Jeremy Hunt: UK not ‘in a position’ to know if it can cut taxes before election May 17, 2023 The government is currently not “in a position to know whether we’re going to have any headroom at all” to cut taxes in the run up to the next election, Jeremy Hunt claimed today. Speaking at the British Chambers of Commerce’s (BCC) annual conference, the Chancellor said he and Prime Minister Rishi Sunak “have our [...]
Signs of unemployment jump emerge in UK economy – and it won’t solve worker shortages May 17, 2023 There are some signs that Britain’s red hot jobs market is calming down. That’ll please officials at the Bank of England, who, remember, are trying to make people and businesses (on average) a bit worse off to tame inflation. Wage growth which, in cash terms, has been rising rapidly for around a year, didn’t spring [...]
FTSE 100 close: Vodafone tumbles more than seven per cent after announcing 11,000 job cuts May 16, 2023 London’s FTSE 100 gave up gains today as fresh data yielded tentative signs that the UK workforce is rebalancing and telecoms giant Vodafone tumbled quickly. The capital’s premier index fell 0.34 per cent to 7,751.07 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, was [...]
Record number of Brits return to workforce but inflation continues to wipe out pay growth May 16, 2023 A record number of Brits are returning to the workforce in a sign that labour shortages that have held back economic growth and pushed up inflation are starting to unwind, official figures out today show. A net 251,000 people flowed out of economic inactivity in the three months to March compared to the previous quarter, [...]
UK isn’t alone in this recession merry-go-round – just look at Europe May 16, 2023 It’s worth remembering that Britain isn’t some sort of pariah in the rich world that’s undergoing a tough economic slump, which is threatening to extend the growth slow down since the 2008 financial crisis. Europe’s major economies, led by Germany, its powerhouse, are also in the teeth of a slump. Numbers out last week revealed [...]
More than 6m extra Brits to be caught by higher income tax rate net in just a few years May 16, 2023 More than an additional 6m Brits are poised to be caught in the higher income tax net compared to the early 1990s in what has been characterised as the steepest tax hike in four decades, new research out today reveals. Prime Minister Rishi Sunak’s decision as Boris Johnson’s Chancellor to freeze tax bands for several [...]
FTSE 100 close: HSBC and Lloyds lead gains on London index as Turkish lira slides after inconclusive election May 15, 2023 London’s FTSE 100 kicked off a new week in decent style today, led higher by Britain’s largest banks clocking strong gains. The capital’s premier index advanced 0.30 per cent to 7,777.69 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0.37 per cent to [...]
‘Greedflation’ not to blame for UK price surge, former rate setter claims May 15, 2023 “Greedflation” is not to blame for prices surging in the UK and instead businesses are pushing up prices in response to soaring costs, a former Bank of England rate-setter claimed today. Michael Saunders, an ex-member of the monetary policy committee – the nine strong group that sets interest rates in Britain – and now senior [...]
UK on track to dodge recession as economy grows 0.1 per cent in first quarter May 12, 2023 Britain is on course to officially dodge a technical recession in the first half of this year, demonstrating the big turnaround in the country’s economic fortunes in just a handful of months, figures out today show. Gross domestic product (GDP) – which measures all goods and services made in an economy – edged 0.1 per [...]
Bank of England hikes interest rates for twelfth time in a row and warns of ‘significant’ inflation risk May 11, 2023 The Bank of England today hiked interest for the twelfth time in a row and to their highest level since October 2008, but warned inflation will stay higher for longer than it previously thought. The monetary policy committee (MPC) – the nine-member group tasked with setting interest rates in the UK – voted 7-2 in [...]