Bank of England will sign off steeper rate hike if inflation persists, chief economist warns July 6, 2022 The Bank of England will ramp up the pace of its tightening cycle if inflation continues to motor ahead, its chief wonk said today. Speaking at the London and Qatar centre for global banking and finance conference at Kings College, Huw Pill, chief economist at the Bank, said its latest forward guidance reflects “my willingness [...]
Homeowners look to flog properties as UK house price growth slows July 6, 2022 Requests for property valuations have hit their highest since January, according to the latest research, as homeowners look to make the most out of the market while house prices are still hot. House price growth has been slowing since the beginning of the year, according to the country’s most watched indexes. While still breaking new [...]
Oil prices nosedive as recession fears rise across developed economies July 5, 2022 Oil prices have plummeted a whopping $10 across both benchmarks, as recession fears curtailed demand and drove down prices.
Bank of England economy warning sends London markets lower July 5, 2022 London markets were dragged lower today by the Bank of England warning the UK economy is headed for a tough time over the coming year. The capital’s premier index shed nearly three per cent to close at 7,025.47 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the [...]
Bank of England urges greater crypto regulation after crash to prevent financial stability risks July 5, 2022 The Bank of England called for a strong regulatory regime for crypto after the recent crash to prevent financial stability risks in the UK. In its Financial Stability Report today, the Bank said the “extreme volatility” in crypto recently exposed several vulnerabilities in crypto markets and was similar to past volatility in traditional financial systems. [...]
Cautious consumers send chill through UK services economy July 5, 2022 Consumers are rolling back spending at pubs, bars and restaurants in response to rampant inflation whacking their budgets, reveals a closely watched survey published today. New business growth in Britain’s services industry, its economic engine, slowed to its worst level in 16 months in June, according to S&P Global’s purchasing managers’ index (PMI). The cool [...]
Bank of England orders lenders to strengthen reserves amid ‘deteriorating’ economy July 5, 2022 The Bank of England yesterday ordered lenders to fortify their defences in preparation for the looming economic downturn, warning the City against “excessive” cuts in lending to households and businesses. The central bank, which oversees Britain’s banking sector and the country’s monetary policy, doubled the proportion of money lenders need to keep in reserve to [...]
Friedman served us well, but now it’s time to challenge his view of corporate purpose July 4, 2022 THE traditionally-accepted purpose of a business, as famously espoused by Milton Freidman, has been to earn a profit for its owners or shareholders. This concept stood for many years as fundamental and non-negotiable. The investment world has historically been managed on two dimensions: risk and return. For an investor, the question has typically been: how [...]
Week ahead: Traders eye rate setter speeches for signs of quicker tightening July 3, 2022 Investors this week will be looking for signs of the Bank of England launching a 50 basis point rate rise at its next meeting on 4 August. London’s premier FTSE 100 index posted a mild performance over last week, dropping 0.56 per cent to end at 7,168.65 points. The domestically-focused mid-cap FTSE 250 index however [...]
Payday: City law firm hikes starting salary for junior lawyers to £120k July 2, 2022 Square Mile law firm Herbert Smith Freehills has boosted its starting salary for junior lawyers to £120,000, as the City pay battle wages on. The firm has hiked pay for junior lawyers by 24 per cent, in a bid to compete with other law firms also increasing staff pay. The increase comes as Bank of [...]