Budget Britain: Inflation forces families to trade down and opt for staycations June 28, 2023 Britons are trading down to cheaper products and are opting to holiday at home in response to rampant inflation and higher interest rates squeezing their budgets, new research out today shows. Some 40 per cent of families have been buying more value or own brand products in 2023, according to analysis from consultancy KPMG. The [...]
Is Brexit the real reason for London’s stock market malaise? June 28, 2023 Whether Brexit is to blame for London's market malaise is a topic of debate in the Square Mile.
Teasing supermarket execs won’t stop inflation, it’s suppliers we need to grill June 28, 2023 Supermarket bosses are an easy shot, but its suppliers making profits which would dwarf those of Tesco or Sainsbury's.
Sunak should be modelling his fiscal rules on Clem Attlee’s, not Margaret Thatcher’s June 28, 2023 Debt and inflation are nothing new, but economic conditions today are very different from the past. To get out of the current sandstorm, Sunak should follow the lessons of Clem Attlee writes Paul Ormerod
FTSE 100 close: Asia stock surge lifts London index as Wise soars 16 per cent June 27, 2023 London’s FTSE 100 regained ground today, taking its lead from a decent overnight session in Asia that was aided by Chinese lawmakers signalling economic support measures are on the way. The capital’s premier index jumped 0.11 per cent to 7,461.47 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health [...]
‘Recession warnings flashing red’: HSBC Asset Management warns investors to batten down the hatches June 27, 2023 Stock markets are “out of sync” with blaring recession warnings flashing across Western economies and investors should brace for a turbulent period ahead, HSBC Asset Management has warned today.
Supermarkets behaving badly: Asda and Morrisons bosses back ‘transparent’ fuel pricing model June 27, 2023 Supermarkets bosses have been grilled by MPs on prices at the pump and agreed to consider entering into a fuel model which would give more transparency. The government has been mulling a scheme whereby petrol stations would have to share live prices in efforts to bring more price transparency for drivers – a similar system [...]
Bank of England’s Tenreyro warns more interest rate hikes risks pushing inflation below target June 27, 2023 A Bank of England official has said raising interest rates too aggressively could push inflation below the central bank’s target over the coming years. Departing monetary policy committee (MPC) member and professor at the London School of Economics Silvana Tenreyro today said tightening borrowing costs in an economy that is undergoing a severe external energy [...]
Post Brexit tariffs and EV delays could cost UK car industry over £100bn June 27, 2023 Failure to bolster the supply chains for electric cars, coupled with looming post-Brexit tariffs, could cost the UK’s car industry over £100bn in growth, a leading industry group has warned. A potential 10-fold increase in the production of electric cars worth £106 billion is as it stake, according to a new report from the Society [...]
Wise shares surge after interest rates push profits up 234 per cent June 27, 2023 Shares in money transfer Wise have rocketed this morning as the firm posted a 234 per cent boost in profits over the past year on the back of rising interest rates. In its full year results today, the London-listed fintech firm said profits had surged from £43.9m in 2022 year to £146.5m in 2023. Wise [...]