UK government borrowing double than expected September 21, 2022 The UK government borrowed nearly double the amount than expected last month to fund the first stages of the cost of living care package, official figures published today show. Britain’s debt pile swelled £11.8bn in August, much higher than the country’s official forecaster, the Office for Budget Responsibility (OBR), projected £6bn at the March budget, [...]
Sentiment shows no sign of improving as inflation narrative continues to impact Bitcoin price September 21, 2022 The price of Bitcoin is down 2.8 per cent over the past 24 hours at $18,853, while Ethereum is down 2.8 per cent over the same time frame.
Home buyers warned cut in stamp duty will lead to big jump in monthly mortgage bills September 21, 2022 Home buyers could end up paying much bigger monthly mortgage bills if the government goes ahead and scraps or cuts stamp duties. Ahead of Chancellor Kwasi Kwarteng’s mini-budget on Friday, The Times reported that radical plans to cut stamp duty are in the pipeline as part of efforts to boost economic growth. Downing Street refused [...]
Media and tech players in different states as we head into recession September 21, 2022 Summer is over and the nights are becoming longer. In addition, the increasing gloom on the weather front is matched by a similar gloom when it comes to the consumer. The rise of double-digit inflation, with skyrocketing energy bills, has dominated headlines and driven UK consumer confidence, according to GfK, down to historic low levels. [...]
Government unveils energy support package to ‘stop businesses collapsing’ September 21, 2022 Firms have been given a boost in dealing with the energy crisis through a government discount, with the chancellor saying it “stepped in to stop businesses collapsing”. Plans were unveiled this morning, cutting prices for non-domestic energy customers, while suppliers will reduce wholesale costs to help families. The measures, announced by the department for Department [...]
More sectors flash recession warning amid spending cooldown September 21, 2022 More sectors of the UK economy are flashing recession signals caused by consumers cutting spending in response to surging prices, a fresh survey published today reveals. Some 11 sectors out of the 14 tracked by Lloyds Bank recorded a slump in both demand and output last month. It is the fourth month in a row [...]
An energy cap is a start but the challenge has just begun September 21, 2022 Two days after her appointment as prime minister, Liz Truss unveiled the Energy Price Guarantee, the single largest fiscal intervention introduced in the UK in peacetime. In just over a week, household bills will be frozen at an average £2,500 per year – savings of £1,000 from Ofgem’s October price cap – for two years. [...]
Ocado shares sink after HSBC downgrade September 20, 2022 Shares in Ocado sank on Tuesday after HSBC analysts downgraded the grocery delivery firm from a Hold to a Reduce rating. HSCB’s notes caused shares in the middle-class favourite to drop by more than eight per cent after Ocado warned last week that soaring inflation will weigh on its profitability in Q4. The firm warned [...]
London’s FTSE 100 edges higher ahead of central bank rate announcements September 20, 2022 London’s FTSE 100 slid yesterday, driven by traders bracing for a big week of central bank announcements. The capital’s premier index dropped 0.64 per cent to reach 7,190.16 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slumped 1.48 to 18,519.69 points. The world’s biggest [...]
Trade unions launch legal challenge against UK government’s ‘strikebreaking’ law September 20, 2022 Eleven trade unions, including RMT, Unite and GMB, are seeking permission for a judicial review to overturn the UK government’s strikebreaking law, which lets firms bring in temporary staff to replace striking workers. The trade unions are seeking permission for a judicial review in arguing the law breaches Article 11 of the European Convention of [...]