A Conservative manifesto, adjusted to UK inflation January 24, 2023 As prices keep going up, Elena Siniscalco looks at what happens to the Conservative manifesto pledges from 2019 when we adjust them in line with inflation Inflation is at 10.5 per cent in the UK. This isolated number can feel quite difficult to quantify, but we see it everywhere around us – in the price [...]
Why is the FTSE 100 nearing a record high with a recession looming? It ain’t the economy, stupid January 24, 2023 The FTSE 100 is becoming one massive hedge fund. That’s why it’s doing so well when all the doomsters have warned the UK is headed for a long, albeit shallow, recession over the next year. Of course, the stock market isn’t the economy. How many high street coffee shop owners do you know that worry [...]
A recession will end the era of free money and tip the scales back to the Big Banks January 24, 2023 The fintech industry and its founder has grown up in an era of free money and this is their first taste of a recession, it might give big traditional banks their dominance back, writes Nick Parminter The prevailing narrative in the corporate innovation bull market of the last 12 years was that “you can’t cut [...]
Goldman Sachs to slash underperforming £48bn investment book amid profit crunch January 23, 2023 Wall Street titan Goldman Sachs could shift billions of dollars worth of underperforming private equity and real estate investments that have dogged its finances, its top money manager hinted today. In an interview with Reuters, Julian Salisbury, chief investment office of asset and wealth management at the firm, said the bank will “see a meaningful [...]
Insurers falling short in modelling cyber and natural catastrophe risks, Bank of England warns January 23, 2023 The UK’s insurance regulator has called on insurers to bolster their cyber and natural catastrophe risk modelling capabilities in preparation for a period of “high volatility and uncertainty”. In a letter sent to UK insurance companies today, the Prudential Regulation Authority (PRA), which sits within the Bank of England, warned insurers models are continuing to [...]
Top Gun: Maverick and pricier tickets help Everyman cinemas post 75 per cent boom in earnings January 23, 2023 Blockbuster movie Top Gun: Maverick helped boost Everyman Media’s revenues by 62 per cent as Brits continue to embrace cinema going as an affordable luxury. The company, which has 14 of its 38 cinemas in greater London, announced its annual update to December, reporting revenue of £79.7m which is up from the previous covid-impacted year [...]
Glass half-full: Why Fuller’s chief remains optimistic despite strikes leaving a £4m dent in Christmas sales January 23, 2023 Pub chain Fuller’s lost £4m in sales due to the impact of strikes over Christmas and new year, as its chief warned of lower expectations for the full year. Chiswick-based Fuller, Smith and Turner reported in the 43 weeks to January that like-for-like sales were up a fifth on the Covid-impacted previous year – despite [...]
Crypto market news live: Why Axie Infinity has soared 44.4 per cent as Bitcoin price dips January 23, 2023 Axie Infinity has surprised crypto analysts recently, soaring 44.4 per cent in the last 24 hours with a 921 per cent increase in volume of tokens traded. Based around a blockchain-based video game of the same name, Axie Infinity’s recent spike can be attributed to the announcement of a new gaming project from company co-founder [...]
Recession to be more than twice as bad as first feared, forecasters warn January 23, 2023 The much touted coming recession in Britain will be twice as bad as first feared, new forecasts out today reveal. Soaring prices coupled with the Bank of England’s efforts to tame them are set to deal a heavier blow to GDP than projected just a few months ago. According to the EY Item Club, the [...]
Rishi Sunak and Jeremy Hunt to shun tax cuts in March budget despite £11bn energy windfall January 23, 2023 Jeremy Hunt and Rishi Sunak will hold fire on tax cuts at the 15 March budget despite being handed an around £11bn windfall from international energy prices falling to pre-Russia-Ukraine war levels, according to top economists’ predictions gathered by City A.M. Brits will have to wait until the run up to the next general election, [...]