Government borrowing plummets thanks to rising tax take December 20, 2024 Government borrowing dropped to £11.4bn in November, £3.4bn lower than last year, as higher tax receipts and lower debt interest gave the government a much needed boost. With the lowest November borrowing in three years, the current budget deficit, or amount of borrowing to fund day-to-day public sector activities, also dropped by more than a [...]
Bank of England may be forced to prioritise growth in 2025 December 19, 2024 Despite inflation continuing to be a headache for the Bank of England, leading it to hold interest rates today, the central bank may end up being forced to make more cuts than it would like in 2025 to salvage the UK economy. While today’s decision from Andrew Bailey’s Monetary Policy Committee to hold rates had [...]
Bank of England holds interest rates and downgrades growth forecasts December 19, 2024 The Bank of England held interest rates at 4.75 per cent today, while downgrading economic forecasts for the UK towards stagnant growth. Only six members of the Bank’s Monetary Policy Committee voted to keep interest rates steady, less than had been expected, as three voted to cut rates by 0.25 per cent citing fears over [...]
US markets tumble as Fed signals fewer interest rate cuts in 2025 December 19, 2024 US markets plunged last night after the Federal Reserve signalled that it would take a more cautious path to interest rate cuts next year. Following the Fed’s announcement, the Dow Jones fell 2.6 per cent, the S&P 500 fell three per cent, and the Nasdaq fell 3.6 per cent. This was the biggest decline in [...]
Household water bills to rise by an average £31 a year from April December 19, 2024 Household water bills in England and Wales will increase by an average £31 a year over the next five years, regulator Ofwat has announced.
Water bills set for hefty hike as Ofwat judgement looms December 18, 2024 The water regulator Ofwat is set to allow bills to rise by at least 21 per cent in the next five years, as part of its long-awaited decision on the financial future of the scandal-hit industry on Thursday. Ofwat will reveal its final determination for how much water firms are allowed to hike their bills [...]
It’s not just Waspi women, the government has taken everyone for fools December 18, 2024 You don’t have to agree with the principle of the Waspi women’s campaign to sympathise with their feelings of betrayal. Cynicism is one thing in politics, but saying absolutely anything to get in power will ultimately harm democracy, says Alys Denby Waspi stands for: Women Against State Pension Inequality. It’s a confusing name, because the [...]
Southeastern boss: Success is not about public or private ownership December 18, 2024 City AM chats with Southeastern Railway's chief Steve White on Covid-19, Labour's reforms and his plans to bring down costs.
Inflation spike ‘raises questions’ over health of UK economy December 18, 2024 The spike in inflation to 2.6 per cent today has raised questions about the health of the UK economy, according to analysts. The news comes ahead of the Bank of England’s meeting to decide the path of interest rates tomorrow, with markets agreeing that combined with higher-than-expected wage growth yesterday, a cut is off the [...]
Shoe Zone: Firm slams Budget tax hikes as it’s forced to close ‘unviable’ stores December 18, 2024 Shoe Zone has said it has been forced to close “a number” of stores following higher costs announced in the Autumn budget. The affordable footwear company said a combination of lower consumer confidence following the budget, plus “significant additional costs” due to the increases in National Insurance and the National Living Wage, have made the stores [...]