Soaring inflation and tax hikes to squeeze UK economy November 18, 2021 TAX hikes, soaring inflation and an end to pandemic-related government support is souring the UK economy’s prospects, according to City analysts. Brits’ spending power will be eroded by the intensifying cost of living crisis, restricting their ability to splash the cash and drive the economy, analysts at Deutsche Bank warned today. Inflation is accelerating at [...]
Treasury needs to play nice with regulators to make a success of post-Brexit rules November 18, 2021 Uncertainty is a killer for businesses. Too bad it is everywhere you look. Unknown unknowns are impossible to root out, but firms have developed coping strategies to allow them to live in a deeply fragile world. The underlying factors that triggered the financial crisis were unknown unknowns to (almost) everyone, even if they seem obvious [...]
Swelling energy bills propel inflation to 4.2 per cent, more than double Bank of England’s target November 17, 2021 Swelling household energy bills have propelled inflation to more than double the Bank of England’s target, dialling up pressure on the Old Lady to act to hose down red-hot price rises. Inflation scaled to 4.2 per cent in October, up sharply from 3.1 per cent in the previous month, according to the Office for National [...]
UK business sentiment hits 12-month low amid supply chain and inflation woes November 15, 2021 British business sentiment dropped to its lowest level in a year in October, dragged down by fears of looming inflation and supply chain pressures that could undermine a sustained recovery from Covid disruption. Inflation expectations among UK business leaders surge to a record high last month, with 66 per cent expecting non-staff costs to increase [...]
Labour claims Sunak will not have the ‘fiscal headroom’ to cut taxes before next election November 14, 2021 New UK growth forecasts from the Bank of England show that Rishi Sunak will not have the “fiscal headroom” to cut taxes before the next election, according to shadow chancellor Rachel Reeves. The central bank now forecasts the UK economy will grow by 1.5 and 1 per cent in 2023 and 2024 respectively, compared to [...]
‘Middle-class stampede’ for equity release as wealthy homeowners flock to lifetime mortgages November 12, 2021 The average property value of a lifetime mortgage customer has passed the half a million pound mark for the first time as the industry continues to make waves with financial advisers and wealthier customers, according to new data shared with City A.M. today. The steep rise in property prices over the past year cannot entirely [...]
‘Acute’ staff shortages and rising energy bills force most businesses to hike their prices November 12, 2021 Amid ‘acute’ staff shortages and the rising cost of fuel and energy, most businesses are increasing their prices. A survey of 1,000 firms showed that four out of five increased the price of their goods or services in the past year. The British Chambers of Commerce (BCC) said its study indicated that nine out of [...]
Credit management veteran reflects on the pandemic: ‘Have you had a good crisis?’ November 11, 2021 Colin Storrar, the CEO of Lowell, one of the UK’s largest credit management companies, returns my question with a question, or rather a series of questions, when asked about his priorities since the first national lockdown was announced. “How have you treated your people this crisis? Have you thought about their work environment? Have you [...]
Rishi Sunak’s approval rating sinks, says new polling November 10, 2021 Rishi Sunak’s approval rating has dropped by 26 points since March as almost half the country think his latest Budget will be bad for them personally, according to new polling. A poll out today from Ipsos MORI showed Sunak has an approval rating of +6, down from +32 in March, while 44 per cent of [...]
The metaversal evolution will not be centralised November 10, 2021 The metaverse creates efficiencies, growth, and cost reductions orders of magnitude above and beyond that of physical space, explains Dr Kacher.