UK dodges recession but economy still poised to be below pre-Covid-19 size until end of 2024, BCC forecast March 9, 2023 The UK is poised to avoid a recession this year but suffer a slow burning economic slump that will leave GDP below its pre-pandemic level until the final months of next year, new forecasts out late last night claim. Stronger than expected household spending despite sky high inflation plaguing families’ finances will put the economy [...]
FTSE 100 close: Wall Street sell off tames London index after Powell rate warning March 8, 2023 London’s FTSE 100 was tamed today by a sell off that gathered pace in Wall Street last night after US Federal Reserve chair Jerome Powell signalled outsized interest rate rises could be back on the menu. The capital’s premier index squeezed out a 0.13 per cent gain to close at 7,929.93 points, while the domestically-focused [...]
Use your Isa allowance to invest against the Chancellor’s ‘Budget raid’ on savings March 8, 2023 What are your options if you plan to use your Isa to buy stocks and shares. We explore the different assets and explain why it’s more important than ever to use your Isa allowance this tax year. More taxpayers than ever are falling into the higher rate tax bracket of 40 per cent. According to [...]
UK risks energy tech exodus without more funding, battery boss warns March 8, 2023 The UK risks an energy tech exodus to rival markets unless it offers more funding, the boss of AMTE Power has warned.
Admiral cuts dividend as profits are pulled down nearly 40 per cent amid ‘challenging’ market conditions March 8, 2023 Insurance firm Admiral has slashed its dividend after announcing a 39 per cent fall in its full year profits. Shares in the Cardiff insurer plummeted on the news, before recovering slightly in today’s morning session, as Admiral said its 2022 dividend would be 40 per cent lower than in 2021 and 20 lower than in [...]
Bank of England risks tipping UK economy into recession with further interest rate hikes, MPC’s Dhingra warns March 8, 2023 The Bank of England risks tipping the UK economy into recession if it raises interest rates too aggressively and worsening the cost of living crisis, a top official said today. Swati Dhingra, an external member of the Bank of England rate setting monetary policy committee (MPC), warned “overtightening poses a more material risk at this [...]
Crypto markets respond to latest US inflation numbers March 8, 2023 The price of Bitcoin was falling from $22,012 this morning, while Ethereum is valued at $1,554 as crypto markets respond to interest rate news.
Virgin accuses Heathrow of ‘abusing its power’ as British Airways weighs in on CAA decision to fix price cap March 8, 2023 A war of words has broken out between Heathrow Airport and major carriers Virgin Atlantic and British Airways, following the Civil Aviation Authority’s decision to fix the passenger price cap. The regulator confirmed the average maximum price per passenger will fall by about 20 per cent from £31.57 per passenger in 2023 to £25.43 per [...]
Royal London: Insurer’s profits up 58 per cent as asset troubles offset by pensions growth March 8, 2023 Royal London today said it successfully boosted its profits by 58 per cent in 2022 in the face of “difficult market conditions”. The insurer saw its operating profits jump to £210m as the adverse impacts on its asset management arm were offset by strong performances across the rest of its business. Royal London, the UK’s [...]
Legal & General raises dividend as higher interest rates help it profit from pensions buyout boom March 8, 2023 Legal & General (L&) has hiked its dividend after outstripping market expectations by boosting its profits by 12 per cent. Higher profits in L&G’s pensions and life insurance segments offset lower incomes from its asset management business, LGIM, after it suffered from the impacts of market volatility. L&G upped its dividend by five per cent, [...]