Housing market holds up well despite Bank of England rate hikes August 8, 2022 The UK property market is still running hot despite the Bank of England’s rapid interest rate hike cycle, according to research by City A.M. House purchases dipped around four per cent in June compared to December when the Bank’s first rate rise landed, dropping to 95,420 from 99,560, according to HMRC data. Governor Andrew Bailey [...]
BoE’s Bailey and co are gloomiest central bank forecasters in history, according to Goldman Sachs August 8, 2022 “No central bank has ever published as negative an economic forecast” as the Bank of England did last week, according to a top Wall Street bank. Governor Andrew Bailey and co’s prediction that the UK will tip into the longest recession since the financial crisis at the end of this year is the gloomiest of [...]
Number 10: Johnson will not outline a cost of living package this summer August 8, 2022 Number 10 has confirmed that Boris Johnson will not be announcing an emergency package of measures to help Brits being squeezed by the worsening cost of living crisis. Johnson’s official spokesman today said “it will be for a future Prime Minister to decide whether … measures are required”. It comes after former Prime Minister Gordon [...]
The Works warns of cost of living impact on Christmas sales August 8, 2022 Stationery chain The Works has slashed its guidance for the 2023 financial year and warned about consumer spending amid the Christmas spending period. The London-listed company, which sells discount books, toys and art supplies, said the general market outlook had “deteriorated” since the start of the calendar year, pointing to “low consumer confidence and rising [...]
Sunak says Truss’ cost of living plan ‘won’t touch the sides’ August 8, 2022 Rishi Sunak has launched a fresh attack on leadership rival Liz Truss, saying today that her plan to make tax cuts next month won’t “touch the sides” for families facing a worsening cost of living crisis. Sunak said “bolder action” was required to “protect people from the worst of the winter” amid fresh predictions energy [...]
Businesses scramble to hire workers despite looming UK recession August 8, 2022 Businesses are scrambling to fill vacancies at a rapid pace despite the UK staring down the barrel of the longest recession since the financial crisis, revealed new figures published yesterday. A shortage of workers partly driven by people dipping out of the jobs market due to Covid-19 related health issues and Brexit has intensified competition [...]
Global money transfers surged 60 per cent over the last decade to £538bn in the past year August 8, 2022 Global money transfers reached $653bn (£538bn) in the past year, a rise of 60 per cent over the last 10 years as economic trouble hits countries. Research by remittance provider ACE Money Transfer said the rise began as the world recovered from 2008’s global financial crisis in 2011-2012, with remittances important in aiding developing countries [...]
Letter: FCA starts a race against time August 8, 2022 [Re: FCA reveals major consumer regulation shake-up but delays deadlines after industry protest, July 27] The three-month extension for financial services firms to implement the FCA’s new Consumer Duty requirements is something of a double-edged sword. While extra time has been welcomed by the industry, it may have overshadowed a more pressing part of the [...]
Workers give Amazon until Wednesday to present improved offer after Tilbury strike August 7, 2022 Workers have given Amazon until Wednesday to present an improved pay offer after staff walked out last week over salaries, City A.M. understands. Around 450 workers at the Tilbury warehouse went on strike on Wednesday night and Thursday after Amazon responded to demands for a pay increase with a 35p per hour raise. Members of [...]
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 [...]