UK more likely than US and Europe to tip into recession, Goldman Sachs warns June 30, 2022 The UK is more likely to tip into recession than the US and Europe due to the country suffering from a more “acute” cost of living crisis, a top Wall Street investment bank has warned. Rampant inflation in Britain, running at a four decade high of 9.1 per cent and the highest in the G7, [...]
Bailey: Steeper rate hike at Bank of England’s next meeting is ‘on the table’ June 29, 2022 A larger rate hike is “on the table” at the Bank of England’s next meeting on 4 August, its chief said today. Speaking on a panel at the European Central Bank’s (ECB) forum on central banking in Sintra, Portugal, Bank governor Andrew Bailey did not rule out a steeper rate rise, saying “there will be [...]
Global consumer confidence plunges to new lows on inflation spike June 28, 2022 Consumers in rich countries have never been more glum as inflation takes its toll on household balance sheets. Confidence in Germany, Europe’s economic powerhouse, dropped to minus 27.4 this month, the lowest level since record began, GfK said today. The figures come as another survey published by GfK last Friday revealed UK consumer confidence has [...]
Sunak: UK has ‘tools at our disposal’ to tackle 40-year high inflation June 28, 2022 The UK has “the tools at our disposal” to tackle the worst inflation spike in four decades, the chancellor urged today. Responding to a grilling by MPs in the house of commons, chancellor Rishi Sunak said Britain is “not immune” to the inflationary “shocks” that are sweeping through the world’s richest economies. Prices have climbed [...]
UK to tip into ‘mild recession’ as cost of living crunch cools spending June 27, 2022 Brits responding to the cost of living crisis by reining in spending may tip the UK into a “mild recession” next year, reveals fresh forecasts released today. The Bank of England embarking on a rapid interest rate hike cycle may also send the economy into reverse, according to a new report by consultants KPMG. Yael [...]
World is staring down the barrel of new high inflation era, BIS warns June 26, 2022 The world risks being flung into a new era of persistently high inflation that will tip the global economy into a drawn out recession, one of the world’s top economic institutions has warned. Rampant price rises triggered by a series of economic shocks that have no “historical parallels” could become the norm, the Bank for [...]
Cocktail of problems plunge UK consumer confidence to record low June 24, 2022 A relentless cost of living crunch, the prospect of a recession and stagnant wage growth has driven British pessimism to new highs, reveals a closely watched survey published today. UK consumer confidence dropped to minus 41 points this month, down marginally from minus 40 in May, the lowest reading recorded by research firm GfK since [...]
Britons lose £5k a year during lost decade of productivity growth June 23, 2022 Workers have lost an average of £5,000 every year over the last decade due to the UK’s meagre productivity growth, reveals a new report published today. Britain’s productivity growth has lagged the rest of the G7 “throughout much of the post-war period, which seems to indicate a deep structural problem,” according to the National Institute [...]
Rampant inflation swells UK debt interest bill and pushes up government borrowing June 23, 2022 Inflation is swelling the UK’s interest bill and forcing the government to borrow more money to pay investors, official figures released today revealed. The amount of money the government paid to holders of UK debt jumped just over 70 per cent over the last year, reaching £7.6bn in May, up from £4.5bn last year, according [...]
UK economy spiralling toward ‘troubling’ recession and even higher inflation June 23, 2022 The UK economy is hurtling towards a “troubling” slump that will see it tip into recession and suffer from rampant inflation, reveals a closely watched survey published today. Consumers are responding to the worst cost of living crunch in a generation by cooling spending, while businesses are grappling with flatlining demand, according to S&P Global’s [...]