FCA and Andrew Bailey slammed for failing to protect pension savers who were ripped off by poor advisors July 21, 2022 The City watchdog and its former head Andrew Bailey, nowadays the Bank of England’s chief, have come under fire for letting down British Steel pension savers who were ripped off by poor advice from companies they thought they could trust. The Financial Conduct Authority (FCA) did not protect the members of the British Steel pension [...]
Stablecoins will be regulated in the UK with wider crypto regulation to be discussed this year July 20, 2022 Stablecoins will be regulated in the UK in a major move towards crypto asset oversight, with plans to consult on wider crypto regulation later in 2022. The UK’s Financial Services and Markets Bill was presented to Parliament today and widens the UK’s approach to crypto regulation, allowing for stablecoins to be considered as a form [...]
FTSE 100 loses Wall Street bounce as banks falter July 20, 2022 A boost from a bumper day on Wall Street yesterday was not enough to help London’s FTSE 100 finish higher today. The capital’s premier FTSE 100 index shed 0.44 per cent to close at 7,264.31 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, added [...]
Inflation races to new 40-year high – but worst is yet to come July 20, 2022 UK inflation raced to a fresh 40-year high last month, but economists have warned the cost of living squeeze is set to get even worse. Prices surged 9.4 per cent over the year to June, the quickest acceleration since 1982 and up from an already historic level of 9.1 per cent in May, according to [...]
FTSE finance chiefs brace for recession July 20, 2022 Britain’s top finance chiefs are bracing for a recession driven by inflation crimping consumers and thinning businesses’ margins, a new survey published today reveals. Chief financial officers (CFO) at the UK’s largest listed companies think there is a 63 per cent chance of the economy swinging into reverse over the next 12 months, according to [...]
FTSE 100 reverses early losses on strong Wall Street gains July 19, 2022 London markets whipsawed today as investors’ concerns about a bigger Bank of England rate rise were tamed by strong gains on Wall Street. The capital’s premier FTSE 100 index surged 1.01 per cent to 7,296.28 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, climbed [...]
Inflation expected to soar above eye-watering 40-year highs as cost of living onslaught deepens July 19, 2022 When official figures lay bare the extent of the mounting cost-of-living crisis on tomorrow morning, UK inflation is expected to soar even further above current eye-watering 40-year highs. The latest figures from the Office for National Statistics (ONS) will show Consumer Prices Index (CPI) inflation rose to at least 9.3 per cent in June, up [...]
Bank of England governor Bailey puts largest rate rise since independence on table July 19, 2022 The biggest rate hike since the Bank of England was made independent 25 years ago is on the table at its next meeting on 4 August, its chief said today. Delivering his annual Mansion House bankers’ dinner speech, Andrew Bailey said “a 50 basis point increase will be among the choices on the table when [...]
Steaming inflation cuts Brits’ spending power at fastest pace on record July 19, 2022 The number of Brits in full time work reached record highs in the three months to May as unemployment rates held at 3.8 per cent, official figures have revealed today.
Lawyers circle London Metal Exchange after nickel market meltdown July 19, 2022 London Metal Exchange is preparing to fend off a bevy of legal challenges from the US after it sensationally halted nickel trading earlier this year.