London economy powers ahead of every other UK region as the capital shrugs off recession fears April 18, 2023 London’s economy is firing on all cylinders and has raced ahead of every other region in the UK as spending in the capital climbs to the highest level in a year, a new survey shows. According to NatWest and S&P Global’s regional purchasing managers’ index (PMI), businesses in London are performing better than in any [...]
UK workers still gripped by inflation despite better than expected near six per cent pay growth April 18, 2023 UK workers are still being squeezed by a historic inflation crunch despite wage increases smashing expectations, official figures out today reveal. The average pay increase including bonuses hit 5.9 per cent over the three months to February, up from the previous period and above the City’s expectations of a 5.1 per cent increase, according to [...]
Inflation sliding and tough Bank of England means the pound will see better days April 18, 2023 “Hope is not a strategy,” Jordan Rochester, a wonk at Japanese investment bank Nomura, said last September, referring to politicians’ attempts to revive the pound after it plummeted to its lowest level ever against the US dollar following Liz Truss’s tax cutting mini budget. A lot has changed since then. Chancellor Jeremy Hunt raised taxes [...]
Bank of England to shun interest rate hike for first time since November 2021 next month April 18, 2023 The Bank of England will keep interest rates unchanged at its next meeting on 11 May, marking the first time the central bank has not hiked borrowing costs since November 2021, a new survey out yesterday predicted. According to a survey by Bloomberg, more than half of City economists suspect Governor Andrew Bailey and the [...]
Stablecoins need ‘high quality’ backing to meet BoE’s standards, Cunliffe warns April 17, 2023 Stablecoins could improve efficiency in the payments sector but will need to be backed by “high quality and liquid assets” to meet the Bank of England’s regulatory standards, deputy governor Jon Cunliffe said today. In a wide ranging speech on the state of the payments sector, Cunliffe detailed the Bank’s work to ensure new forms [...]
Major Ethereum upgrade goes live, and Twitter starts letting users trade stocks with eToro partnership April 17, 2023 Data from CryptoCompare shows that Bitcoin's price moved significantly at the start of last week, from around $28,000 to a $31,000 high.
FTSE finance chiefs ditch UK recession bets as confidence rebounds sharply April 17, 2023 Money managers at Britain’s biggest companies have signalled a sharp increase in confidence in the UK economy, a closely watched survey out today shows, in a further sign the country is on course to dodge a recession. Chief financial officers of top UK corporates notched a net positive 25 per cent confidence rating in Deloitte’s [...]
‘A breath of fresh air’ vs ‘more to do’: What City grandees have to say about Sunak April 17, 2023 As Labour leader Sir Keir Starmer doesn’t tire of reminding voters: expertise beyond politics can be invaluable. For the current resident behind that most famous front door, it’s so far proved an advantage. Liz Truss’ accountancy background may not have aided her short-lived leadership bout, but – for the City’s boardrooms at least – her [...]
Bank of England won’t cut interest rates until Christmas but UK to avoid recession April 17, 2023 The Bank of England is poised to cut interest rates at Christmas, lured into the decision by inflation falling rapidly over the course of this year, new forecasts that also say the UK will dodge a recession out today claim. Governor Andrew Bailey and his team of economists are tipped to launch the first rate [...]
Britain still at risk of ‘mild recession’ despite better than feared start to year, Lloyds Bank chief predicts April 16, 2023 Britain could still suffer “a mild recession” despite the economy performing much better than experts warned at the turn of the year, the head of Lloyds Bank, the country’s largest mortgage lender, has said. Charlie Nunn, chief executive of Lloyds Bank, told The Sunday Times that there is a “more positive outlook” about the UK [...]