Energy bills is Kwarteng’s first priority, then we must claw back our dismal productivity September 12, 2022 A looming 15-month long recession. Highest debt burden since the 1960s. Biggest living standards shock on record. It’s not the best time to be managing the UK economy. But that’s exactly what newly appointed chancellor Kwasi Kwarteng has been tasked with. His problems can be split into three categories: short, medium and long term. Kwarteng’s [...]
London’s economy powers through August in ‘growth mode’ as UK stalls September 12, 2022 London’s economy powered through August in “growth mode” despite the UK stalling, a new survey published today reveals. High street bank NatWest’s London purchasing managers’ index (PMI) remained in positive territory in August at 54.9. However, the PMI dropped sharply from 58 in July and was the weakest reading in nearly a year and a [...]
Meet the duo explaining the ‘dismal science’ 10 points at a time September 12, 2022 People think economics is boring. It’s all about finance. It’s all about money, they say. It’s tough to argue with them given the subject’s nicknamed the “dismal science”. But, two secondary school teachers are on a mission to change people’s minds about that. Peter Clift (Pete) and Gavin Simpson (Gav) and are the hosts of [...]
Bank of England to send rates to four per cent after Truss energy package September 11, 2022 The Bank of England could be forced to hike interest rates to their highest level since October 2008 to offset Liz Truss’s around £150bn energy support stoking inflation, City economists have warned. Sanjay Raja, senior economist at Deutsche Bank, said borrowing costs may be hoisted to restrictive territory to tame price pressures, possibly reaching a [...]
City eyes economic data dump for clues on BoE rate hike path September 11, 2022 City traders will be looking for clues shedding light on how far the Bank of England will need to hike interest rates in this week’s economic data dump. The capital’s premier FTSE 100 index posted a decent performance last week, adding nearly one per cent to close at 7,351.07 points. Its mid-cap domestically-focused counterpart, the [...]
Day of Queen’s funeral declared a bank holiday September 10, 2022 The day of the Queens funeral has been declared a bank holiday, by soon-to-be king Charles III. Queen Elizabeth II, the UK’s longest-reigning monarch, died peacefully aged 96 at Balmoral Castle on Thursday afternoon. The Queen will be given a state funeral, the first in the UK for more than half a century. Under leaked [...]
Market wrap: London stays open and sees shares and pound rise September 9, 2022 Markets in London traded as usual on Friday, and saw shares and the pound trade higher. The London Stock Exchange confirmed that it planned to maintain normal opening hours after the death of the Queen, but would close during any public holidays. The FTSE 100 joined an international rally, which saw global markets break out [...]
Bank of England pushes back rates decision to late September September 9, 2022 The next decision on interest rates will be made a week later than anticipated, following the death of Queen Elizabeth II. The country has entered into a period of mourning after it’s longest-reigning monarch died yesterday at Balmoral Castle, aged 96. An original meeting of the Monetary Policy Committee scheduled for 15 September has now [...]
Banknotes and coins with The Queen’s iconic face will remain legal tender, for now September 9, 2022 The nation has become accustomed to the Queen’s face adorning our bank notes, pound coins and stamps. But as the country now mourns her passing, many have wondered what will happen to the iconic symbol of the monarch on our coins; whether her face will continue to be printed on the currency, and whether indeed [...]
The world has suddenly changed, but there is a constant that will outlive us all September 9, 2022 Crypto AM's Jason Deane tries to make sense of one of the most eventful and significant weeks in world history.