Bank of England’s Pill warns against ‘wait and see’ interest rates approach Economics The Bank of England’s chief economist has warned that a “wait and see approach” to setting interest rates amid the ongoing Iran war could unleash a fresh wave of inflation that the central bank will find hard to contain if left unchecked. Huw Pill, who has long been one of the most hawkish rate-setters on [...]
Energy price cap rises to three-year high Energy Brits are set for another squeeze from energy bills this winter after watchdog Ofgem confirmed the price cap was set to rise to a three-year high. The regulator said on Wednesday the default tariff for consumers across Britain would increase four per cent to £1,723 for the final quarter of the year. The rise marks [...]
As it happened: Antofagasta leads FTSE 100 rally; oil falls as US-Iran deal ‘close’ FTSE 100 Live Welcome back to the City AM FTSE 100 liveblog. The UK’s blue-chip index slipped on Wednesday morning, dragged down by oil majors BP and Shell, before recovering later in the day to be level with Tuesday’s close. Brent crude – the international benchmark – fell by more than two per cent on Wednesday to $86 [...]
Mortgage approvals inch up yet gains to be ‘retracted’ July 29, 2026 Mortgage approvals rose slightly in June, according to Bank of England data, yet growing fears of a rise in interest rates could set the property market back again. Net mortgage approvals climbed by around three per cent, from 56,565 in May to 58,200 in June. That remained below the six-month average of around 61,400, and [...]
Will Burnham take the pressure off business? Don’t bank on it July 23, 2026 Andy Burnham’s big ambitions come with a big price tag. Our analysis shows a £22bn black hole of unfunded commitments, including the costs of honouring decisions announced in the dying days of Keir Starmer’s government, such as NHS pay rises and the Defence Investment Plan. If you add in the new PM’s other great ideas, [...]
Oil prices return to crisis levels July 22, 2026 Oil prices have returned to levels not seen since the beginning of June, after both the US and Iran warned that hopes of a return to peace negotiations were premature. The spot price of Brent crude broke $95 a barrel on Wednesday morning for the first time since the warring parties agreed a 60-day ceasefire [...]
As it happened: John Healey named Chancellor as Burnham shakes-up cabinet July 20, 2026 Welcome back to the City AM liveblog. Andy Burnham has become the UK’s newest Prime Minister, succeeding Sir Keir Starmer just two years after his landslide win at the 2024 general election. Starmer visited the King this morning to give him his resignation. In his farewell speech outside Number 10, the outgoing Prime Minister said [...]
The City is paying the price for Britain’s energy failure May 18, 2026 High, unstable energy costs don’t stay in the energy sector. They get absorbed into operating margins, debt-service forecasts, insurance assumptions, infrastructure returns, and the discount rate applied to British assets, says Alan Chang The City does not need another price shock to understand Britain’s energy problem. Markets are already pricing the risk. Renewed tensions with [...]
When does fish, chips and mushy peas become an unaffordable luxury? May 12, 2026 When prices rise so high and budgets get so tight, consumers adjust their habits permanently. This is looming in the energy markets as the closure of the Strait of Hormuz will not be resolved any time soon, says Helen Thomas As Ryan, the owner of Harrison’s Fish and Chip shop, said to me on Friday [...]
ECB inflation survey points to sharp surge in prices May 4, 2026 Major increase identified in ECB’s longstanding expert study, but hopes it will be short lived depend on Iran war ending Timely insight into inflation flashed across traders screens on Monday from the European Central Bank, as rising oil prices were back at the top of the agenda with tensions spiking higher in the Gulf. The [...]