City braces for BoE rate hike and mini-budget September 19, 2022 The City is bracing for a bumper week of economic data and policy announcements in a trading week shortened by the UK bank holiday for The Queen’s funeral. London’s premier FTSE 100 index posted mixed performance last week, initially jumping higher before closing 1.56 per cent lower at 7,236.68 points. Its mid-cap domestically-focused counterpart, the [...]
UK jobs market on course to lose steam amid economic slump September 16, 2022 The UK jobs market is on course to finally lose some steam, driven by firms cutting staff in response to swelling costs and weaker consumer spending, a new survey published last night revealed. A historic inflation surge is likely to throw the UK into recession as soon as this quarter, forcing firms to cut costs. [...]
UK consumer confidence falls into negative territory for first time since 2020 September 15, 2022 Confidence among UK consumers has fallen into negative territory for the first time since June 2020, according to a survey. The Consumer Confidence Index from YouGov and the Centre for Economics and Business Research (Cebr) fell by 4.2 points in August from 103.0 to 98.8, the largest decline since the early stages of the pandemic. [...]
London’s FTSE 100 dips after weaker than expected UK inflation September 14, 2022 London’s FTSE 100 dripped lower today after fresh figures revealed UK inflation is cooling. The capital’s premier index tumbled 1.47 per cent to 7,277.30 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slid 1.66 per cent to below the 19,000 point mark. Traders were [...]
Inflation drops for first time in nearly a year, but BoE still on rate hike path September 14, 2022 Inflation in the UK dropped for the first time in nearly a year, but will do little to stop the Bank of England from continuing to hike interest rates, City economists said today. Prices climbed 9.9 per cent over the year to August, down from a 40-year high rate of 10.1 in July, according to [...]
UK joblessness falls to 1970s low, but pay continues to plummet September 13, 2022 UK joblessness has slid to its lowest level since 1974, but scorching inflation is still wiping out Brits’ pay, official figures published today reveal. The proportion of people out of work dropped to 3.6 per cent in the three months to July, according to the Office for National Statistics (ONS). Despite the historic low unemployment [...]
UK economy already in throes of drawn out recession, City warns after GDP disappoints September 12, 2022 The UK economy is already in recession and Liz Truss’s energy support package is unlikely to lift it out of its slump anytime soon, City economists warned today. Weaker than expected growth figures from the Office for National Statistics (ONS) today prompted experts to sound the recession alarm. Gross domestic product (GDP) climbed 0.2 per [...]
London’s economy powers through August in ‘growth mode’ as UK stalls September 12, 2022 London’s economy powered through August in “growth mode” despite the UK stalling, a new survey published today reveals. High street bank NatWest’s London purchasing managers’ index (PMI) remained in positive territory in August at 54.9. However, the PMI dropped sharply from 58 in July and was the weakest reading in nearly a year and a [...]
Bank of England to send rates to four per cent after Truss energy package September 11, 2022 The Bank of England could be forced to hike interest rates to their highest level since October 2008 to offset Liz Truss’s around £150bn energy support stoking inflation, City economists have warned. Sanjay Raja, senior economist at Deutsche Bank, said borrowing costs may be hoisted to restrictive territory to tame price pressures, possibly reaching a [...]
City eyes economic data dump for clues on BoE rate hike path September 11, 2022 City traders will be looking for clues shedding light on how far the Bank of England will need to hike interest rates in this week’s economic data dump. The capital’s premier FTSE 100 index posted a decent performance last week, adding nearly one per cent to close at 7,351.07 points. Its mid-cap domestically-focused counterpart, the [...]