Ex Bank of England governor Mark Carney says climate crisis will ‘dwarf’ economic problems May 5, 2022 Following the Bank of England’s decision to raise interest rates, its former government has said the climate crisis will “dwarf” current economic hardship. Mark Carney, who is now as special envoy for climate action with the United Nations, called on the government to move away from polluting fossil fuels. He said the move away from [...]
UK hurtling toward recession on double-digit cost of living squeeze, Bank of England warns May 5, 2022 The UK is hurtling towards a recession sparked by households being gripped by the tightest cost of living squeeze since the early 1980s, revealed fresh forecasts by the Bank of England today. The economy will struggle to eke any growth for most of next year, dragging the UK into a 0.25 per cent contraction in [...]
The City View: Bank of England hike rates once more May 5, 2022 Today Andy Silvester talks to Jack Barnett, City A.M.’s Economics and Markets reporter. Together they go through the thinking behind the Bank of England’s 25 basis point rate rise earlier today, which brought the UK’s interest rate to 1%. They take a look at the Bank’s forecasts, and explain why a recession is almost inevitable. [...]
New Sports Direct boss asserts Mike Ashley is ‘not pulling the strings’ amid of price increase warning May 5, 2022 Sports Direct’s new chief has asserted that the retailer’s former boss and his future father-in-law is “not pulling the strings.” In his first interview since stepping into Mike Ashley’s shoes as chief executive of Frasers Group, Michael Murray warned prices would likely go up. The high street titan was facing headwinds “going through the roof,” [...]
Verdict: Bank of England to keep hiking rates to chase historic inflation spike May 5, 2022 The Bank of England will keep hiking interest rates this year in a bid to chase down the highest inflation crunch since the early 1980s. That’s according to City economists, business groups and think tanks who took today’s decision to lift borrowing costs to their highest level since 2009 as a sign of things to [...]
Lufthansa to offset fuel prices following bigger than expected quarterly loss May 5, 2022 Lufthansa said it will offset higher fuel prices in the second quarter of 2022 after it delivered a bigger than expected loss in the first one. Despite narrowing its adjusted loss before interest and taxes from €1.05bn to €591m, the airline’s losses were still higher than the company-provided analyst consensus of €558m. The carrier said [...]
Bank of England hikes rates four times in a row for first time since independence May 5, 2022 The Bank of England today hiked interest rates for the fourth meeting in a row for the first time since it was given control of monetary policy 25 years ago. The move was driven by rate setters focusing on taming the worst inflation crunch in the UK for three decades despite them expecting growth to [...]
Bitcoin gets a spring in its step again as US looks to tame inflation May 5, 2022 The price of Bitcoin edges closer to $40,000 and Ethereum goes above $2,900 as crypto markets shake off recent slump.
UK automotive production outlook downgraded following April slump May 5, 2022 The automotive industry was forced to downgrade its 2022 production outlook after the number of cars built in April slumped 15.8 per cent. Data published today by the Society of Motor Manufacturers and Traders (SMMT) revealed the number of new car registrations fell to 119,167 units due to covid-induced semiconductor shortages. The decline, the data [...]
UK retail investors hold their nerve despite rising inflation, commodities and Ukraine war raging on May 5, 2022 UK retail investors have remained composed in the face of the Russia-Ukraine conflict, despite significant concerns about future implications of the crisis on the financial markets, international relations, and the environment. Only 14 per cent of investors monitor the conflict between Russia and Ukraine when thinking about their investment strategy. The same number said they [...]