Are central banks to blame for the inflation crisis? August 1, 2023 As we enter what looks like the final leg of central banks’ interest rate rising journeys, it’s as good a time as ever to trace why they have been jolted into action after over a decade of ultra loose policy and whether their response to the inflation crisis has been effective. Coming out of the [...]
The Notebook: Ian Whittaker on S4’s bad luck, a surprising election forecast and the unbeatable pull of strong brands August 1, 2023 Where the City’s movers and shakers get some things off their chest. Today it’s Ian Whittaker, founder of Liberty Sky Advisors S4’s latest woes are down to bad luck, not bad judgement The Q2 results season is in full swing and, so far, it is fair to describe the season as better than expected. The [...]
Heathrow boss: Aviation sector can’t bank on soaring demand continuing into winter July 31, 2023 The aviation sector should not bank on soaring demand continuing, the boss of Heathrow airport has warned, amid concerns that airlines could struggle after summer without corporate travels’ sustained recovery. “We all want to make the most of the demand while it’s here but we can’t bank on it continuing,” long-time chief John Holland-Kaye told [...]
Bank of England interest rate rises yet to pass fully through economy as borrowing ticks up July 31, 2023 The effects of the Bank of England’s aggressive interest rate rises have yet to fully feed through the UK economy as Brits continue to borrow and look to get on the property ladder, official data out today shows. A clutch of numbers released by the Bank of England today revealed consumers are not yet being [...]
Marshalls to cut 250 jobs as housebuilding slump takes toll July 31, 2023 Building products supplier Marshalls is axing around another 250 jobs and closing a factory in Scotland after sales dived due to a housing market slowdown. The group said the cuts come as part of plans to save £9 million a year, which will see it shut a factory in Carluke in South Lanarkshire, while also [...]
Heineken cuts earnings guidance after price rises hit sales July 31, 2023 Brewing giant Heineken has cut its earnings guidance after consumer demand was hit by price increases. The Dutch brewer, which also makes Fosters and Amstel, said it made “significant price increases” at the start of the year in an effort to offset “unprecedented levels of commodity and energy inflation”. In the UK, the Office for [...]
Rishi Sunak: 2030 petrol and diesel car sale ban is here to stay July 31, 2023 The 2030 ban on the sale of petrol and diesel vehicles will remain as a government policy, Prime Minister Rishi Sunak has said. Speaking on BBC Radio Scotland’s morning show, Rishi Sunak insisted a ban on “sale of new cars,” has been the policy “for a long time,” and “remains the government’s policy.” “I’m committed [...]
Savings rates: Nine big banks face ‘robust’ action if they can’t prove fair value July 31, 2023 The nine largest banks have passed on just 28 per cent of base rate increases in easy access savings accounts since the beginning of last year, as the City watchdog issued a new set of rules to ensure savers get a fair deal. Under new rules coming into place, the Financial Conduct Authority (FCA) said [...]
Eurozone economy pulls away from recession as inflation slips again to 5.3 per cent July 31, 2023 The European economy is outperforming expectations and pulling away from recession as inflation continues to descend, official data out today shows. Growth across the 20 countries that use the euro hit 0.3 per cent in the three months to June, according to the bloc’s statistics agency Eurostat. That topped analysts’ expectations of a 0.2 per [...]
FTSE 100 close: London markets finish higher but investors cautious before BoE rate hike July 31, 2023 London’s FTSE 100 closed slightly higher this afternoon, after a tempered start to a week in which the Bank of England is expected to hike interest rates to their highest level since 2008. The capital’s premier index kicked off down 0.26 per cent, before bouncing back by close to 0.17 per cent on stronger than [...]