Cost of living crunch: 1 in 4 shop workers skip meals each month to pay bills August 10, 2022 One in four shop workers are skipping meals each month to meet bill payments, according to research from a trade union. This figure has leapt from 1 in 20 last year, as Britain’s lowest paid workers struggle amid the throes of cost of living crunch, according to a survey by Usdaw union. Inflation is anticipated [...]
US inflation under shoot boosts London’s FTSE 100 and Wall Street August 10, 2022 City traders today were boosted by signs of inflation cooling in the world’s biggest economy sparking a rally on Wall Street. London’s premier FTSE 100 index climbed 0.25 per cent to 7,507.11 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, surged nearly two per [...]
US inflation cools quicker than expected in sign Fed’s rate hikes are quashing prices August 10, 2022 US inflation is cooling much quicker than experts are betting in a sign the Federal Reserve’s series of steep rate hikes are quashing price pressures. Prices climbed 8.5 per cent annually in the world’s biggest economy last month, down from a 40-year high of 9.1 per cent, the US Labor Department said today. Wall Street [...]
Brexit: Truss wants ‘call in’ power to allow ministers to overrule City regulators August 10, 2022 Liz Truss wants to give ministers the power to overrule decisions made by the UK’s financial services regulators in a move that is set to create serious tensions with the Bank of England. The Tory leadership frontrunner wants to revive the policy, which was recently ditched by the Treasury, as a part of the government’s [...]
Three in four Brits want hybrid work to cope with cost of living crisis August 10, 2022 Three in four British workers want hybrid work to cope with the cost of living crisis gripping the country. Employees want their employers to offer flexible hybrid working as inflation surges to record levels of 9.4 per cent in the country, a survey by hiring software company Greenhouse found today. As the cost of essentials [...]
Rampant inflation to put public services under ‘visible strain’ unless government ramps up spending August 10, 2022 Rampant inflation is putting the NHS and other public services “under considerable, and visible, strain,” top economic experts have warned today. Government departments and local councils are set to struggle to provide services to taxpayers due to swelling costs eating up their budgets. Higher inflation will erode more than 40 per cent of announced funding [...]
Recession fears outweigh tight supplies as oil market rally remains elusive August 9, 2022 Oil prices edged up today, even though both major benchmarks remain weighed down by fears of a drawn-out economic downturn.
US inflation shock may force Fed to launch one percentage point rate hike August 9, 2022 A scorching set of new US inflation numbers released tomorrow could force the Federal Reserve to hike interest rates by the steepest amount in recent history, Wall Street analysts are betting. Fed chief Jerome Powell and co have already had to hike the world’s most important interest rate by 225 basis points since March, the [...]
Don’t rule out even more rate rises, Bank of England’s Ramsden warns August 9, 2022 The Bank of England will have to build on the biggest rate rise in nearly 30 years to sweep inflation out of the UK, a senior official at the monetary authority said today. Dave Ramsden, deputy governor at the Bank, told Reuters “it’s more likely than not that we will have to raise Bank Rate [...]
Millions of Brits in for shock charges as credit card rates hit highest level since 1998 August 9, 2022 With credit card borrowing growing at its fastest pace since 2005, new analysis shared with City A.M. this morning shows that last month average rates on credit cards hit their highest level since 1998. An analysis of the Bank of England’s quoted household interest rate figures uncovered that average credit card rates jumped 0.23 percentage [...]