Are we heading for a global recession? June 29, 2022 Keith Wade, Chief Economist, discusses what central bankers’ next move might be, what markets are pricing in and what the probability of a recession is. People are worrying about a global recession and with good reason. But what if the factors driving rising prices are beyond the limits of policymakers’ control? The squeeze on living [...]
London markets follow Wall Street lower as rate hike jitters ramp up June 29, 2022 London markets followed their Wall Street counterparts lower today as investors fretted over the pace of rate hikes by central banks to tame inflation. The capital’s premier FTSE 100 index dropped 0.44 per cent to 7,291.48 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, [...]
B&M quarterly sales dip after retailer warns shoppers could cut back amid high inflation June 29, 2022 Discount retailer B&M has seen sales plummet in its first quarter, against strong lockdown comparatives, as cash-strapped Brits cut back on discretionary spending. In a trading update for the 13 weeks from 27 March to 25 June, the London-listed business said group revenue had dropped 2.2 per cent on a constant currency basis. Across the [...]
Covid restrictions in China take dent to Mulberry shop and online sales June 29, 2022 Mulberry has said Covid restrictions in China have resulted in a one per cent dip in sales across its retail and digital channels so far this financial year. Stringent pandemic measures in mainland China meant the designer handbag maker was forced to temporarily shutter the majority of its stores, as well as its Shanghai distribution [...]
Central banks have fooled themselves into thinking they have power over inflation June 29, 2022 If we look under the bonnet of central banks, we find a debate which is almost theological in its nature.
Editorial: Heathrow is the gateway to London – it needs to swing itself open June 29, 2022 DURING the pandemic, the travel industry long claimed they should be treated differently. The ensuing chaos at airports, then, was the fault of the government for failing to do so. Heathrow was given special consideration by the Civil Aviation Authority, who allowed it to increase landing fees by more than 50 per cent to £30.19 [...]
Global consumer confidence plunges to new lows on inflation spike June 28, 2022 Consumers in rich countries have never been more glum as inflation takes its toll on household balance sheets. Confidence in Germany, Europe’s economic powerhouse, dropped to minus 27.4 this month, the lowest level since record began, GfK said today. The figures come as another survey published by GfK last Friday revealed UK consumer confidence has [...]
‘Extreme caution’ urged over census data collected in pandemic despite ONS saying it has ‘full confidence’ in its figures June 28, 2022 Census figures collected during the national lockdown should be treated with “extreme caution” according to a council leader, after appearing to leave off three per cent of the capital’s population. It has been claimed that the Office for National Statistics’ latest data failed to include 300,000 Londoners compared to the previous projection, despite the organisation [...]
Cocktail of costs: Two thirds of hospitality businesses not turning a profit June 28, 2022 Just over one third of hospitality businesses in the UK are currently turning a profit amid a cocktail of hefty cost increases. Only 37 per cent of restaurant and bar firms are profitable, according to figures from industry bodies the British Beer and Pub Association, British Institute of Innkeeping and UKHospitality. Bosses pointed to sky-high [...]
Rees-Mogg says cutting taxes could reduce inflation in split with PM June 28, 2022 Jacob Rees-Mogg has said cutting taxes immediately may reduce inflation in comments that will put him in direct dispute with Boris Johnson and Rishi Sunak. The Brexit minister today said getting inflation under control “doesn’t necessarily mean tax increases – indeed it could mean tax cuts”. Johnson and Sunak have both said the UK cannot cut [...]