes credit for China slowdown Trump has long been a vocal opponent of Fed policy which he thinks is [...]
Gold hits six-year high as jittery investors run for safety July 19, 2019 Gold hit a six-year high today as impending central bank rate cuts and fears about the world economy sends investors running towards “safe-haven” assets. Read more: Stocks rally as hopes grow of Fed interest rate cut Bullion rose above $1,450 (£1,160) per ounce today, its highest price since mid-2013. Gold has climbed over six per [...]
Sterling suffers as public sector debt more than doubles to £7.2bn July 19, 2019 Sterling sank this morning as official data revealed public sector borrowing more than doubled to £7.2bn last month, blasting past economists’ forecasts to record the highest June total since 2015. The net borrowing figure is more than double the £3.3bn recorded this time last year, the Office for National Statistics (ONS) warned, and smashed a [...]
Public sector set for £2bn pay rise in one of Theresa May’s final acts as Prime Minister July 19, 2019 The Treasury is set to unveil the biggest public sector pay rise in six years on Monday. Around two million people working in the public sector are set for a combined £2bn pay rise, according to a report in The Times. Read more: May slams uncompromising populists in final major speech as Prime Minister It [...]
Oil prices lift as US Navy strikes down Iran drone in latest Gulf incident July 19, 2019 Oil prices spiked almost two per cent today as Middle East tensions ratcheted up after the US Navy struck an Iranian drone with a missile in the Strait of Hormuz. Brent crude oil rose 1.5 per cent to $62.88 while West Texas Intermediate (WTI) crude climbed one per cent to $56 after the attack. Read [...]
There’s no ‘war chest’ for extra spending, watchdog warns PM hopefuls July 18, 2019 Boris Johnson and Jeremy Hunt have been warned there is no “war-chest or pot of money” that would make big spending increases “a free lunch” by the UK’s budget watchdog. Read more: No-deal Brexit could cause ‘full blown’ recession in 2020 The Office for Budget Responsibility (OBR) said today that the next prime minister must [...]
No-deal Brexit could cause ‘full-blown’ recession in 2020 July 18, 2019 A no-deal Brexit could plunge Britain into a year-long recession and shrink the economy by two per cent next year, the UK’s public finances watchdog has warned. Britain may already be on the verge of a “full-blown” recession but crashing out of the European Union without a deal would damage growth further, the Office for [...]
MPs demand fresh Brexit analysis from Bank of England and Treasury July 18, 2019 The chair of an influential committee of MPs has called on the Bank of England and the Treasury to provide fresh analysis into the financial impact of different Brexit scenarios. Nicky Morgan, who heads up the Treasury Select Committee in Parliament, has asked Bank of England governor Mark Carney and Treasury permanent secretary Sir Tom [...]
‘Ray of hope’: Rising wages keep shoppers spending in June July 18, 2019 UK retail sales grew by one per cent in June compared to a month earlier, official figures have shown, reversing a fall in purchases in May. Read more: Real wages rise as UK inflation stays at two per cent However, in the three months to June British shoppers bought 0.7 per cent more goods, the [...]