King’s coronation steers UK economy back into red as GDP shrinks 0.1 per cent in May July 13, 2023 Lost work owing to the additional bank holiday to celebrate the King’s coronation has sent UK economic growth into reverse, official figures out today reveal. UK gross domestic product (GDP) contracted 0.1 per cent in May, a much smaller drop than the City expected and down from a 0.2 per cent expansion in April, according [...]
US inflation slumps to lowest level in more than two years and is now well below UK July 12, 2023 Inflation in the US has slumped to its lowest level in more than two years and is now far below the UK’s rate, official figures out today reveal. American inflation fell to three per cent in June on an annual basis, down from four per cent in the previous month, according to the US Labour [...]
UK families set for another year of cost of living crisis and £65bn hit to finances July 12, 2023 UK families are poised to be gripped by the cost of living crisis for nearly another whole year due to the Bank of England keeping interest rates higher for longer in a bid to vanquish inflation, a new report out today claims. Household finances will be corroded by rising living costs and elevated rates until [...]
FTSE 100 close: London index nips higher as Bank of England rate hike bets step up July 11, 2023 London’s FTSE 100 crept higher today as another set of hotter than feared wage numbers pushed pound sterling to its highest level in 15 months. The capital’s premier index nipped 0.12 per cent higher to 7,282.51 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, [...]
Shock record wage growth amplifies risk of 14th straight Bank of England interest rate rise July 11, 2023 Workers’ pay is rising faster than expected and at among the quickest paces on record in a sign that the Bank of England will deliver a 14th straight interest rate rise next month, official figures out this morning reveal. Pay excluding bonuses rose 7.3 per cent over the three months to May on an annual [...]
The FTSE 100 has done us all dirty… again July 11, 2023 The FTSE 100 has done us all dirty yet – again. Over and over it marches us up a hill only to send us back down again. Former Bank of England governor Mark Carney is often referred to as the “unreliable boyfriend” of monetary policy making for his comments signalling he and the MPC would [...]
Bank of England won’t hesitate to hike rates if inflation persists, warns Andrew Bailey July 10, 2023 The Bank of England will have to keep on lifting interest rates if wages keep rising at a near record pace and businesses continue to pass on swelling costs, Governor Andrew Bailey has signalled today. In a speech delivered at the annual Mansion House bankers’ dinner, Bailey said price pressures emanating from the labour market [...]
Wage growth has ‘passed its peak’ as Andrew Bailey prepares to address City on interest rates July 10, 2023 Workers returning to the jobs markets and boosting the volume of candidates available to businesses are poised to put a lid on wage growth, analysts are predicting official numbers this week will show. Pay growth is said to have “passed its peak” after raging for more than a year, fuelled by staff demanding wage increases [...]
London economy steams ahead of every other UK region but interest rate hikes contain growth July 10, 2023 London’s economy is steaming ahead of every other region in the UK, but there are signs higher interest rates and a return of recession jitters is holding the capital back, a new survey out today shows. Economic growth in London in June was far above the UK average and even its closest competitor, the south [...]
Bank of England governor Andrew Bailey slams firms for participating in ‘greedflation’ July 6, 2023 Businesses charging unfair prices for products must be “tackled” to help bring down inflation, the Governor of the Bank of England has claimed. Andrew Bailey, speaking to the BBC’s Newsround programme, said there is evidence that some retailers are “charging too much” for petrol. His comments come after the UK’s competition watchdog, the Competition and [...]