Truss’s botched mini budget heaps pressure on company finances October 17, 2022 Prime minister Liz Truss’s botched mini budget has heaped pressure on the finances of the UK’s largest companies, reveals new research out today. Chief financial officers of FTSE 100 and 250 firms see borrowing as more costly than at any time since 2010, according to big four accountant Deloitte. UK financial markets have been rocked [...]
Inflation and supply chain woes take their toll on UK’s chemical sector October 17, 2022 The chemical sector has reported its first quarterly fall in sales since the height of the pandemic, according to the latest sector data.
Bank of England to launch gentler but still record rate rise after mini budget U-turns October 16, 2022 The Bank of England can marginally take its foot off the accelerator after prime minister Liz Truss U-turned on key aspects of her tax cutting mini budget, but will still launch the biggest move in its 25 years of independence, City economists are betting. The monetary policy committee (MPC) is set to lift borrowing costs [...]
Recession fears outweigh OPEC+ cuts amid oil price slump October 16, 2022 Oil markets will open tomorrow with prices weighed down by global recession fears and weakening oil demand.
City braces for fresh inflation and borrowing figures October 16, 2022 The City is bracing for another busy week of new data illustrating the health of the UK economy. Last week, the FTSE 100 index fell 1.89 per cent to finish at 6,858.79 points after it was rocked by prime minister Liz Truss ditching chancellor Kwasi Kwarteng. The domestically-focused mid-cap FTSE 250 index, which is more [...]
HS2: ‘Very unlikely’ to meet budget for first phase October 16, 2022 The total cost of HS2’s London-Birmingham section is set to exceed the government’s budget by several billions, according to a leaked report. A research presented to the HS2 board by Sir Jon Thompson, the project’s deputy chair, said it was “very unlikely” the £40.3bn target would be met. The document concluded that the government’s contingency [...]
Millions of Brits to see annual mortgage payments rise by £5,100 by 2024 October 15, 2022 Millions of households will see their annual mortgage payments by as much as £5,100 over the next two years, according to one of the country’s top think thanks. More than five million families are set to be hit by spiralling mortgage costs by 2024, new analysis by the Resolution Foundation revealed, nearly one-fifth of all [...]
Analysis: Truss can’t buck the markets October 14, 2022 Around eight minutes is how long prime minister Liz Truss today allocated to explain why she sacked her chancellor for implementing her tax cuts and signed off her second mini budget U-turn. She clarified neither. She answered four questions and committed to her “mission” to boost growth in the UK at a Downing Street press [...]
Titanic Technology, where the fun never Ends October 14, 2022 It was Benjamin Franklin who said: “nothing can be said to be certain, except death and taxes”. In addition to that I can add another certainty – the lack of quality IT developers in the Financial Technology landscape. Blessed is the geek, for they shall inherit if not the earth, then a hefty salary, possible [...]
Bitcoin keeping calm and getting on with it while everything else flusters and fails October 14, 2022 Jason Deane peruses his notes from the week and is left scratching his head about the state of the world - but not the potential of Bitcoin.