Scorching inflation raises fears of Christmas spending slump November 8, 2022 Scorching inflation hobbling Brits’ finances has triggered a spending squeeze that could bleed into Christmas, research out today reveals. Surveys out from Barclaycard and the British Retail Consortium (BRC) show retail sales volumes likely fell in October. While the organisations measured a jump in consumer spending of 3.5 per cent and 1.6 per cent respectively, [...]
FTSE 100 knocked by Beijing’s zero-Covid commitment November 7, 2022 London’s FTSE 100 today was weighed down by market sentiment softening after Chinese authorities committed to strict measures to contain Covid-19 breakouts over the weekend. The capital’s premier index dropped 0.48 per cent higher to 7,299.99 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, [...]
Home sellers in for a shock as house prices drop across UK and overall growth slows November 7, 2022 House prices across Britain recorded the biggest monthly fall in October since early 2021, according to an index out this a.m. The average property value fell by 0.4 per cent, marking the third month-on-month drop seen in the past four months, Halifax said. The latest month-on-month decrease follows monthly falls of 0.1 per cent in [...]
Bank of England record recession warning reinforced by fresh research November 7, 2022 A new survey out today reinforces the Bank of England’s warning last week that the UK is headed for the longest recession on record. The economy last month was functioning at the same level as during the teeth of the 2021 winter Covid-19 lockdown, according to consultancy BDO. The firm’s output index, which measures the [...]
Bank of England watchers eye Pill and Ramsden speeches November 6, 2022 Bank of England watchers are in for a bumper week as several top rate setters provide hints on the trajectory of UK monetary policy after last week they said the economy is on course for the longest recession on record. Despite the bleak projections by the Bank, London’s FTSE 100 fared well last week, climbing [...]
Avoiding a residential permacrisis: House-hunters better buying today than waiting for tomorrow November 4, 2022 The Bank of England has just raised interest rates to three per cent, the highest in 14 years. And this might not be the end of it. Newspapers rightly point to the challenges of such rapidly rising borrowing costs for those looking to buy or re-mortgage at the same time as so many people are [...]
Hunt mulls change in non-dom tax breaks for autumn fiscal statement November 4, 2022 Treasury officials are looking at potential changes to the UK’s rules on non-domiciled tax status as a part of Jeremy Hunt’s autumn fiscal statement later this month. The chancellor has reportedly tasked officials on the Treasury’s high net worth individuals policy team to look at ways to cut down on tax breaks for non-doms as [...]
CBDCs need kicking into the long grass to allow Bitcoin’s potential to flourish November 4, 2022 Jason Deane is left scratching his head at the news narratives this week, but Bitcoin is looking like a certainty in an uncertain world.
Business leaders urge govt to restore ‘hard-won reputation for stability’ after rate rise and recession warning November 4, 2022 The government’s must restore the UK’s “hard-won reputation for stability” after this week’s rate hike and warning about a prolonged recession. A top wonk at the Confederation of British Industry responded to the Bank of England’s “bumper rate rise” to 3 per cent shows “the scale of the UK’s inflation challenge”. With inflation now over [...]
Rise in capital gains tax on the cards as Chancellor Hunt scrambles to raise £50bn November 4, 2022 As the Chancellor is weighing up “difficult decisions” to address a £50bn black hole in the public finances, Jeremy Hunt is looking at raising taxes on the sale of assets such as shares and property. Hunt is also considering an increase in dividend tax, in a move that would come as a blow to entrepreneurs. [...]