Bank of England hikes interest rates by 50 points to five per cent after inflation shock June 22, 2023 The Bank of England today reverted to steeper interest rate rises in a sign that embattled Governor Andrew Bailey and co have been spooked by much tougher than feared inflation. Bailey and the rest of the monetary policy committee (MPC) – the nine-strong group who set official interest rates in Britain – backed a 50 [...]
Does raising interest rates actually bring down inflation? June 22, 2023 Britain’s inflation problem is looking much harder to solve than first thought. Numbers out from the Office for National Statistics (ONS) yesterday revealed the rate of price increases was unchanged in May at 8.7 per cent. The City thought it would slim to 8.4 per cent. Core inflation – the best barometer of underlying price [...]
House building tumbles to lowest level in three years in blow to homeownership dreams June 7, 2023 House building has tumbled to its lowest level in three years in another blow to the homeownership dreams of millions of Brits, a closely watched survey out yesterday revealed. According to S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) latest construction purchasing managers’ index (PMI), the rate of new houses being rolled [...]
Could Mega May save retail? Hopes are riding high on King’s coronation and bumper May Day bank holiday boost April 21, 2023 Could the coronation of King Charles III help lift the UK’s post-Covid retail industry? Our retail reporter Laura McGuire finds out. March has proved to be another challenging month for the retail industry as sales fell 0.9 per cent due to soaring living costs and the third wettest March in history. However, with Royal celebrations [...]
Insolvencies at ‘jaw dropping’ level as debt industry warns UK economy ‘is not out of the woods yet’ April 18, 2023 More companies in England and Wales entered insolvency during March than at any point since monthly records started three years ago, according to official data that showed a 16 per cent increase on a year ago. The Insolvency Service reported 2,457 corporate insolvencies last month, up from 1,784 in February. The rate of companies falling into insolvency [...]
Sharp increase in retail sales amid ‘subdued’ outlook due to inflation – but is there a ‘chink of light’ with Easter holidays? March 24, 2023 British retail sales grew sharply last month compared to pre-pandemic levels, but price increases continue to deliver a “subdued” longer-term outlook. Sales volumes are thought to have increased by 1.2 per cent in February after a rise of 0.9 per cent in January, suggesting the industry is recovering from the pandemic well. Industry figures are [...]
Cost of living crisis: Inflation sees Brits take a real-terms pay cut yet again March 14, 2023 British workers’ wages have been eroded by sky high inflation for the 15th month in a row despite them bagging bumper pay rises, official figures out today show. Real regular pay, which measures pay growth in cash terms minus inflation, fell on a monthly basis in January, according to the Office for National Statistics (ONS). [...]
Bryson DeChambeau relishes putting Dustin Johnson in the shade at opening LIV Golf League event in Mayakoba February 27, 2023 Bryson DeChambeau believes his Crushers can become the team to beat in the inaugural LIV Golf League season after Charles Howell helped them to win the first event. Howell topped the individual leaderboard in Mayakoba, Mexico, on Sunday after his final round of 63 left him on 16 under par, four ahead of overnight co-leader [...]
UK tech firm numbers double in two years – with London start-up growth lower than nearly all other regions February 22, 2023 The number of newly-created UK tech firms is up by a fifth, with London marginally below the national average. There were 46,474 new tech companies created in Britain in 2022, up from 38,240 in 2021. Based on data from Companies House, the uptick in registrations of new firms is almost double that of 2020, when [...]
Glimmers UK will avoid recession this year emerge as experts cheer return to growth in PMI February 21, 2023 Warnings that the UK is headed for a recession may have been misplaced after figures out today revealed private businesses returned to growth for the first time in half a year. S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) composite flash purchasing managers’ index (PMI) for February hit 53 points, up from [...]