UK set to face ‘sluggish’ growth in the face of sticky inflation and Bank of England interest rate hikes
CBI admits group failed to root out ‘toxic’ workers amid sexual misconduct crisis April 24, 2023 The UK’s biggest business lobby group the Confederation of British Industry (CBI) has issued a last gasp plea to its members to give them “reason to consider trusting us again,” its president said in an open letter issued this evening. Brian McBride, president of the organisation, which was founded in the 1960s, admitted it had [...]
Average house price rises to £366,000 as tenants look to escape rental crisis April 24, 2023 UK house prices jumped again in March, driven higher by soaring rents pushing tenants to seek out their first home, but further interest rate hikes by the Bank of England could send a chill through the market, new research out today shows. The average price of a property coming to market in Britain hit £366k [...]
UK recession wobble sends FTSE profit warnings back to Covid-19 levels April 24, 2023 The UK’s flirtation with a recession over the last year or so has prompted a wave of the country’s top companies to warn shareholders to expect profits to miss forecasts, a new report out today shows. Profit warnings among UK-listed firms climbed to 75 in the first three months of this year, the highest level [...]
Recession jitters drive FTSE chiefs out of the top job April 24, 2023 Chiefs of the UK’s top companies have been exiting their roles at a doubly quick pace over the last year, driven by boards trying to insulate their firms from the economy being whacked by rising prices and interest rate hikes with a change in leadership, a new study out today shows. Some 38 chief executives [...]
UK borrowing tipped to have jumped to £23bn in March but Hunt and Sunak are on course to hit OBR forecasts April 23, 2023 Britain is tipped to have borrowed nearly £23bn last month to help pay for capping energy bills at £2,500, according to City analysts’ consensus forecast. Fresh numbers out from the Office for National Statistics on Tuesday are expected to show the gap between what the government generates in revenue from taxes and spends on public [...]
UK economy in ‘early stages of recovery’ as families shrug off inflation and interest rate hikes April 21, 2023 Britain’s economy could be in the early stages of a recovery, with consumers holding up pretty well under the pressure of high inflation and interest rate increases, a closely watched survey out today indicates. Families’ outlook on how well the economy will perform over the coming year is improving, while confidence in their own personal [...]
FTSE 100 close: London index muted as Barclays and Lloyds Bank give up early gains April 20, 2023 London’s FTSE 100 was muted today as investors ditched mining giants, curbing the sector’s recent rally, while high street banks gave up strong early gains. The capital’s premier index edged 0.01 per cent high to 7,899.48 points, while the domestically-focused mid-cap FTSE 250 index, which is more responsive to sentiment toward the UK economy, nipped [...]
FTSE 100 close: Inflation shock drags London index lower as real estate firms lead losses April 19, 2023 London’s FTSE 100 slipped today as investors took fright at UK inflation topping forecasts to stay in the double digits last month. The capital’s premier index shed 0.13 per cent to drop to 7,898.78 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.49 [...]
Will inflation ever fall back below 10 per cent? Yes, but we’ve been wrong before April 19, 2023 We find ourselves in the same situation again. UK inflation has topped the City and Bank of England’s expectations, hanging in the double digits in March at 10.1 per cent. The forecast was for it to slip to 9.8 per cent. Families and businesses will be forgiven for worrying whether it will ever fall back [...]
Bank of England to hike interest rates to five per cent after inflation tops forecasts to stay in double digits April 19, 2023 UK inflation has smashed expectations to stick in the double digits, in a sign that the cost of living crisis is still gripping families and businesses across the country, prompting markets to bet the Bank of England will hike interest rates to five per cent. The rate of price increases trimmed to 10.1 per cent [...]