Consulting and finance firms hire more black candidates when using anonymous ‘skills-based’ tests in the hiring process June 26, 2022 City employers are more likely to hire black candidates if they rely on anonymised, “skills-based” assessments in the hiring process, instead of more traditional interview methods, new research shows. Finance and consulting firms hired 79 per cent more black candidates when they relied on skill-based assessments, over more traditional methods such as cover letters, group [...]
World is staring down the barrel of new high inflation era, BIS warns June 26, 2022 The world risks being flung into a new era of persistently high inflation that will tip the global economy into a drawn out recession, one of the world’s top economic institutions has warned. Rampant price rises triggered by a series of economic shocks that have no “historical parallels” could become the norm, the Bank for [...]
How the government needs the private sector to test digital currencies June 26, 2022 Project New Era is a privately-led, cross-industry initiative that will evaluate a future digital currency ecosystem in the UK.
Week ahead: City eyes housing stats and BoE governor Bailey remarks June 26, 2022 The UK’s red hot housing market is set to revert to more normal territory driven by the cost of living crunch chilling demand for homes, fresh data released this week that will be closely watched by the City. London’s premier FTSE 100 index has rebounded after suffering bruising losses of late caused by investors around [...]
Explainer-in-brief: Why paper bank notes are finally on the out June 24, 2022 Hear, hear: we all have 99 days left to use our £20 and £50 paper banknotes before they’re out of the market. Why is the Bank of England taking these notes away? The OId Lady says paper notes are easier to counterfeit than plastic ones, so it’s time to get rid of them. Plastic ones [...]
The Roman Empire has a lesson for Andrew Bailey on devaluing a currency June 24, 2022 Winston Churchill once said: “The farther back you can look, the farther forward you are likely to see.” Those words apply to many aspects of our lives, not least economics. The past few weeks have seen the pound slump in value. In May alone, it fell by around eight per cent on its year-on-year value [...]
Cocktail of problems plunge UK consumer confidence to record low June 24, 2022 A relentless cost of living crunch, the prospect of a recession and stagnant wage growth has driven British pessimism to new highs, reveals a closely watched survey published today. UK consumer confidence dropped to minus 41 points this month, down marginally from minus 40 in May, the lowest reading recorded by research firm GfK since [...]
Second day of rail strikes send Trainline tumbling as FTSE 100 dips June 23, 2022 A second day of railway worker strikes sent shares in ticket booking platform Trainline tumbling as London’s top indexes dipped today. The capital’s premier FTSE 100 index dropped 0.97 per cent to 7,020.45 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 1.05 per [...]
The bear market story and what next – in six charts June 23, 2022 It’s been the worst start to a year for markets since the Great Depression. We tell the story so far in six charts. Like a bear with a sore head, many investors probably wish they had stayed in hibernation in 2022. It has been a brutal year so far, the worst since the Great Depression [...]
Do bear markets herald a recession? June 23, 2022 We look back over more than 100 years of data to ask what this week’s severe market moves might signal for the economy. After hitting an all-time high at the start of the year, the S&P 500 has plunged into bear territory this week. As a rule of thumb, the so-called bear market is when [...]