Trade bodies warn Bank of England economic data ignores small business fears August 22, 2023 The proportion of businesses that will struggle to pay back debts due to rising interest rates could increase to the highest level since the financial crisis, the Bank of England has warned. In a blog post published today, the central bank said the proportion of firms that are seeing debt-servicing distress is projected to increase [...]
Former Bank governor Carney called in to head Bloomberg board August 22, 2023 Bloomberg has called in former Bank of England governor Mark Carney to chair a new board of directors in a slew of senior promotions.
Markets look for clues on future direction of interest rates as central bankers meet for Jackson Hole Symposium August 21, 2023 Central bankers from around the world will descend on Wyoming for the annual central banking jamboree later this week, with markets looking closely for any signals about the future direction of interest rates. Last year the discussion focused on the near certain recession that commentators thought would develop in the face of rapidly rising interest [...]
Just eight per cent of voters credit Sunak with falling inflation, poll finds August 21, 2023 Just eight per cent of voters believe the government can be given credit for the recent fall in inflation, polling by YouGov has revealed. Inflation dropped to 6.8 per cent last month, which Prime Minister Rishi Sunak claimed showed his plan was working. Sunak made five key pledges to the public in January, including vowing [...]
Rishi Sunak says we’ll feel better off next year – but is the PM right? August 18, 2023 Rishi Sunak has pledged Brits will all feel better off next year, as he said he “passionately believes” he can bring down inflation and ease the cost of living crisis. Speaking to the Times, the prime minister vowed to be disciplined on public spending and tax rates in a bid to revive the UK’s economic [...]
UK unemployment ticks up but wage growth hits two-decade-high August 15, 2023 The rate of UK unemployment rose to 4.2 per cent in the three months to June from 3.9 per cent in the previous three months, the Office for National Statistics said. However, this was tempered by annual growth in pay – excluding bonuses – up to 7.8 per cent in June. This is the highest [...]
Unemployment to remain unchanged at four per cent as jobs market cooling continues August 14, 2023 Experts are expecting the slow cooling of the jobs market to continue when the Office for National Statistics (ONS) releases new data on Tuesday morning. The unemployment rate in the three months to the end of June is expected to remain unchanged at 4.0%, according to a consensus supplied by Pantheon Macroeconomics. But within this [...]
Reeves: Latest interest rate hike is a ‘hammer blow’ which did not need to happen August 4, 2023 Shadow chancellor Rachel Reeves has labelled the latest rise in interest rates as a “hammer blow for working people” which did not need to happen. The Bank of England raised the base rate for the 14th time in a row on Thursday, taking it to 5.25% in a bid to bring inflation under control. The [...]
Bank of England finally administers bitter medicine to treat inflation August 4, 2023 The City has been ahead of the Bank of England’s thinking for some time. Economists have for months known interest rates are set to stay higher for longer. Most expect them to peak at 5.75 per cent and stay there for, probably, at least a year. Governor Andrew Bailey and co have woken up to [...]
Bank of England lifts interest rates to fresh 15 year high in smaller than feared 14th straight hike August 3, 2023 The Bank of England today hiked the UK’s official interest rate for the 14th time in a row but by a lower degree than some had feared. Members of the nine-strong monetary policy committee (MPC) voted 6-3 in favour of a 25 basis point rise, smaller than the 50 basis point lift some in the [...]