Analysis: Historic day in the Bank of England’s 25 years of independence August 4, 2022 Today was one for the history books. The biggest jump in interest rates since the Bank of England was made independent 25 years ago. A looming recession similar in length to the financial crisis. The first time the Bank has raised rates while forecasting a protracted slump in recent memory. It is a lot to [...]
Brace for another financial crisis style recession, Bank of England warns August 4, 2022 The UK is set to slump into a recession comparable to the financial crisis, driven by the biggest inflation surge in 42 years, the Bank of England warned today. Britain’s economy will shift into reverse in the final three months of this year and stay there until the final months of next year, placing it [...]
Dealmakers circle British firms as UK tops inward investment August 4, 2022 International dealmakers have set their sights on British firms this year with the UK now the top target in Europe for inbound and domestic investment, research today reveals.
UK defence and aerospace firms risk being outpaced in STEM skills shortage August 4, 2022 The UK’s defence and aerospace sectors are continuing to be squeezed by a shortage in STEM talent, leaving ‘high-trust’ businesses vulnerable to being outpaced by overseas counterparts. The UK Commission for Employment and Skills revealed earlier this year that 43 per cent of STEM vacancies were hard to fill due to a shortage of applicants, [...]
More jumbo Bank of England rate hikes on a knife edge if UK tips into long recession August 4, 2022 More super-sized rate hikes in the coming months from the Bank of England are on a knife edge if the economy slumps into a prolonged recession, City economists are betting. Consumers and businesses may struggle to absorb further 50 basis point rate rises, likely prompting the Bank to slowdown its rate hike cycle, experts said [...]
Sofa seller ScS cautions cost-of-living pressures have slowed orders down August 4, 2022 ScS has warned that cost-of-living pressures have already driven down orders although the sofa business still lifted its profit expectations for the rest of the year. The furniture retailer reported a 3.9 per cent increase in orders in the year to 30 July, compared with the previous year. The company said a stronger than expected [...]
Bank of England signs off biggest rate hike in nearly 30 years August 4, 2022 The Bank of England today ripped up the history books and hiked interest rates by the largest amount in its 25 years of independence. The nine-strong committee of rate setters, including governor Andrew Bailey, backed a 50 basis point rise by 8-1 in a bid to step up their battle against the worst inflation surge [...]
Van insurance premiums surge to record highs as inflationary pressures bite August 4, 2022 Van insurance premiums have surged to record highs, after increasing for six consecutive months in a row, due to soaring inflation and widespread price hikes in response to new rules banning the practice of “price walking”. The cost of insuring a van increased by 13.6 per cent during the first six months of the year, [...]
Bitcoin flat as China tensions increase August 4, 2022 The crypto markets are broadly flat this morning, with the price of bitcoin having fallen 2 per cent to $22,873 over the past 24 hours
Defence giant Meggitt’s order book value teeters around £1bn ahead of takeover August 4, 2022 Meggitt’s orders are up nearly 50 per cent, teetering around the £1bn mark, as the British defence manufacturer undergoes a foreign takeover. The London-listed firm’s order book has been valued at £996.9m in the six months to 30 June, up from £671.4m in the same period last year, Meggitt revealed today. Revenue has jumped more [...]