Euro economy pulls ahead of UK reinforcing IMF dire recession warning January 31, 2023 The UK is trailing its European economic peers, fresh figures out today reveal, reinforcing the International Monetary Fund’s (IMF) warning that it will be the only rich country to contract this year. The eurozone economy – made up of the 19 countries that use the common currency – unexpectedly grew 0.1 per cent in the [...]
When will the Bank of England, Federal Reserve and ECB start cutting interest rates? Sooner than you think January 31, 2023 Central banks around the world this year are going to take their lead from an unlikely source: the Bank of Canada. While being the central bank of a G7 country, it’s not exactly the biggest of players in the global monetary policy and financial network. Tiff Macklem, the BoC’s chief, has led one of the [...]
UK only G7 economy to shrink this year as IMF deals blow to Jeremy Hunt recession declinism criticism January 31, 2023 Britain will emerge as the “sick man” of the world’s richest countries this year, snatching the unwanted title of being the only G7 economy to contract in 2023, according to forecasts by the International Monetary Fund (IMF). The world’s economic watchdog has slashed its expectations for UK GDP again, now pencilling in a 0.6 per [...]
FTSE 100 close: London index kicks off new week softly ahead of expected Bank of England rate hike January 30, 2023 London’s FTSE 100 kicked off a new week in soft style today, with gains held lower by investors sweating over a string of big central banks raising interest rates this week. The capital’s premier index jumped 0.25 per cent to 7,784.88 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the [...]
London businesses increasingly confident they can power UK economy out of recession January 30, 2023 London businesses are increasingly confident they can power the UK out of any recession it gets itself into, a closely watched survey published today reveals. Optimism among the capital’s firms rose at the fastest pace out of any region in the UK this month, jumping 29 points to 37 per cent, according to research by [...]
London £4 trillion stock market sees profit warnings hit financial crisis levels January 30, 2023 Profit warnings issued by companies on London’s £4 trillion stock market surged over the last year, propelled by swelling costs squeezing margins, a new report out today reveals. Against a backdrop of skyrocketing energy prices and slowing demand amid cost of living crisis, businesses have had to tell shareholders to brace for profits to come [...]
US economy races ahead of UK despite Federal Reserve crushing Americans with rate hikes January 26, 2023 The US economy is growing much faster than expected despite the Federal Reserve piling pressure on Americans with aggressive interest rate hikes to tame inflation, official figures out today show. Stateside gross domestic product (GDP) climbed 2.9 per cent over the three months to December, better than the 2.6 per cent growth pencilled in by [...]
Bank of England expected to raise interest rates by 50 points to post financial crisis high of four per cent January 26, 2023 The Bank of England is set to hike interest rates 50 basis points to four per cent next week, jacking them up to the highest level since the financial crisis, markets expect. City traders reckon its governor Andrew Bailey will lift borrowing costs for the tenth time in a row, something the UK central bank [...]
Recession risks ramp up as UK economy goes ‘from bad to worse’ January 26, 2023 The risk of a recession striking the UK is gathering pace experts warned today as still extremely high inflation and collapsing confidence has resulted in the economy going from “bad to worse”. Swelling costs squeezing margins are forcing businesses to cut back production, while higher prices are eroding consumers’ incomes, knocking spending. Those two factors [...]
UK’s wealth gap: Cost of living crisis boosts income of richest Brits by £1k but leaves poorest £600 a year worse off January 25, 2023 The disparity between Britain’s richest and Britain’s poorest earners has grown as a result of the cost of living crisis and a freezing in the income tax threshold, figures have revealed. The richest Brits have managed to increase their household disposable income by just over £1,000 in the last year, while the poorest are on [...]