UK narrowly avoids recession as GDP remains unchanged but Jeremy Hunt warns country ‘not out the woods yet’ February 10, 2023 The UK very narrowly avoided a recession in the final months of last year but the economy contracted sharply over Christmas, official figures out today reveal. Gross domestic product (GDP) remained unchanged in the final three months of last year, meaning the country swerved the technical recession definition of two consecutive quarters of contraction, according [...]
Bank of England governor Andrew Bailey ‘very uncertain’ about inflation decline February 9, 2023 The Bank of England’s governor, Andrew Bailey, has today admitted he is “very uncertain” about whether inflation will decline, forcing him to back another steep interest rate increase last week. Responding to a grilling by MPs on the commons treasury select committee, Bailey, 63, said he wants to see “more evidence” of the rate of [...]
The digital pound is right on time to underpin the UK’s transition to a digital economy February 9, 2023 Jannah Patchay reflects on the government announcement that it would 'actively explore' the introduction of a UK CBDC.
The Square Mile and Me: Savvas Savouri on his first job, unfortunate typos and supporting the Gunners February 9, 2023 We dig into the memory bank of the City’s great and good: this week it’s Savvas Savouri, chief economist and partner at Toscafund Asset Management. What was your first job? I must mention a very entertaining Saturday job at my uncles’ shoe repairers, The Master Cobbler, in Highbury Barn, an area full of character and [...]
Exclusive: Brits turn to buy-now pay-later to fund spending amid cost of living crisis February 9, 2023 Brits are turning to buy-now pay-later products to fund online spending amid a cost of living squeeze that is eroding their disposable income rapidly, exclusive research shared with City A.M. reveals. Nearly £1 in every £8 spent online last month was sourced from buy-now pay-later providers, according to research by Adobe Analytics. The proportion is [...]
CBI: Jeremy Hunt and Rishi Sunak must use budget to prevent recession and bolster UK economy February 9, 2023 Jeremy Hunt and Rishi Sunak need to use the spring budget to stimulate growth to prevent the UK tipping into a recession this year, the country’s biggest business group has urged today. The chancellor and prime minister should at the 15 March statement soothe the impact of a sharp rise in the UK’s profit tax [...]
Let’s be honest, we are suffering from a national crisis of bad vibes February 9, 2023 Strikes, NHS waiting lists, high energy prices and a constant stream of news about horrific crimes, natural disasters and economic gloom, Britain's Bad Vibes are keeping us down, writes Matthew Lesh
House prices and sales fell in January as buyer inquiries dropped February 9, 2023 House prices are starting to reflect the shift in demand in the market, according to surveyors. Agreed sales, house prices and new instructions to sell homes remained on a downward trend in January, the Royal Institution of Chartered Surveyors (Rics) said. Property professionals’ expectations suggest this picture is likely to remain in place for a [...]
Businesses trim hiring ahead of possible UK recession but experts cheer swelling vacancies February 8, 2023 Businesses are reining in hiring ahead of an economic slowdown that could tip the UK into recession, a closely watched survey out today shows. Permanent hires fell for the fourth month in a row last month, with KPMG and the Recruitment and Employment Confederation’s (REC) permanent placement index coming in below the 50 point growth [...]
UK to narrowly avoid recession but cost of living crisis will leave families £4,000 worse off February 8, 2023 The UK is poised to narrowly avoid a recession but the cost of living crisis will still leave average Brits £4,000 worse off this year, fresh forecasts out today reveal. Britain’s economy is set to squeeze out 0.2 per cent of GDP growth in 2023, meaning it will just about swerve a technical reversal, two [...]