Bailey hot under the collar over price rises as City warns BoE inflation will scale to double its target November 15, 2021 The governor of the Bank of England is deeply agitated by red hot inflation in the UK despite voting in favour of leaving interest rates unchanged at a record low. Responding to a grilling by MPs, Andrew Bailey said he was “very uneasy about the inflation situation”. Inflation is “not of course where we want [...]
City warns Bank of England inflation will soar to double its target November 15, 2021 Inflation in the UK will scale to double the Bank of England’s target, raising fresh questions over the credibility of the Old Lady’s actions, City economists have warned. A toxic combination of soaring petrol, energy and food costs and restaurants hiking prices after the end of a VAT tax holiday will lift inflation to around [...]
Labour claims Sunak will not have the ‘fiscal headroom’ to cut taxes before next election November 14, 2021 New UK growth forecasts from the Bank of England show that Rishi Sunak will not have the “fiscal headroom” to cut taxes before the next election, according to shadow chancellor Rachel Reeves. The central bank now forecasts the UK economy will grow by 1.5 and 1 per cent in 2023 and 2024 respectively, compared to [...]
How have crypto market moves affected consumer behaviour online? November 14, 2021 Ed Lavery explains how crypto market moves have affected consumer behaviour online.
Bank of England defends fossil fuel funding to Extinction Rebellion November 14, 2021 The Bank of England (BoE) reportedly tried to appease Extinction Rebellion (XR) protests earlier this year, as the climate activist group targeted City fossil fuel financing. In emails with XR members, the central bank urged that government instead has the “primary levers for driving the economy-wide transition to net-zero emissions”, The Telegraph first reported. In [...]
Best of this week in our opinion pages: From Mark Carney’s climate bet and Tory sleaze scandals to protecting abuse victims in virtual courts November 13, 2021 On Friday, City A.M. columnist Josh Williams’ turned to Mark Carney’s efforts to build a consortium of investors keen to save the planet from climate change. But his claim to have $130tn at the ready was over-exaggerated and distracted from his mission. Instead, the former Governor of the Bank of England should take a leaf [...]
IFS: Brits unlikely to spend pandemic savings anytime soon November 12, 2021 Brits are unlikely to dip into their pandemic-induced savings and splash the cash any time soon. A greater propensity to save, especially among richer households, and maintaining savings habits adopted during the Covid-19 crisis will deter Brits from spending, according to the economic think tank the Institute for Fiscal Studies (IFS). Normal spending patterns were [...]
A bank to bridge the gap November 12, 2021 Eleven months after the announcement of a new national infrastructure bank it made its first investment. Can this new institution follow the success of its predecessor the Green Investment Bank and have a real impact on a green future. Our Green Finance Forum panel discusses. Level up On October 25th this year, the UK National [...]
Mark Carney, Exxon Mobil and the parable of purpose and turning a profit November 12, 2021 Gfanz, the inelegant rendering of the even less memorable Glasgow Financial Alliance for Net Zero, is Mark Carney’s climate change vehicle. Last week, the former Bank of England Governor declared that it had mobilised $130tn in pursuit of net zero. The figure is incredible. For context, it is more than six-times America’s GDP, and greater [...]
Women who stay away from office risk their careers, BoE committee say November 12, 2021 Women who stay away from the office risk their careers suffering as more staff return to the workplace after the pandemic, a member of the Bank of England’s monetary policy committee said.