UK borrowing costs fall below US, Italian and Greek equivalents after Hunt mini-budget reversal October 18, 2022 UK borrowing costs have dropped below their European and transatlantic counterparts after new chancellor Jeremy Hunt tore up prime minister Liz Truss’s tax cutting mini-budget. Since Truss and her former chancellor Kwasi Kwarteng decided to launch £45bn of unfunded tax cuts in a bid to boost economic growth, gilt yields have shot higher. Rates on [...]
Chancellor Hunt creates economic council but insists new body will ‘not conflict’ with Bank of England October 17, 2022 The Chancellor has announced the formation of a new economic advisory council to provide “more independent expert advice” to the Government. Jeremy Hunt told the Commons he “fully” supports the “vital, independent” roles of the Bank of England and the Office for Budget Responsibility. However, he added: “But I also want more independent expert advice [...]
UK borrowing costs tumble after Hunt shreds Truss’s mini budget October 17, 2022 UK borrowing costs scaled lower today after new chancellor Jeremy Hunt ripped up prime minister Liz Truss’s tax cutting mini budget. The yield on the 30-year UK gilt, which has suffered heavy selling since the mini budget last month, fell around 40 basis points to 4.33 per cent. Rates on the 2-year and 10-year UK [...]
Bank of England offers energy firms backstop to combat soaring costs October 17, 2022 Energy firms will be able to apply for Government-backed guaranteed loans to secure their commercial future this winter.
From Truss to Bailey to panicking MPs, the blame for this mess spreads wide October 17, 2022 Turns out the orthodoxy is stronger than ever Liz Truss or Kwasi Kwarteng realised. Already it appears government policy is headed towards higher taxes and delays to supply side reform. We have ended up back at square one, but with a discredited government and no obvious plan for the growth that the now-departed Chancellor rightly [...]
Exclusive: Over 50,000 small businesses in London collapse as SME bloodbath rages October 17, 2022 Swelling energy bills and a softening UK economy have sparked a surge in small business closures in London, exclusive figures shared with City A.M. reveal. The number of SMEs that have disappeared in the capital swelled to 53,880 this year, up sharply from 37,350 in 2017, according to analysis of Office for National Statistics figures [...]
Hunt to make statement on fiscal plan TODAY in bid to calm markets October 17, 2022 Jeremy Hunt will make an announcement today in Parliament about the government’s so-called Medium-Term Fiscal Plan. The chancellor’s statement is a bid to calm the markets, bringing forward the details of the now much-derided mini-budget, outlined by his predecessor. Hunt will issue his plans later today and also speak in the House of Commons this afternoon. [...]
Truss’s botched mini budget heaps pressure on company finances October 17, 2022 Prime minister Liz Truss’s botched mini budget has heaped pressure on the finances of the UK’s largest companies, reveals new research out today. Chief financial officers of FTSE 100 and 250 firms see borrowing as more costly than at any time since 2010, according to big four accountant Deloitte. UK financial markets have been rocked [...]
Truss and Hunt to oversee protracted recession, EY Item Club forecasts October 17, 2022 The UK is on course for a long recession that will last from this winter through to next summer, underscoring the tough challenge facing prime minister Liz Truss and her new chancellor Jeremy Hunt. Rising inflation compounded by higher interest rates will force the economy into reverse in the current quarter until the summer of [...]
Rugby chief suggests French-style governance can save game in England October 16, 2022 England rugby chief Bill Sweeney has insisted the Premiership and Championship should look across the Channel to France for inspiration as the domestic game faces a crisis unlike anything it has seen in the professional era. Two clubs – Worcester Warriors and Wasps – have been suspended from the league after going into administration, with [...]