Inflation has peaked, but prices will stay higher for longer, analyst bets November 14, 2022 Inflation has peaked in the UK, but will take a long time to fall, a top investment bank has bet. New data out from the Office for National Statistics on Wednesday will show prices rose 10.9 per cent over the last year, according to Deutsche Bank. While above September’s 10.1 per cent reading and a [...]
UK economy misses out on 24 per cent growth after financial and Covid-19 crises November 10, 2022 The UK economy would be 24 per cent bigger had the global financial and Covid-19 crises not happened, a Wall Street bank has said. “A series of unfortunate events and policy choices have cut UK potential growth” over the last decade or so, Bank of America said in a note to clients. Since the financial [...]
Markets cheer US inflation slowdown as Nasdaq flies over five per cent November 10, 2022 Global markets have cheered signs that US inflation is falling much faster than experts expected, dialling down pressure on the Federal Reserve to keep hiking interest rates aggressively. Wall Street’s tech-heavy Nasdaq index flew more than five per cent, while the S&P 500 and Dow Jones shot up more than four per cent and nearly [...]
Economic gloom finally sweeps through UK jobs market November 10, 2022 UK job growth has slimmed for the first time since the 2021 Covid-19 winter lockdown, driven by employers bracing for the longest recession on record, a new survey out today unveils. For the first time since February 2021, when the country was in the late stages of the third and longest pandemic lockdown, businesses trimmed [...]
UK at greater risk of mortgage default wave than international counterparts November 9, 2022 The UK is at greater risk of being jolted by an uptick in mortgage defaults during the global economic slowdown, a top Wall Street bank has warned. Goldman Sachs reckons the country will undergo a bigger unemployment surge compared to other English speaking countries, dealing a heavy blow to households’ capacity to pay off home [...]
UK economy to emerge from recession 10 per cent smaller than pre-Covid path November 8, 2022 The UK economy will be 10 per cent smaller compared to its pre-Covid growth path after the Bank of England’s forecasted two year recession, a top Wall Street bank has warned. JP Morgan said in a note to clients Britain is on course to miss out on a large chunk of much needed economic growth [...]
Bank of England not to blame for looming record recession, chief economist stresses November 8, 2022 The Bank of England is not to blame for the UK fumbling into the longest recession since records began and rate setters are not “inflation nutters,” its chief economist said today. Huw Pill, who replaced Andy Haldane last year as Threadneedle Street’s top wonk, said the UK’s slowdown is being “driven by other forces” beyond [...]
Scorching inflation raises fears of Christmas spending slump November 8, 2022 Scorching inflation hobbling Brits’ finances has triggered a spending squeeze that could bleed into Christmas, research out today reveals. Surveys out from Barclaycard and the British Retail Consortium (BRC) show retail sales volumes likely fell in October. While the organisations measured a jump in consumer spending of 3.5 per cent and 1.6 per cent respectively, [...]
British households have been worst affected by economic downturn within OECD November 7, 2022 British households have been worst affected by the global economic downturn amongst richer nations according to new figures released today. The United Kingdom GDP’s since the fourth quarter of 2019 dropped to -1.2, the lowest out of the seven nations, while its real income fell by -3.5, also the lowest. The figures were published by [...]
Bank of England record recession warning reinforced by fresh research November 7, 2022 A new survey out today reinforces the Bank of England’s warning last week that the UK is headed for the longest recession on record. The economy last month was functioning at the same level as during the teeth of the 2021 winter Covid-19 lockdown, according to consultancy BDO. The firm’s output index, which measures the [...]