Optimism returns to crypto markets as the day is greeted by big green candles everywhere May 13, 2022 The doom and gloom is still in the markets, but optimism abounds as almost every cryptocurrency turned green today.
Letters: Are we trusting the Bank? May 13, 2022 [Re: UK recession to hit sooner than first thought as economy shrinks unexpectedly, yesterday] With the UK seemingly entering a period of stagflation, it’s clear that the Bank of England has taken the right course of action by raising interest rates earlier this week – a necessary move to help tackle the challenge faced by [...]
Jacob Rees-Mogg adds fuel to the Brexit fire: ‘The EU is trying to punish the UK’ May 13, 2022 Jacob Rees-Mogg has claimed the EU is trying to punish the UK for Brexit. The Minister for Brexit Opportunities and Government Efficiency said about the ongoing talks with the EU: “I think it [the EU] wants to make the UK feel bad about having left the European Union and that underpins its whole policy and [...]
A volatile week draws to a close on Friday the 13th with ‘a UK economy that has more or less ground to a halt’ May 13, 2022 There were more wild swings in equity markets over the last 24 hours, largely driven by a concern over slowing growth, and sticky inflation, raising fears of looming stagflation and possible recession. These worries manifested themselves in the guise of fluctuating bond yields, and weaker commodity prices, while Federal Reserve officials continued to show little [...]
Bank of England adds Brexit critic to rate setting committee May 13, 2022 The Bank of England (BoE) has appointed a strong critic of Brexit to its key rate setting monetary policy committee.
VAT revenues rise to highest amount ever as HMRC pockets £157bn in just one year May 13, 2022 HMRC collected a record £157.2bn from VAT bills in in the last tax year, a 55 per cent jump on the £101bn collected in 2020/21, after businesses were forced to make up for VAT payments they deferred during the pandemic. Accountants have told City A.M. that HMRC’s VAT income has risen sharply after the rate [...]
OakNorth boss Rishi Khosla is braced for the next economic crisis May 13, 2022 Rishi Khosla has become rather used to dealing with economic crises over the past seven years.
Stagflation fears trigger sea of red in the City as FTSE 100 plummets May 12, 2022 Stronger signals indicating the UK economy is in the teeth of a slump sent London’s FTSE 100 tumbling today. The capital’s premier index plummeted 1.56 per cent to 7,233.34 points, while the mid-cap domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, closed 0.85 per cent at 19,480.88 points. [...]
UK recession to hit sooner than first thought as economy unexpectedly shrinks May 12, 2022 The UK is “dangerously close” to tipping into a recession sooner than predicted due to households already cutting spending ahead of the cost of living squeeze tightening. That’s according to City economists’ assessment of weaker than expected GDP figures published today by the Office for National Statistics (ONS). The economy shrank 0.1 per cent in [...]
The City View: Subpar UK economic figures, and more rate hikes to come May 12, 2022 Today Andy Silvester talks to City A.M.’s Economics and Markets reporter Jack Barnett. They go through the gloomy economic figures released by the ONS this morning measuring the economy’s performance, and explain what this will mean for rate hikes going forward. And in the news: BT has confirmed a joint sports venture with Warner Bros [...]