US inflation eases for seventh straight month but pace of decline loses momentum in headache for Fed February 14, 2023 US inflation eased for the seventh month in a row in January, but the pace of decline is beginning to level off, official figures out today reveal. The pace of price increases in the world’s largest economy on an annual basis fell to 6.4 per cent, down from 6.5 per cent, according to the US [...]
Leap in business insolvencies as ‘tough start’ to 2023 leads to 52 per cent surge in compulsory liquidations February 14, 2023 Corporate insolvencies rose seven per cent year-on-year in January 2023 with the number of compulsory liquidations up over 50 per cent, according to figures released today. The Insolvency Service said 1,671 companies went insolvent in January 2023, a seven per cent rise on the same month the previous year and 11 per cent when compared [...]
Inflation erodes UK real pay rapidly despite record wage increases as 137,000 Brits return to workforce February 14, 2023 UK take home pay is falling at one of the fastest paces since records began over two decades ago despite wage growth racing ahead at the quickest rate outside the pandemic, official figures out today reveal. Real pay fell 4.3 per cent over the three months to December last year when using the consumer price [...]
The £200bn Covid savings war chest that could prevent a UK recession February 14, 2023 There’s a war chest of nearly £200bn – which started to be built up during the pandemic and has grown ever since – that could save the UK from recession. This may come as a surprise when all we hear from Westminster is how skint we are, but the stash of cash isn’t made up [...]
Ireland to keep European economy out of a recession as Britain gets left behind February 13, 2023 Europe is poised to swerve a recession this year in a massive U-turn from warnings of blackouts sweeping across the bloc, with GDP powered by Ireland, new forecasts out today claim. Growth in the European Union (EU) will hit 0.8 per cent this year, an upgrade from the just 0.3 per cent forecast last autumn, [...]
Britcoin needs to prove it can secure adoption and not spy on our consumers, experts warn February 13, 2023 The digital pound faces a range of challenges before it could be adopted in the UK, experts told City AM, as industry figures continue to grapple with the announcement that a central bank digital currency (CBDC) is “likely to be needed” in the future. The risks a so-called Britcoin poses to financial stability and the [...]
FTSE 100 close: London index bumps higher ahead of key inflation and wage numbers February 13, 2023 London’s FTSE 100 kicked off the week in busy fashion today ahead of a busy week of data that will provide more clues on the health of the UK economy. The capital’s premier index closed 0.83 per cent higher today at 7,947.60 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with [...]
‘Mortgage chaos’ of last few months eases as available deals surpass 4,000 February 13, 2023 The number of mortgage deals available has surpassed 4,000 for the first time in six months according to a financial information website. Moneyfacts.co.uk, which counts the number of mortgage products at the start of each month, said 4,341 deals were available on 1 February compared with 3,643 products at the start of January. Many mortgage [...]
Crypto narratives: Industry comes to Turkey’s aid, and SEC moves against staking February 13, 2023 CryptoCompare data has shown that there was a 2.7% drop in the combined market cap dominance of BTC, ETH, and stablecoins.
Brexit delivered £1,000 blow to every UK household, Bank of England rate setter Haskel claims February 13, 2023 The sharp reduction in business investment after Brexit has dealt a £1,000 blow to every UK household, a rate setter at the Bank of England has claimed. Speaking to The Overshoot, Jonathan Haskel, an external member of the monetary policy committee (MPC), said that the “productivity penalty” caused by a huge drop in capital spending [...]