Brexit has contributed to UK inflation crisis, BoE’s Pill claims November 30, 2022 Brexit is partly to blame for UK inflation surging to a 41 year high and engineering a recession, the Bank of England’s top economist claimed today. Speaking at an event hosted by the Institute of Chartered Accountants, Huw Pill said worker shortages in Britain had been “met by the inflow” of EU migrants while the [...]
Eurozone inflation drops for first time since mid 2021 and may have ‘passed its peak’ November 30, 2022 Inflation in Europe fell for the first time since mid 2021 and may have passed its peak, fresh figures out today reveal. Prices across the 19 countries using the euro climbed 10 per cent over the year to November, down from a rate of 10.6 per cent in October, according to Eurostat. The drop was [...]
Brits sit pat on Covid-19 savings mountain in sign of tougher recession November 29, 2022 Brits are sitting pat on the mountain savings they built up over the course of the Covid-19 crisis during lockdowns, official figures out today reveal. Households set aside £6.4bn in savings last month, £1.6bn higher than the average monthly deposit flow before the pandemic, according to the Bank of England. The figures illustrate consumers are [...]
Bank of England could cut rates to offset deep recession, deputy governor hints November 24, 2022 The Bank of England may have to cut interest rates if the UK economy slumps into a long, tough recession, a senior official at the monetary authority predicted today. Sir Dave Ramsden, a deputy governor at the Bank, told the Bank of England Watchers’ conference today that if households and businesses are under greater financial [...]
UK slumps to bottom of G7 economy league next year, OECD predicts November 22, 2022 The UK economy will languish behind its rich counterparts next year amid a tough inflation surge driven by worker shortages and an “untargeted” energy support package, a new report reveals. Britain’s economy will shrink 0.4 per cent next year, the worst performance of any country in the G7, according to the Organisation for Economic Co-operation [...]
OBR: UK is already in recession and taxes on course for post World War II high November 17, 2022 The UK is already in a recession that will burn a huge hole in the public finances, forcing the government to hike taxes to their highest level since just after the Second World War in the 1940s, the country’s fiscal watchdog warned today in forecasts published alongside Jeremy Hunt’s autumn statement. The Office for Budget [...]
UK inflation scales to 41-year high, but analysts bet it has peaked at 11.1 per cent November 16, 2022 UK inflation has surged above the City and Bank of England’s expectations to reach a new 41 year high, but experts said it may now have peaked, official figures revealed today. Prices rose 11.1 per cent over the last year, pushing the rate a whole percentage point higher from September, according to the Office for [...]
Workers’ real pay erodes at historic pace despite huge wage rises November 15, 2022 Workers’ pay is still being eroded at a historic pace by rampant inflation despite employers hiking wages by one of the greatest amounts since records began, official figures revealed today. When taking off the Office for National Statistics’ (ONS) preferred measure of inflation, pay excluding bonuses dropped 2.7 per cent over the last three months, [...]
Inflation has peaked, but prices will stay higher for longer, analyst bets November 14, 2022 Inflation has peaked in the UK, but will take a long time to fall, a top investment bank has bet. New data out from the Office for National Statistics on Wednesday will show prices rose 10.9 per cent over the last year, according to Deutsche Bank. While above September’s 10.1 per cent reading and a [...]
Markets cheer US inflation slowdown as Nasdaq flies over five per cent November 10, 2022 Global markets have cheered signs that US inflation is falling much faster than experts expected, dialling down pressure on the Federal Reserve to keep hiking interest rates aggressively. Wall Street’s tech-heavy Nasdaq index flew more than five per cent, while the S&P 500 and Dow Jones shot up more than four per cent and nearly [...]