Even a complete reversal of the mini-budget won’t fill the giant fiscal hole created October 14, 2022 In August, we were promised a new Budget under the new premiership of Liz Truss. In September, it was downgraded to a mini-Budget when the Government decided not to ask the independent Office for Budget Responsibility (OBR) to mark its homework, or set out a new economic outlook. The market fallout from this disastrous decision [...]
24 arrests: Climate activists target Met HQ with paint and gluing themselves to road October 14, 2022 Police arrested 24 campaigners who daubed orange paint at New Scotland Yard and blocked a road by gluing themselves to it. Officers detained the campaigners who are continuing a near two-week campaign of disruption, protesting policies about fossil fuels. In a statement, the Met police said “officers have arrested 24 protesters on suspicion of conspiracy [...]
JP Morgan tops quarter estimates whilst Morgan Stanley misses the mark October 14, 2022 JP Morgan reported a less-than-feared 17 per cent fall in third-quarter profit this afternoon, while Morgan Stanley posts a revenue plunge. JP Morgan’s adjusted profit was $3.36 per share, above analysts’ average estimate of $2.88, according to Refinitiv data. JP Morgan chief Jamie Dimon said that consumers in the US were continuing to spend despite [...]
Liz Truss U-turns on mini budget plans to reverse corporation tax hike October 14, 2022 Liz Truss signed off another U-turn today, rolling back on plans to reverse corporation tax rising to 25 per cent from 19 per cent. The move marks a second embarrassing climb down from the government’s tax cutting mini budget, which was characterised by Truss and former chancellor Kwasi Kwarteng as their blueprint for growth. Financial [...]
Liz Truss appoints Jeremy Hunt as chancellor after Kwarteng sacking October 14, 2022 Jeremy Hunt has been appointed as the new chancellor after prime minister Liz Truss sacked Kwasi Kwarteng today following weeks of market turmoil triggered by last month’s mini budget. Hunt is the fourth chancellor this year. According to bookmaker Betfair, Truss is now odds on to step down as prime minister. Kwarteng wrote to Liz [...]
Edward Argar replaces Chris Philp as new treasury minister October 14, 2022 Edward Argar has been named the new chief secretary to the treasury – second in command over the UK’s finances. Argar will act as deputy to Jeremy Hunt as the new chancellor, following Kwasi Kwarteng’s resignation this afternoon. Hunt is the fourth chancellor the UK has had this year. Argar’s predecessor Chris Philp will now [...]
Which CBDC design considerations will matter in the end? October 14, 2022 Richard Gendal Brown, Chief Technology Officer at R3, takes an in-depth look CBDCs and what their role could be.
Only time will tell if Damien Hirst’s art burning NFT stunt will pay off October 14, 2022 Life incinerating art! Howard Ricklow assesses whether or not those investors in Damien Hirst's NFTs will be feeling the heat.
CMA plans for price controls on emergency services radio network October 14, 2022 The UK’s competition watchdog has tabled plans to tackle excess profits at Motorola Solutions, after calling it a monopoly provider in the emergency service radio network. The Competition and Markets Authority (CMA) found that a lack of competition has allowed Motorola to make around £160m in excess profits a year, weighing on public funds [...]
EP: 164 Ascot Champions Day & Hong Kong October 14, 2022 It’s the long-awaited QIPCO British Champions Day meeting at Ascot on Saturday with four Group 1 races featuring on their magnificent card. This will be the last time we see Baaeed on a racecourse as he looks to retire with a 100% win record in the famous Shadwell blue and white silks. We hear from [...]
