Brits cut back on pints and petrol amid tightening cost of living grip May 10, 2022 Brits are cutting back on pints and are driving less in response to the tightening cost of living grip, reveals fresh figures published today. Purchases in pubs, bars and clubs slowed last month, but were still nearly 40 per cent higher last month compared to April 2019, according to Barclaycard, which oversees around half of [...]
FCA warns of buy now pay later usage amid cost of living crunch May 10, 2022 Consumer groups have sounded the alarm over buy-now pay-later and credit usage as fresh data reveals Brits are turning to the products to buy essentials and ease the pain of a cost of living crunch.
Transport for London debt downgraded by ratings agency due to “uncertain” financial future May 9, 2022 A MAJOR ratings agency has downgraded Transport for London’s (TfL) debt due to the “uncertainty” of its long-term funding, in a further sign of the financial difficulty the operator finds itself in. Moody’s announced it had downgraded TfL’s long-term debt as a result of weaker economic growth and higher inflation delaying the service’s return to [...]
Investors fled equities in April in worst month of flows since March 2020 May 9, 2022 Global exchange traded products notched their worst month of flows since March 2020 in April as investor jitters spread amid soaring inflation and the continued turbulence of war in Ukraine.
Concoction of risks trigger global sell off to kick start week May 9, 2022 A ratcheting up in anxieties over the possibility of the global economy hurtling toward a sharp slowdown wiped billions off the value of the world’s top companies today. London’s FTSE 100 index plunged 2.32 per cent to points, while the domestically-focused mid-cap FTSE 250 index tumbled 2.59 per cent. Investors ditched London stocks on the [...]
The City View: Analysing the G7 plan to phase out Russian oil May 9, 2022 Today Andy Silvester talks to City A.M. reporters Nicholas Earl and Leah Montebello. They go through the G7’s decision to phase out Russian oil, historically elevated gas prices, unpick Snapchat owner Snap Inc.’s plan to compete with the likes of TikTok, and break down Uber’s CEO Dara Khosrowshahi’s recent letter to employees. And in the [...]
SEC doubles size of digital asset unit as Argentina bars banks from crypto services May 9, 2022 Data from CryptoCompare shows that the price of Bitcoin started last week with a sharp move higher, to test the $40,000 mark.
Jacob Rees-Mogg: Sure, the cost of living crisis is ‘difficult’ but the government cannot just spend its way out it May 9, 2022 Senior Tory Jacob Rees-Mogg said hard-pressed households are facing a “difficult” future as inflation rises but he warned the Government cannot spend its way out of the problem. The Brexit Opportunities Minister said increasing public spending to mitigate the impacts of the rising cost of living risked adding to inflation, pushing prices higher. The squeeze [...]
Inflation could surge beyond our bleakest forecast, BoE rate setter warns May 9, 2022 A member of the Bank of England’s group of rate setters has today warned inflation could surge above its own worst expectations. Michael Saunders, an external member of the monetary policy committee (MPC), said unless interest rates keep rising, “inflation pressures [will] probably be greater and more persistent” than the Bank expects. The alert chimes [...]
Could UK economy be more fragile than BoE believes? May 9, 2022 At its May meeting, the Bank of England’s (BoE) Monetary Policy Committee decided to raise interest rates by 25 basis points (bps) to a 13-year high of 1.00%. All nine members considered policy tightening to be appropriate given the strength of the labour market and persistence of domestic inflationary pressures. However, three policymakers went one [...]