Bank of England’s interest rate rise at noon: Brokers and agents across the City give their two cents August 4, 2022 The governor of the Bank of England, Andrew Bailey, and the rest of the monetary policy committee will hike interest rates 50 basis points today at 12pm. The main reason? Living costs are up 9.4 per cent over the last year, crimping households and businesses and threatening to plunge the UK economy into recession. Energy [...]
UK construction output in ‘contraction territory’ for first time since pandemic August 4, 2022 The UK’s construction output has fallen for the first time since last January, according to US analytics giant S&P Global. Despite healthy employment rates in the country, civil engineering and housing activity declined in July amid spiralling inflation which has hit raw materials, fuel and labour. Gareth Belsham, director of property consultancy and surveyors Naismiths, [...]
D-Day in the City: Bank of England set to make history today by raising interest rates by record 50bps August 4, 2022 Today the Bank of England could make history by raising interest rates by 50bps for the first time since the Monetary Policy Committee was set up back in 1997. In June, the vote was a split decision, and it is quite likely that this one could be too. Then, three members of the MPC voted [...]
UK inflation to surge above 15 per cent, more than seven times Bank of England target August 4, 2022 The Bank of England faces the grim prospect of overseeing the largest inflation surge in recent memory, with prices rising more than seven times faster than its target, a top think tank warned today. A sustained surge in energy costs triggered by Russia’s invasion of Ukraine and a sudden burst in demand after the Covid-19 [...]
Sunak launches fresh attack on Truss’s tax cut plans warning Brits will face higher mortgage payments August 4, 2022 Ahead of the Tory leadership hopefuls next debate in their quest to become prime minister, Rishi Sunak launched a fresh attack on Liz Truss’s plans for tax cuts. The former chancellor said his Foreign Secretary rival in the Tory leadership race would further drive up interest rates, raising mortgage payments, with her plans. His warning [...]
European venture funding plunges as inflation hits private markets August 4, 2022 European venture capital funding slumped in the second quarter of the year as an investment boom tailed off amid soaring inflation and market shocks brought on by Russia’s invasion of Ukraine, new research has revealed.
Rolls-Royce shares dive as soaring costs squeeze profits August 4, 2022 Rolls-Royce reported a slowdown in profits in the first six months of the year as a cocktail of snarled supply chains, soaring inflation and war in Ukraine caused costs to spiral.
Next sales up as shoppers flock back to high street but firm warns of slowdown as inflation hits August 4, 2022 Next has shared elevated quarterly sales, suggesting that warm weather and the closure of high street rivals has driven shoppers into stores. In a trading update on Thursday, second quarter full price sales were boosted five per cent versus last year, some £50m ahead of the clothing firm’s previous guidance. Next attributed this to a [...]
Starmer’s brawl with the unions is a rite of passage for the Labour party August 4, 2022 All the Labour Party had to do was to cede the entire summer to Tory infighting. But when it comes to factionalist fights among themselves, Labour are the experts. Since being given a begrudging vote of confidence by Durham Police, clearing him from the most boring of allegations of rule-breaking, Sir Keir Starmer has found [...]
Tory leadership: Truss has 32-point lead over Sunak in new members poll August 3, 2022 Liz Truss has opened up a 32-point lead over Tory leadership contender Rishi Sunak in a new members poll as the pair get ready to face another hustings event tonight. The Conservative Home poll of Tory members had Truss on 58 per cent and Sunak on 26 per cent in a further sign the foreign [...]