Brits sit pat on Covid-19 savings mountain in sign of tougher recession November 29, 2022 Brits are sitting pat on the mountain savings they built up over the course of the Covid-19 crisis during lockdowns, official figures out today reveal. Households set aside £6.4bn in savings last month, £1.6bn higher than the average monthly deposit flow before the pandemic, according to the Bank of England. The figures illustrate consumers are [...]
Retail sales fall off cliff in November in sign of Christmas spending slump November 28, 2022 Retail sales have fallen off a cliff, pushed by consumers reining in spending as scorching inflation eats away at their finances, a new survey out today reveals. A net 19 per cent of retailers said spending fell over the year to November, down from a net rise of 18 per cent in October, according to [...]
UK economy much more volatile after series of sharp shocks November 28, 2022 The UK economy has become much more volatile compared to three decades ago, a new survey out today reveals. Since the global financial crisis in 2008, the economy has grown much slower compared to the decade and a half in before the catastrophe, according to consultancy BDO. The firm said in the first 15 years [...]
Optimism abounds in OBR forecasts, but just how feasible are they? November 28, 2022 When former Tory chancellor George Osborne created the Office for Budget Responsibility (OBR) in 2010, he was unlikely to have envisioned it would become the source of financial market turmoil. But, that upheaval was not the budget watchdog’s fault. Instead, it was former prime minister Liz Truss and ex-Number 11 incumbent Kwasi Kwarteng’s disdain toward [...]
Bank of England could cut rates to offset deep recession, deputy governor hints November 24, 2022 The Bank of England may have to cut interest rates if the UK economy slumps into a long, tough recession, a senior official at the monetary authority predicted today. Sir Dave Ramsden, a deputy governor at the Bank, told the Bank of England Watchers’ conference today that if households and businesses are under greater financial [...]
UK economy arrests decline but recession still coming November 23, 2022 The UK economy has arrested a decline, but it still looks likely to tip into a long recession, a closely watched survey out today has unveiled. S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) flash purchasing managers’ index (PMI) for November inched up to 48.3 points from 48.2 in October. It is [...]
UK borrowing surges to £13.5bn on energy price cap support November 22, 2022 UK borrowing surged over the last year due to the government partially covering the cost of household energy bills, official figures out today reveal. The UK’s debt pile swelled £13.5bn last month, up more than £4bn compared to October 2021, according to the Office for National Statistics (ONS). Although high, the figure was far below [...]
UK slumps to bottom of G7 economy league next year, OECD predicts November 22, 2022 The UK economy will languish behind its rich counterparts next year amid a tough inflation surge driven by worker shortages and an “untargeted” energy support package, a new report reveals. Britain’s economy will shrink 0.4 per cent next year, the worst performance of any country in the G7, according to the Organisation for Economic Co-operation [...]
Flip flopping over tax hikes and spending cuts a ‘bruising episode’ for UK November 21, 2022 Flip flopping on UK economic policy has been “a bruising episode” for the country over the past few months, a top City economist said today. The huge swing in tax and spending decisions between former chancellor Kwasi Kwarteng and the current number 11 incumbent Jeremy Hunt has damaged the country’s financial credibility, according to Neil Shearing, [...]
UK ‘can’t afford’ another decade of lost growth, CBI warn November 21, 2022 The UK “can’t afford a repeat” of its severe economic underperformance since the 2008 financial crisis, the chief of the country’s top business group will warn chancellor Jeremy Hunt today. Responding to last week’s autumn statement, Tony Danker, director general of the Confederation of British Industry (CBI), will slam the chancellor for failing to roll [...]