Trade off between inflation and growth is now for the birds May 5, 2022 The trade off between taming inflation by hiking rates at the expense of growth now seems for the birds. The economy is headed for a tough time, most likely a recession, regardless of what the Bank of England does. The UK’s present conundrum is one of the best examples in modern history of just how [...]
Chelsea owner Roman Abramovich: ‘Intentions of giving sale proceeds to charity have not changed’ May 5, 2022 Chelsea’s sanctioned owner Roman Abramovich has insisted his “intentions in relation to gifting the proceeds” to charity “have not changed.” The Russian-Israeli Billionaire said on Thursday, his team have “identified senior representatives from UN bodies and large global charitable organizations” who will form a foundation to distribute the funds. This comes after what the statement [...]
New political leader for Square Mile as Hayward takes vital Corporation role May 5, 2022 THE City has a new de facto political leader after Square Mile grandee Christopher Hayward was elected to the top job on the Corporation’s powerful policy committee this afternoon. Hayward replaces Catherine McGuinness, who held the role for five years. He steps into the role after serving for almost a decade as an elected member.Hayward [...]
Rail fares could soar by 12 per cent amid inflationary spikes May 5, 2022 Railway users could soon enough see the price of their tickets soar as a result of inflation spiking to 7 per cent and not showing any sign of easing. Economists argued fares could go up as high as 12 per cent from next year if the government doesn’t untie the increase in inflation rates and [...]
Ex Bank of England governor Mark Carney says climate crisis will ‘dwarf’ economic problems May 5, 2022 Following the Bank of England’s decision to raise interest rates, its former government has said the climate crisis will “dwarf” current economic hardship. Mark Carney, who is now as special envoy for climate action with the United Nations, called on the government to move away from polluting fossil fuels. He said the move away from [...]
FTSE 100 shakes off Bank of England glum forecasts on weaker pound May 5, 2022 London’s top index today shook off a fourth rate rise in a row for the first time since the Bank of England was given control of monetary policy. The capital’s FTSE 100 added 0.13 per cent to reach 7,503.27 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of [...]
UK hurtling toward recession on double-digit cost of living squeeze, Bank of England warns May 5, 2022 The UK is hurtling towards a recession sparked by households being gripped by the tightest cost of living squeeze since the early 1980s, revealed fresh forecasts by the Bank of England today. The economy will struggle to eke any growth for most of next year, dragging the UK into a 0.25 per cent contraction in [...]
The City View: Bank of England hike rates once more May 5, 2022 Today Andy Silvester talks to Jack Barnett, City A.M.’s Economics and Markets reporter. Together they go through the thinking behind the Bank of England’s 25 basis point rate rise earlier today, which brought the UK’s interest rate to 1%. They take a look at the Bank’s forecasts, and explain why a recession is almost inevitable. [...]
McColl’s appeals for rescue deal: Administration ‘increasingly likely’ unless solution can be found May 5, 2022 Convenience store giant McColl’s has said it is “increasingly likely” it will be forced to call in administrators unless an immediate rescue deal can be cinched. Responding to press speculation, the London-listed firm said that “unless an alternative solution can be agreed in the short term, it is increasingly likely that the group would be [...]
Ben Wallace: Russian military leaders ‘turning in on themselves’ over the ‘disaster’ war May 5, 2022 Defence secretary Ben Wallace has claimed Russian military leaders are “turning in on themselves” out of fear of being purged by Putin. The minister made his comments while visiting Final, saying the Kremlin’s top brass are playing the blame game over the “disaster” war. He claimed generals are worried about being scapegoated for the invasion’s [...]
