UK recovery blinks in the face of supply chain breakdowns leaving economy stumbling behind G7 rivals November 11, 2021 The UK economic recovery is blinking in the face of severe supply chain breakdowns and soaring inflation, leaving Britain stumbling behind its G7 rivals. Over the three months to September, the British economy grew 1.3 per cent, much lower than experts’ expectations, according to the Office for National Statistics (ONS). Worryingly, the ONS revised down [...]
Global inflation tiger proves hard to catch as US prices rise at fastest rate in 30 years November 10, 2021 The global inflation tiger has been let out of the cage and is proving difficult to catch, scuppering bets from central bank wonks on price rises being temporary. Soaring energy prices, compounded by supply chains buckling under the weight of a resurgence in global demand as economies emerge from the pandemic has driven up prices [...]
Brussels gives City firms extension on clearing deadline November 10, 2021 Brussels has yielded to demands from City firms to allow them to continue to provide a crucial service that keeps financial markets well oiled. The European Union has given British financial institutions more time to provide crucial clearing services to clients in the bloc. The extension was granted due to a lack of capacity within [...]
Treasury Committee chief leads the crusade against fraudsters and financial crime November 10, 2021 Conservative MP Mel Stride has been a busy man recently. As chair of the Treasury Committee, a group of MPs that probe the government on their spending plans, he has been preoccupied with finding out whether Chancellor Rishi Sunak’s decision to swell the tax burden to its highest level in decades is a good idea. [...]
Mel Stride MP: It’s hard to see an ‘easy glide path’ to tax cuts November 10, 2021 The chief of an influential parliamentary committee that scrutinises the government’s spending plans has expressed his distaste at the tax burden swelling to its highest level since the 1950s. Speaking to City A.M., Tory MP Mel Stride, who chairs the Treasury Committee, expressed concerns over Chancellor Rishi Sunak’s decision to finance a ramping up of [...]
China factory prices climb at fastest pace in over 25 years November 10, 2021 Factory gate prices in China are soaring at the fastest pace in over two and a half decades. The world’s second largest economy posted a 13.5 per cent annual jump in prices for raw materials last month, strengthening the prospect that China could export fiery inflation across the world. October’s reading was the highest since [...]
This is not just results: London markets boosted by M&S profit hike November 10, 2021 UK retail institution Marks and Spencer boosted London markets during the opening session today as investors poured into the stock after it hiked its profit outlook. The capital’s mid-cap FTSE 250 index, which M&S is listed on, advanced 0.34 per cent to 23,445.61 points. The premier FTSE 100 index was up 0.33 per cent to [...]
Labour squeeze to fuel inflation and clamp down on economy November 9, 2021 The ongoing labour squeeze plaguing the UK economy will trigger a surge in prices. That’s the warning from one of the Bank of England’s rate setters, who warned today that stronger inflation is the inevitable outcome of severe supply and demand imbalances. Responding to a grilling by MPs, Ben Broadbent, a deputy governor at the [...]
City watchdogs ordered to go for growth by government November 9, 2021 The government will task financial regulators with boosting the City’s competitiveness as part of a push to secure the UK’s status as a leading financial hub. In a sweeping set of reforms launched yesterday designed to overhaul the regulatory regime shaping the City, the government said regulators would be given a further objective to “facilitate [...]
Barclays rings the c-suite changes after Staley exit November 9, 2021 British bank Barclays is ringing the changes in the c-suite after former chief Jes Staley decided to leave the lender to fight the findings of a probe into his characterisation of his relationship with convicted sex offender Jeffrey Epstein. The lender has appointed Paul Compton as its new head of investment banking, it announced today, [...]