UK inflation poised to slip out of the double digits for first time since last summer April 16, 2023 UK inflation is poised to slip out of the double digits for the first time since last summer in what could be the beginning of the cost of living crisis gradually releasing its grip on families over the rest of the year. Official figures from the Office for National Statistics (ONS) on Wednesday are expected [...]
FTSE 100 close: London index squeezes out gain as UK economy unexpectedly flatlines in February April 13, 2023 London’s FTSE 100 nudged higher today after fresh figures showed the UK economy unexpectedly stalled in February, while Tesco clocked decent gains despite posting a big profit slump. The capital’s premier index edged 0.24 per cent higher to close at 7,843.39 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the [...]
Unemployment must be higher to keep a lid on inflation, Bank of England’s Huw Pill claims April 13, 2023 A greater proportion of the UK population than before the recent series of economic shocks may need to be unemployed in order to keep a lid on inflation, the Bank of England’s chief economist has claimed today. Huw Pill, who succeeded Andy Haldane as the Bank’s top wonk, was speaking at an event hosted by [...]
UK economy stalls in February but is just about on track to dodge recession in early 2023 April 13, 2023 Britain is just about on track to dodge a recession in the first half of this year, defying gloomy predictions from experts heading into 2023 that the economy would suffer the largest slump in recent memory, figures out today show. Gross domestic product (GDP) – which measures the value of all goods and services produced [...]
FTSE 100 close: US inflation boost runs out of steam as De La Rue tumbles a third April 12, 2023 A sudden boost to London’s FTSE 100 from better than expected US inflation numbers ran out of steam toward the end of today’s trading session, although the premier index still notched gains. The FTSE 100 jumped 0.5 per cent to close at 7,824.83 points, while its mid-cap counterpart, the FTSE 250, which is more responsive [...]
US core inflation jumps to 5.6 per cent while CPI falls rapidly in mixed signal for Fed April 12, 2023 Underlying US inflation is putting up a strong fight against the Federal Reserve’s aggressive interest rate hike assault, while general price rises are falling quickly, sending mixed signals to chair Jerome Powell and co ahead of their interest rate decision next month. Official figures out from the US Bureau of Labor Statistics today showed the [...]
Andrew Bailey stresses Bank of England focused on inflation fight rather than Credit Suisse and SVB fallout April 12, 2023 The recent run of chaos in the global financial system that has laid waste to Credit Suisse and Silicon Valley Bank (SVB) has not distracted the Bank of England from trying to tame inflation in the UK, the monetary authority’s chief said today. Speaking at an event at the International Monetary Fund’s spring meeting, Andrew [...]
UK debt burden to top size of whole economy putting Rishi Sunak and Jeremy Hunt pledge at risk, IMF forecasts April 12, 2023 Rishi Sunak and Jeremy Hunt are on course to oversee the UK’s debt burden swelling to more than the size of the entire economy, putting one of the pair’s five pledges to taxpayers in peril, according to new forecasts out today. Britain’s debt to GDP ratio is tipped to climb to just over 101 per [...]
Recession clouds lift over UK jobs market as hiring begins to recover April 12, 2023 Recession clouds are receding from the UK jobs market as companies gradually regain confidence about hiring workers following a batch of better than expected economic data since the turn of the year, new figures out today reveal. Firms are dipping their toes back in the recruitment market, lured by household spending holding up better than [...]
Megan Greene to replace Silvana Tenreyro on Bank of England’s rate-setting committee this summer April 11, 2023 Megan Greene has been appointed by Chancellor Jeremy Hunt to the Bank of England’s interest rate-setting committee, replacing top dove Silvana Tenreyro from 5 July. Greene will join the Bank’s Monetary Policy Committee (MPC) from consultancy Kroll, where she has been global chief economist and a regular columnist for the Financial Times. The Treasury announced [...]