Bank of England must keep raising rates to finally kill off inflation, City experts say July 20, 2023 The Bank of England should not yet let up on raising interest rates to ensure inflation has finally been defeated. That’s the verdict of City economists despite the Office for National Statistics today revealing the cost of living fell faster than expected to 7.9 per cent in June, down from 8.7 per cent in May. [...]
Inflation tumbles faster than expected to its lowest level in over a year at 7.9 per cent July 19, 2023 Inflation has slimmed to its lowest level in over a year and is falling faster than expected, raising the chances of the Bank of England hiking interest rates at a slower pace next month, official figures out today reveal. The rate of price growth fell to 7.9 per cent in June, down from 8.7 per [...]
Pound slumps as City cuts Bank of England interest rate bets after shock inflation fall July 19, 2023 Pound sterling today has tumbled sharply in response to markets reining in their expectations for further interest rate hikes from the Bank of England. Britain’s currency shed nearly one per cent against the US dollar, its largest fall in months, to buy $1.29. It was down a similar amount against the euro at €1.15. The [...]
Why lower inflation should cause the Bank of England to tread carefully July 19, 2023 And breathe. The City and Bank of England have waited a long, long time for the Office for National Statistics to provide some good inflation news. Headline consumer price index inflation down to 7.9 per cent. Core inflation below seven per cent. Services inflation lower at 7.2 per cent. It is the first time that [...]
Pay growth stays at three decade high but inflation still stripping away wages July 19, 2023 Pay growth is running at its fastest pace in over three decades and has remained unchanged for the second quarter in a row, in a sign the Bank of England may have to back a bigger interest rate hike again next month. New figures out today from XpertHR reveal wages leapt six per cent in [...]
UK profit warnings hit highest yearly level since 2008, outside of pandemic July 19, 2023 The proportion of UK-listed companies that issued profit warnings in the past year was higher than any year since 2008, outside of the pandemic, according to new analysis. It comes as higher borrowing costs and a tougher sales environment have weighed heavily on businesses. Companies listed on the London Stock Exchange issued 66 profit warnings [...]
In defence of landlords, by the Bank of England July 18, 2023 Few people in Britain draw as much scorn than landlords. It’s easy to understand why. Young people shackled to renting see landlords as a barrier to their homeownership dreams. Particularly in London, renters hate handing over a huge share of their monthly wage to property investors. Doing so stops them from using their cash [...]
New data: Cost-cutting and restructuring helps keep restaurant industry alive July 17, 2023 Bank of England interest rate rises could threaten the UK restaurant sector’s return to profitability, according to national accountancy group, UHY Hacker Young. The group say the percentage of UK restaurant companies turning a profit has more than doubled from 35 per cent to 78 per cent in the past year, but recent rate increases could [...]
Bank of England interest rate hikes trigger record £2.1 trillion UK wealth collapse, report claims July 17, 2023 The Bank of England has engineered the largest contraction in UK household wealth on record by jacking up interest rates in response to scorching inflation, a new report out today has claimed. Asset values have collapsed by £2.1 trillion since early 2021, mainly driven by a sharp fall in bond prices in response to UK [...]
UK inflation to fall to lowest level since March 2022 but Bank of England still tipped to hike interest rates July 17, 2023 UK inflation is on course to drop to its lowest level in over a year, but lingering underlying price pressures will heap expectation on the Bank of England to keep on hiking interest rates, new figures out this week are tipped to show. The rate of price growth in Britain is expected to have dropped [...]