Cost of living crisis: Inflation sees Brits take a real-terms pay cut yet again March 14, 2023 British workers’ wages have been eroded by sky high inflation for the 15th month in a row despite them bagging bumper pay rises, official figures out today show. Real regular pay, which measures pay growth in cash terms minus inflation, fell on a monthly basis in January, according to the Office for National Statistics (ONS). [...]
Budget: Hunt considering pension changes to encourage over 50s back to work March 14, 2023 The Chancellor is understood to be looking at increasing the pension lifetime allowance (LTA) in a move that is being interpreted as attempting to reverse the trend of early retirements. The PA news agency understands Jeremy Hunt is considering allowing workers to put more money into their pension pot before being taxed as part of [...]
Why does the Bank of England (secretly) want to sack you? To hose down the inflation fire March 14, 2023 Whisper it very, very softly, but the Bank of England (secretly) is trying to force you out of the job. That’s right. Governor Andrew Bailey wants to toss you to the wolves in the name of the fight against inflation. That’s overegging it. No one is directly trying to make someone else unemployed. A kernel [...]
Banks and insurers may not be ‘sufficiently capitalised’ for future climate-related losses, Bank of England reports March 13, 2023 The Bank of England said there was “uncertainty” over whether banks and insurers are “sufficiently capitalised” to deal with climate-related risks, but suggested there was not enough justification to increase their capital requirements at the moment. In a report published today, the Bank said climate risks create a challenge for regulators as the uncertainty surrounding [...]
“Project Yeti”: Inside the scramble to save Silicon Valley Bank UK March 13, 2023 “It’s going down to the wire.” That was the view of Coadec CEO Dom Hallas at 11pm on Sunday evening after hours of meetings had failed to produce a deal on the future of Silicon Valley Bank – with the tech industry warning it would be an existential threat to thousands of firms across the [...]
US Federal Reserve to refrain from rate hike later this month after Silicon Valley Bank collapse, bets Goldman March 13, 2023 Speculation is growing among traders that the US Federal Reserve could refrain from hiking interest rates later this month for fear of triggering another Silicon Valley Bank-style collapse. Turmoil in financial markets sparked by the tech-focused lender’s collapse has raised the likelihood Fed chair Jerome Powell and co may hold off raising rates any further. [...]
Silicon Valley Bank triggers rout as HSBC, Lloyds and Natwest shares tumble March 13, 2023 Bank stocks slumped on both sides of the Atlantic today as the fall out of the Silicon Valley Bank crisis spooked investors. The sector has been plunged into turmoil since Friday as the full scale of the troubles at the start-up and venture capital focused lender became clear. American bank First Republic was among the [...]
Silicon Valley Bank: ‘Resuming normal operations’ after HSBC rescue swoop – Live March 13, 2023 HSBC’s move to snap up the stricken UK arm of Silicon Valley Bank has been hailed a “relief” for the UK’s tech firms today after nerves spread of contagion across sector over the weekend.
HSBC buys Silicon Valley Bank UK for £1 in last-minute rescue for tech firms March 13, 2023 HSBC has announced this morning it is buying the stricken UK arm of Silicon Valley Bank, providing a lifeline for tech firms who had feared losing access to their deposits. The global giant emerged as a ‘white knight’ late last evening – against competition from the Bank of London and an Abu Dhabi investment fund [...]
UK pay on track to trail inflation for 15th month in a row as cost of living crisis bites March 13, 2023 Wages are on track to trail inflation for the 15th month in a row, underscoring how much pressure the cost of living crisis is piling onto household finances, official figures out on Tuesday are expected to show. Regular pay growth is projected to trim to 6.6 per cent over the three months to February, down [...]