Economic gloom finally sweeps through UK jobs market November 10, 2022 UK job growth has slimmed for the first time since the 2021 Covid-19 winter lockdown, driven by employers bracing for the longest recession on record, a new survey out today unveils. For the first time since February 2021, when the country was in the late stages of the third and longest pandemic lockdown, businesses trimmed [...]
Ex-minister Harriett Baldwin elected as Treasury Committee chair November 9, 2022 Tory MP Harriett Baldwin has been elected as the new chair of the Treasury Select Committee, after prevailing in a cross-party ballot. Baldwin, a former Treasury and defence minister, defeated former cabinet ministers Andrea Leadsom and Kit Malthouse in the vote. Baldwin will begin the role immediately, after previous chair Mel Stride was recently appointed [...]
UK at greater risk of mortgage default wave than international counterparts November 9, 2022 The UK is at greater risk of being jolted by an uptick in mortgage defaults during the global economic slowdown, a top Wall Street bank has warned. Goldman Sachs reckons the country will undergo a bigger unemployment surge compared to other English speaking countries, dealing a heavy blow to households’ capacity to pay off home [...]
Sunak’s flexibility has been curtailed by our undue reverence for the Bank of England November 9, 2022 The Bank of England has forecast a long recession, which could last two years. A statement treated, unquestioningly, as gospel despite the variety of failures at Threadneedle Street.
Sunak handouts: 8m Brits start receiving £324 into their bank accounts from today November 9, 2022 Close to 8m low income Brits will start to receive payments of £324 into their bank accounts from today as part of the Government’s cost-of-living support. The Department for Work and Pensions (DWP) will start making the payments directly into eligible people’s bank accounts from Tuesday. There is no need for people to apply or [...]
MPs to vote on new Treasury Select Committee chair on Wednesday November 8, 2022 MPs from across parliament will vote on who should be the new chair of the influential Treasury Select Committee tomorrow. The five candidates for the position were announced today as Andrea Leadsom, Kit Malthouse, John Baron, Richard Fuller and Harriett Baldwin. The election comes after former committee chair Mel Stride was named as work and [...]
FTSE 100 dragged down by Persimmon tumbling after property market warning November 8, 2022 London’s FTSE 100 today was pulled down by house builder Persimmon tumbling after it warned rising rates will hit its bottom line. The capital’s premier index edged 0.08 per cent higher to 7,306.14 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed 0,75 per [...]
UK economy to emerge from recession 10 per cent smaller than pre-Covid path November 8, 2022 The UK economy will be 10 per cent smaller compared to its pre-Covid growth path after the Bank of England’s forecasted two year recession, a top Wall Street bank has warned. JP Morgan said in a note to clients Britain is on course to miss out on a large chunk of much needed economic growth [...]
Bank of England not to blame for looming record recession, chief economist stresses November 8, 2022 The Bank of England is not to blame for the UK fumbling into the longest recession since records began and rate setters are not “inflation nutters,” its chief economist said today. Huw Pill, who replaced Andy Haldane last year as Threadneedle Street’s top wonk, said the UK’s slowdown is being “driven by other forces” beyond [...]
Silver could enjoy US midterms boost if dollar weakens, predicts expert November 8, 2022 Silver prices could enjoy a hefty boost if the dollar weakens on the back of the US midterms today, argues Kinesis Money.