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 [...]
Week ahead: City eyes potentially ‘staggering’ inflation figures May 15, 2022 The City will turn its gaze to what is likely to be another tranche of “staggering” inflation data in a week bulging with economic and corporate updates. London’s premier FTSE 100 index whipsawed last week, dropping sharply on Monday before finishing the week up 0.41 per cent at 7,418.15 points. The mid-cap domestically-focused FTSE 250 [...]
Andrew Bailey faces House of Commons grilling amid cost of living crunch May 14, 2022 Bank of England Governor Andrew Bailey will face questions over his leadership on Monday following his policy towards the cost of living crunch.
Letters: Are we trusting the Bank? May 13, 2022 [Re: UK recession to hit sooner than first thought as economy shrinks unexpectedly, yesterday] With the UK seemingly entering a period of stagflation, it’s clear that the Bank of England has taken the right course of action by raising interest rates earlier this week – a necessary move to help tackle the challenge faced by [...]
Bank of England adds Brexit critic to rate setting committee May 13, 2022 The Bank of England (BoE) has appointed a strong critic of Brexit to its key rate setting monetary policy committee.