Truss backs Bank of England review to ensure ‘it is fit for purpose’ August 11, 2022 The biggest overhaul of the Bank of England in 25 years may be needed to ensure “it is fit for purpose,” Tory leadership front-runner Liz Truss’s campaign told City A.M. today. The comments represent an escalation in Truss’s drive to shake up the regime overseeing the Bank’s performance. She has promised to review Threadneedle Street’s [...]
Three in four Brits want hybrid work to cope with cost of living crisis August 10, 2022 Three in four British workers want hybrid work to cope with the cost of living crisis gripping the country. Employees want their employers to offer flexible hybrid working as inflation surges to record levels of 9.4 per cent in the country, a survey by hiring software company Greenhouse found today. As the cost of essentials [...]
Rampant inflation to put public services under ‘visible strain’ unless government ramps up spending August 10, 2022 Rampant inflation is putting the NHS and other public services “under considerable, and visible, strain,” top economic experts have warned today. Government departments and local councils are set to struggle to provide services to taxpayers due to swelling costs eating up their budgets. Higher inflation will erode more than 40 per cent of announced funding [...]
Demand for hybrid work sends IWG plc revenues soaring August 9, 2022 Strong demand for hybrid working sent revenues of IWG (International Workplace Group) plc surging in the first half of 2022. The global workspace provider reported revenues of £1.29bn, a 23 per cent rise from 2021’s first half as demand for flexible, hybrid working rose and inflation around the world climbed. IWG’s revenue grew more than [...]
US inflation shock may force Fed to launch one percentage point rate hike August 9, 2022 A scorching set of new US inflation numbers released tomorrow could force the Federal Reserve to hike interest rates by the steepest amount in recent history, Wall Street analysts are betting. Fed chief Jerome Powell and co have already had to hike the world’s most important interest rate by 225 basis points since March, the [...]
Don’t rule out even more rate rises, Bank of England’s Ramsden warns August 9, 2022 The Bank of England will have to build on the biggest rate rise in nearly 30 years to sweep inflation out of the UK, a senior official at the monetary authority said today. Dave Ramsden, deputy governor at the Bank, told Reuters “it’s more likely than not that we will have to raise Bank Rate [...]
Housing market holds up well despite Bank of England rate hikes August 8, 2022 The UK property market is still running hot despite the Bank of England’s rapid interest rate hike cycle, according to research by City A.M. House purchases dipped around four per cent in June compared to December when the Bank’s first rate rise landed, dropping to 95,420 from 99,560, according to HMRC data. Governor Andrew Bailey [...]
BoE’s Bailey and co are gloomiest central bank forecasters in history, according to Goldman Sachs August 8, 2022 “No central bank has ever published as negative an economic forecast” as the Bank of England did last week, according to a top Wall Street bank. Governor Andrew Bailey and co’s prediction that the UK will tip into the longest recession since the financial crisis at the end of this year is the gloomiest of [...]
UK hotel prices through the roof as demand for rooms soars with daily rates and occupancy skyrocketing August 8, 2022 A surge in demand for hotel rooms across the UK is increasingly pushing up daily rates for rooms. As a result, most hotel businesses see their revenues skyrocketing. Occupancy levels in the UK rose 10 per cent from the first quarter of this year to 80 per cent in the second quarter, BNP Paribas Real [...]
Businesses scramble to hire workers despite looming UK recession August 8, 2022 Businesses are scrambling to fill vacancies at a rapid pace despite the UK staring down the barrel of the longest recession since the financial crisis, revealed new figures published yesterday. A shortage of workers partly driven by people dipping out of the jobs market due to Covid-19 related health issues and Brexit has intensified competition [...]