Bank of England governor Andrew Bailey rebuffs Huw Pill’s ‘accept you’re worse off’ comment May 11, 2023 The Governor of the Bank of England has suggested that the Bank’s most senior economist chose the wrong words when saying that people and businesses should accept they are poorer now because of inflation. Andrew Bailey said that there had been a hit to national income, and did not appear to criticise the substance of [...]
Bank of England hikes interest rates for twelfth time in a row and warns of ‘significant’ inflation risk May 11, 2023 The Bank of England today hiked interest for the twelfth time in a row and to their highest level since October 2008, but warned inflation will stay higher for longer than it previously thought. The monetary policy committee (MPC) – the nine-member group tasked with setting interest rates in the UK – voted 7-2 in [...]
Bank of England ditches any threat of recession in biggest GDP upgrade since 1997 independence May 11, 2023 Any threat of a recession in Britain this year and over the medium term has today been scrapped by the Bank of England in what was the largest upgrade to the central bank’s GDP projections since it was made independent in 1997. The UK economy is now tipped to broadly flatline this year and start [...]
Supermarkets do butter to ease soaring prices for shoppers May 10, 2023 The price of a slice of toast with butter is about to get cheaper as some of the UK’s biggest supermarkets have slashed the price of the kitchen staples following criticism over high prices. Sainsbury’s said that as commodity prices started to fall on wheat and butter, it is now able to reduce the price [...]
US inflation falls faster than expected to 4.9 per cent, raising chances of Fed rate hike pause May 10, 2023 US inflation fell faster than expected last month, potentially paving the way for the Federal Reserve to pause its aggressive interest rate hike campaign at its meeting next month, official figures unveiled today unveiled. The rate of price increases in the world’s largest economy slipped to 4.9 per cent in April, down from five per [...]
Wetherspoon on track for ‘record’ year as budget boozer shrugs off inflation woes May 10, 2023 JD Wetherspoon is expecting a “record” high in sales this year as the budget pub chain shrugs off inflationary and supply chain woes, sending its shares – with the company’s shares soaring over seven per cent when markets opened this morning. The London-listed boozer said that sales during the Easter week were the highest-ever for [...]
Bank of England to hike interest rates for 12th time in a row and forecast falling inflation May 9, 2023 The Bank of England is poised to intensify the strain on households and businesses’ finances by hiking interest rates for the 12th time in a row this Thursday in a bid to bring down inflation, City analysts are betting. Threadneedle Street’s nine-member Monetary Policy Committee (MPC), the group tasked with setting official borrowing costs in [...]
Booming services sector steers UK economy further away from recession May 9, 2023 Britain’s economy is running at its strongest level in nearly a year, powered by households still splashing the cash amid the cost of living crisis in another sign the country will skirt a recession. A new survey out last night from consultancy BDO revealed output growth in the UK reached its highest level in eight [...]
Bring me sunshine! Retailers hit by grim April weather as economy held back by the rain May 9, 2023 Retailers continued to be bruised by soaring inflation and poor weather conditions in April, as the sector holds out hope for summer to give a much needed boost in sales. Data by the British Retail Consortium (BRC) showed that while retail sales rose slightly over five per cent during the month, overall inflation meant that [...]
Domino’s takeaway: Pizza chain announces £20m share buyback as UK sales soar May 4, 2023 UK consumers shrugged off inflation and a cost of living crisis to order more pizza, according to UK and Irish-based chain Domino’s. The fast food chain said sales increased to £386.6m across its branches, up 5.6 per cent compared to the same period last year. Quarterly orders at Domino’s Pizza group grew 2.8 per cent [...]