Brexit: UK announces plan to kill off Northern Ireland protocol, outrage and disbelief in EU capitals May 17, 2022 Foreign Secretary Liz Truss just announced the Government’s intention to introduce legislation “in the coming weeks to make changes in the [Northern Ireland] protocol”. She told the Commons: “As the Prime Minister said, our shared objective has to be to find a solution that commands the broadest possible cross-community support for years to come and [...]
London indexes muted ahead of week of jolting data May 16, 2022 London’s top indexes were muted today as investors eyed a week of flagship economic announcements. The capital’s premier FTSE 100 index climbed 0.63 per cent higher to 7,464.80 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, inched up 0.01 per cent to 19,924.11 points. [...]
Governor Bailey: Nothing different BoE could have done to prevent double-digit inflation May 16, 2022 Bank of England chief Andrew Bailey today defended his performance in overseeing “the biggest test” in the monetary authority’s 25 years of independence. Bailey, 63, said there was nothing else the Bank could have done to prevent inflation surging to more than five times its two per cent target in response to a grilling by [...]
Russia-Ukraine war generates new headwinds for European economy May 16, 2022 Russia’s invasion of Ukraine is generating fresh headwinds that will choke the European economy, reveal official forecasts published today. Surging energy prices caused by concerns over supply security following Moscow sending troops into Ukraine are set to strain households and businesses on the Continent. High input prices are likely to weigh on production, while elevated [...]
Ofgem boss: Expect even higher energy bills this winter May 16, 2022 Energy prices will rise again in October, putting more pressure on struggling households, warned Ofgem boss Jonathan Brearley.
Banks across the UK are ‘pulling the drawbridge’ as lending to small businesses hits all-time low May 16, 2022 The UK’s largest business group is warning that banks “pulling up the drawbridge” to small firms will further stifle economic growth as a new SBI study showed that successful finance applications plunged over the first quarter of this year. Fewer than one in ten (9 per cent) small firms applied for finance in the [...]
Bank of England independence must remain no matter the political weather May 16, 2022 When Gordon Brown summoned then-governor of the Bank of England Eddie George to his office at the Treasury in 1997, the man in charge at Threadneedle Street was accompanied by a young civil servant – one Andrew Bailey. At that meeting, George – and presumably Bailey – were surprised to be told that the newly [...]
Exclusive: Ukraine war puts major dent in derivative margin costs May 15, 2022 The war in Ukraine has caused huge increases in margin across derivatives markets, with firms having to find new sources of financing or reducing their positions in order to meet the collateral requirements from brokers, The margin rate for Brent Crude futures on Intercontinental Exchange (ICE) now stands at over $10,00 per lot. With the [...]
City boss pays staff in gold to beat inflation: ‘Makes no sense to pay them in pounds’ May 15, 2022 Staff at a financial services firm in the City of London have been offered the possibility to get paid in gold rather than pounds and pence — to help them keep ahead of inflation. TallyMoney CEO Cameron Parry is understood to be the first employer in the country to trial a gold payroll, though other [...]
Bank of England chief Bailey set for toughest spell since taking reins from Carney May 15, 2022 Bank of England chief Andrew Bailey is this week set for one of his toughest spells since taking over from Canadian Mark Carney two years ago as head of the UK’s monetary authority. Bailey, 63, will tomorrow have to defend the Bank’s performance in taming a cost of living squeeze that risks plunging the UK [...]