‘Britcoin’: Bank and Treasury explore the need for a digital pound February 6, 2023 The Bank of England and Treasury are exploring launching a digital pound in a move that officials claim would firm up financial stability in Britain. “No decision has been taken at this stage,” the pair’s experts said yesterday, but added that what some are dubbing ‘Britcoin’ is “likely to be needed in the future”. The [...]
Labour bound ahead in polls with largest lead since Sunak entered No10 February 6, 2023 The Labour Party has bounded ahead in the polls with their largest lead over the Conservatives since Rishi Sunak entered No10 – with the PM getting record low approval ratings from the public. Voters have given Keir Starmer’s party a 26% lead, according to the latest voting intention survey, by Redfield & Wilton Strategies. It [...]
Nissan’s Sunderland plant could make Renault and Mitsubishi cars if factory is competitive, top exec says February 6, 2023 Nissan’s Sunderland plant could start producing Renault and Mitsubishi cars under the rebooted alliance between the Japanese and French car makers, but only if the factory is competitive, Nissan’s chief operating officer Ashwani Gupta said today. Gupta told journalists this afternoon that the move could happen depending on the factory’s competitiveness. “If Sunderland is competitive, [...]
UK losing out on £2bn a year by not taxing shipping pollution, green groups say February 6, 2023 The UK government is missing out on £2bn a year by not taxing shipping pollution, environmentalists say, if plans to extend the Emissions Trading Scheme to the sector are applied more broadly. Introduced by the UK government after Brexit, the ETS caps the amount of greenhouse gas emissions energy-intensive sectors – such as aviation and [...]
Bybit crypto exchange posts massive futures trading volume leap February 6, 2023 Crypto exchange Bybit has announced a five-fold growth in futures trading volume from $2.8 billion to $13.8 billion year to date.
Liz Truss admits £45bn mini budget would have been scaled back if Bank of England warned on LDI crunch February 6, 2023 Former prime minister Liz Truss has today admitted her calamitous mini-budget could have scaled back had she known about the existence of LDIs. Truss admitted in an interview with Spectator TV that she “didn’t know the existence” of LDIs – liability driven investment vehicles – which sparked a near fire sale in the pension market [...]
FTSE 100: London falls from record high as retailers JD Sports, Next and Mike Ashley’s Frasers drag index down February 6, 2023 The FTSE 100 started the week lower on Monday, as retailers dragged the index lower. The capital’s premier index dropped 0.82 per cent to 7,836.71 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, closed at 20,409.38, down 0.89 per cent. The fall takes the [...]
Criminal prosecutors secure 15 per cent pay hike as part of emergency funding deal February 6, 2023 Criminal prosecutors in England & Wales will be given a 15 per cent pay hike to lure them back to court after striking an emergency funding deal. Barristers will receive the same fees for carrying out both defence and prosecution work after the Crown Prosecution Service (CPS) secured extra cash via a deal with the [...]
Sadiq Khan warns rebel boroughs against challenging ULEZ expansion February 6, 2023 Sadiq Khan has warned a number of rebel boroughs against challenging the London-wide expansion of the Ultra Low Emission Zone, or ULEZ, saying their case was “wholly without merit and misconceived.” Four Conservative boroughs sent a pre-action letter to Transport for London (TfL) on 13 January, challenging Khan’s decision to expand the ULEZ to Greater [...]
Bank of England aggressive rate hikes send chill through UK construction economy February 6, 2023 The Bank of England’s ten successive interest rate rises have sent a chill through the UK’s construction economy, a closely watched survey out today shows. Potential home buyers are shunning purchases due to mortgage rates flying higher, prompting house builders to rein in spending. S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) [...]
