Reeves: Latest interest rate hike is a ‘hammer blow’ which did not need to happen August 4, 2023 Shadow chancellor Rachel Reeves has labelled the latest rise in interest rates as a “hammer blow for working people” which did not need to happen. The Bank of England raised the base rate for the 14th time in a row on Thursday, taking it to 5.25% in a bid to bring inflation under control. The [...]
Bank of England finally administers bitter medicine to treat inflation August 4, 2023 The City has been ahead of the Bank of England’s thinking for some time. Economists have for months known interest rates are set to stay higher for longer. Most expect them to peak at 5.75 per cent and stay there for, probably, at least a year. Governor Andrew Bailey and co have woken up to [...]
Bank of England lifts interest rates to fresh 15 year high in smaller than feared 14th straight hike August 3, 2023 The Bank of England today hiked the UK’s official interest rate for the 14th time in a row but by a lower degree than some had feared. Members of the nine-strong monetary policy committee (MPC) voted 6-3 in favour of a 25 basis point rise, smaller than the 50 basis point lift some in the [...]
Bank of England warns of stagnating UK economy and ‘crystallising’ inflation August 3, 2023 The UK economy is on course for a slow burning slump over the coming years and scorching inflation has started to “crystallise,” the Bank of England has warned as it lifted interest rates for the 14th time in a row. In fresh forecasts released today, the central bank said over the next three years, UK [...]
UK service sector slows to weakest growth for six months August 3, 2023 The UK’s services sector grew at its slowest rate for six months in July as subdued consumer demand and higher interest rates weighed on businesses, according to new data. The influential S&P Global/CIPS UK services PMI survey showed a reading of 51.5 last month, down from 53.7 in June. Any reading above 50 indicates growth [...]
Is Michael Saylor paving the way to add even more Bitcoin to MicroStrategy’s coffers? August 3, 2023 MicroStrategy Inc appears to be shaping up to add even more Bitcoin to its colossal crypto cache of 152,800 BTC.
FTSE 100 close: Markets in the red as Bank of England hikes interest rates to 5.25 per cent August 3, 2023 London’s FTSE 100 stayed in the red through most of Thursday on a day which saw the Bank of England confirm a 14th consecutive interest rate hike of 25 basis points. The capital’s premier index was down 1.27 per cent by midday and closed at -0.51 per cent. The domestically-focused mid-cap FTSE 250 index, which [...]
BMW: Shares dip on supply chain warning as carmaker lifts earnings guidance August 3, 2023 BMW’s higher annual earnings forecast failed to chime with investors, as the carmaker warned of a hit from supply chain issues and inflation. The Munich-headquartered firm said it expected an annual EBIT margin of 9-10 per cent, up from 8-10 per cent, as it reported strong demand for vehicles and a doubling of deliveries in [...]
Government warned that a poor investment climate risks new UK energy projects August 3, 2023 The UK’s investment climate must be improved if the government wants to attract more private sector funding for renewable projects.
Next: Retail giant does it again with further profit guidance upgrade August 3, 2023 Next is upgrading its full year guidance for group profit before tax by £10m to £845m, following a strong performance in the second quarter helped by summer sales.