Brits’ energy bills to hit £4,000 by January as gas prices spiral out of control August 7, 2022 The average energy bill is set to climb to nearly £4,000 a year from January as gas prices continue to push upwards, new analysis has shown. Energy consultancy Auxilione warned that the Government’s price cap, which sets bills for more than 20 million households in Great Britain, could be increased further than previously expected. It [...]
A technical recession: How bad will it be? August 7, 2022 It is no surprise that US GDP growth is declining given the slowdown in consumer spending and domestic production recently. However, markets seem fraught with headline risk with the term ‘technical recession’ floating around. Analysts have pointed out the looming risk of a recession given the central bank’s aggressive tightening cycle while Fed chair Powell [...]
Half of all Brits risks falling into fuel poverty before the end of this year in harshest economic climate ever August 6, 2022 UK adults say the current economic climate is the harshest they have experienced, with half of all Brits either unable or soon to be unable to pay all of their bills. Millions of Brits are concerned about the months ahead as 47 per cent said they are not confident in their ability to pay their [...]
This week’s rate rise: Brits face immediate jump in interest payments of £1.67bn August 6, 2022 With the Bank of England Monetary Policy Committee confirming its base rate will rise by 0.5 per cent to 1.75 per cent, UK households face an immediate increase in interest payments of £1.67bn. UK households are currently paying £24.1 billion annually in interest payments on floating rate debt that are likely to be immediately impacted by [...]
Exclusive: A third of all small businesses in Britain set to fold unless they get access to fresh funding August 6, 2022 One in three UK small and medium enterprises (SMEs) say their survival is dependent on accessing finance by the end of the year, according to new research shared exclusively with City A.M. this weekend. A third of all SMEs in Britain fear their business will collapse if they are unable to access finance, such as [...]
Shock fine for Sir Christopher Gent as FCA rules former Vodafone CEO ‘failed to apply his mind’ August 5, 2022 City watchdog the Financial Conduct Authority (FCA) said this morning it has slapped a fine on City insider Sir Christopher Gent of £80,000 for unlawfully disclosing inside information. While a non-executive Chairman of ConvaTec Group, “Sir Christopher disclosed inside information to individuals in senior positions at two of ConvaTec’s major shareholders before this information had [...]
Andrew Bailey hits back at Suella Braverman saying Bank of England did not raise rates too late August 5, 2022 The Governor of the Bank of England, Andrew Bailey, has defended not raising interest rates earlier. His comments come after Attorney General Suella Braverman said interest rates “should have been raised a long time ago and the Bank of England has been too slow in this regard”. Bailey told BBC Radio 4’s Today programme: “If [...]
Today: Hosepipe ban takes effect as another heatwave is knocking on Britain’s door August 5, 2022 Parched parts of England are facing a hosepipe ban amid very dry conditions and ahead of another predicted heatwave. Southern Water announced the move from Friday for customers in Hampshire and on the Isle of Wight, while the measure will follow in exactly a week for South East Water customers in Kent and Sussex. Months [...]
More businesses to go bust after today’s rate rise as £2bn is added to borrowing costs overnight August 4, 2022 With the Bank of England Monetary Policy Committee increasing its base rate by another 0.5 per cent to 1.75 per cent, UK businesses face an immediate increase in interest payments of more than £2bn. Analysis of Bank of England data shows UK businesses are currently paying £14bn annually in interest payments on their £409bn in floating rate [...]
Bank of England’s interest rate rise at noon: Brokers and agents across the City give their two cents August 4, 2022 The governor of the Bank of England, Andrew Bailey, and the rest of the monetary policy committee will hike interest rates 50 basis points today at 12pm. The main reason? Living costs are up 9.4 per cent over the last year, crimping households and businesses and threatening to plunge the UK economy into recession. Energy [...]
