Hunt faces potential Tory backlash as he draws up plans to raise £50bn November 6, 2022 There are growing government fears about a potential Tory backlash against Jeremy Hunt’s fiscal statement as he looks to find ways to raise £50bn. Hunt will raise taxes and cut future real-terms spending in his 17 November autumn statement, with the chancellor looking at proposals to freeze Income Tax thresholds as a part of a [...]
Bank of England watchers eye Pill and Ramsden speeches November 6, 2022 Bank of England watchers are in for a bumper week as several top rate setters provide hints on the trajectory of UK monetary policy after last week they said the economy is on course for the longest recession on record. Despite the bleak projections by the Bank, London’s FTSE 100 fared well last week, climbing [...]
Cost of living special: Which everyday items have risen in price by how much recently? November 6, 2022 New figures showed recently that retail sales volumes have plummeted to 1.3 per cent lower than pre-coronavirus levels, as rising prices and the cost of living continues to bite. The ONS data said at the end of October that in particular food store sales were down, by 1.8 per cent last month, which is 3.2 [...]
RMT suspends week of planned rail strikes in potential breakthrough November 4, 2022 The UK’s largest rail union has suspended a week of planned rail strikes, set to begin tomorrow, in what could be a breakthrough in negotiations. The National Union of Rail, Maritime and Transport Workers (RMT) today said it would not go ahead with strikes on 5, 7 and 9 November, but that the “current dispute [...]
Qatar World Cup: 700 Heathrow workers to strike causing chaos for travelling fans November 4, 2022 Qatar World Cup football fans will face disruption following the announcement of three days of strike action at Heathrow Airport. Workers on the ground at the international hub employed by Dnata and Menzies will walk out on Friday 18 November, with the tournament in the Gulf state beginning on 20 November. England’s first game is [...]
Editorial: Andrew Bailey’s guidance is a sign of just how shaky the economy looks November 4, 2022 The latter is always second guessing where governor Andrew Bailey and the rest of the monetary policy committee will send interest rates. The former rarely provides any clues. Investors’ rate expectations are shaped by thousands of pieces of data, but they essentially boil down to a couple of key themes. Firstly, inflation. Markets make their [...]
Business leaders urge govt to restore ‘hard-won reputation for stability’ after rate rise and recession warning November 4, 2022 The government’s must restore the UK’s “hard-won reputation for stability” after this week’s rate hike and warning about a prolonged recession. A top wonk at the Confederation of British Industry responded to the Bank of England’s “bumper rate rise” to 3 per cent shows “the scale of the UK’s inflation challenge”. With inflation now over [...]
Bleak Friday? Retailers hit by spending slowdown as shoppers shun high street November 4, 2022 High street bosses are nervously awaiting Black Friday as retail sales volumes dropped dramatically last month. Sales volumes have dropped significantly, although this has been masked by historically high levels of inflation, data from accountancy firm BDO revealed today. In-store like-for-like sales saw the lowest growth since lockdown in February 2021, with growth of just [...]
Bank of England delivers largest rate hike since 1989 and signals more to come November 3, 2022 The Bank of England today hiked interest rates by the largest amount since 1989 and signalled more rises are coming. The Bank’s rate setting committee voted unanimously to lift borrowing costs 75 basis points to three per cent, the highest level since 2008 and the eighth rise in a row. The pound shed more than [...]
UK economy headed for record recession if rates rise sharply, BoE warns November 3, 2022 The UK economy is on course to suffer the longest recession since records began if interest rates rise sharply, triggered by a toxic mix of higher mortgage costs, prices and energy bills, the Bank of England said today. Gross domestic product (GDP) will shrink for 24 consecutive months, beginning in the early stages of next [...]