IoD: Higher wages will stoke inflation September 24, 2021 The chief economist of the Institute of Directors (IoD) has predicted severe worker shortages plaguing the UK economy will trigger a sharp rise in prices. Kitty Ussher, chief economist at the IoD, told City A.M. she expects “a step-change in wage rates for high-demand skills that will put upward pressure on prices in the short-term.” [...]
Bank of England considers tough rules on crypto September 23, 2021 Bank of England Deputy Governor Sam Woods has warned he will consider tough new rules to prevent British banks building up extensive exposure to crypto assets. Woods described controversial rules on crypto assets proposed by the Basel committee, the global standard setter for banking regulation, as “quite sensible” in comments to Reuters. The rules, which [...]
BoE warns inflation will top previous forecast but takes no action September 23, 2021 The Bank of England warned today soaring energy and raw materials prices will push inflation above its previous forecasts, but did nothing to rein in price rises. Officials on Threadneedle Street upped their inflation forecasts for the year to above four per cent, over double its target. Despite the higher than expected inflation clip, the [...]
BoE signals looming tightening but keeps rates and QE unchanged – CityAM : CityAM September 23, 2021 The Bank of England today signalled it could rein in the wave of stimulus it unleashed in response to the Covid-19 crisis soon. The Old Lady’s committee of rate setters acknowledged the UK economy’s sharp rebound from the pandemic had strengthened the case for “some modest tightening of monetary policy.” Also Read: US Fed to [...]
FTSE 100 extends rally as investors eye MPC meeting September 23, 2021 London’s FTSE 100 continued its rally today as investors mull whether the Bank of England will follow the US Federal Reserve’s example and signal bond buying will taper this year. The capital’s premier index added 0.50 per cent to reach 7,119.04 points during the first hour of trading. The blue-chip index has recovered from heavy [...]
Spectre of ‘stagflation’ looms over UK economy September 23, 2021 The UK economy is in real danger of undergoing a period of “stagflation” as prices soar and growth slows to a snail’s pace, according to a closely watched survey released today. The latest IHS Markit / CIPS UK composite output index dropped to 54.1 in September, down from August’s reading of 54.8. Chris Williamson, chief [...]
Markets today: Fed tilts towards a taper, Bank of England up next September 23, 2021 European markets underwent another strong session yesterday, as concerns about Evergrande diminished further, while markets in the US shook off their early week malaise by finishing close to the highs of the day in the wake of last night’s Fed meeting, which despite what looked like a fairly neutral statement, saw the central bank outline [...]
Cloudy outlook to prompt MPC to hold fire on rates and QE September 23, 2021 A slowing economic recovery from the Covid-19 crisis, sharp energy price rises and tax hikes squeezing Brits’ household incomes are likely to prompt the Bank of England’s committee of rate setters to err on the side of caution today. The Bank’s monetary policy committee (MPC) will announce its latest decision on rates and the fate [...]
Bank of England’s reputation is at stake in the interest rate tragicomedy September 22, 2021 Misplaced expectations often lead to wasted time. Pip, Vladimir and Estragon waiting for Godot, and even England fans crying out for the arrival of Jack Grealish during Euro 2020. These stories teach us that banking on something to happen can lead to opportunities going amiss. The Bank of England could be lumped into that group [...]
Lord Mayor calls on financial regulators to focus on innovation and sustainability September 22, 2021 Lord Mayor of the City of London, William Russell, will tonight (22 September) deliver a speech at the City Dinner at The Mansion House to an audience of senior regulators and representatives from across the financial and professional services industry. Lord Mayor William Russell will speak alongside Sam Woods, Deputy Governor of the Bank of England [...]