Bank of England expected to raise interest rates by 50 points to post financial crisis high of four per cent January 26, 2023 The Bank of England is set to hike interest rates 50 basis points to four per cent next week, jacking them up to the highest level since the financial crisis, markets expect. City traders reckon its governor Andrew Bailey will lift borrowing costs for the tenth time in a row, something the UK central bank [...]
Recession risks ramp up as UK economy goes ‘from bad to worse’ January 26, 2023 The risk of a recession striking the UK is gathering pace experts warned today as still extremely high inflation and collapsing confidence has resulted in the economy going from “bad to worse”. Swelling costs squeezing margins are forcing businesses to cut back production, while higher prices are eroding consumers’ incomes, knocking spending. Those two factors [...]
Who watches the watchdog? “Quis custodiet ipsos custodes?” Part III January 25, 2023 The third instalment of Lord Holmes' thoughts on the Financial Services and Markets Bill which is at the committee stage in the House of Lords today.
FTSE 100 close: Barclays, HSBC and Easyjet shine on otherwise poor day in London January 25, 2023 London’s FTSE 100 today gave up morning gains to finish lower before stronger-than-expected retail earnings provided a balm against recession fears. The capital’s premier index fell 0.22 per cent to 7,740.34 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slid 0.38 per cent to [...]
Mark Carney’s net zero group disputes data showing only 7 per cent of banks’ energy financing goes to renewables January 24, 2023 Only seven per cent of global banks’ energy financing between 2016 and 2022 went towards renewable energy projects, according to new data, although Mark Carney’s net zero financial coalition has disputed the claim. A report by a group of campaign groups, including BankTrack and Rainforest Action Network, indicates “major failings” by financial institutions to help [...]
House sales set to tumble this year on recession jitters, experts warn January 24, 2023 House sales are set to tumble due to owners waiting until the recession passes to cash in on their homes, estate agents have predicted today. Homeowners are expected to adopt a wait and see approach during the first six months of 2023 for fear they will have to sell their property at a lower-than-demanded price. [...]
Will the global economy avoid a recession? Some people think so January 24, 2023 The global economy will narrowly avoid a recession this year due to China dismantling its zero Covid policy, forecasters have predicted today. A boost from the world’s second biggest economy re-entering the global community is set to power world GDP 1.9 per cent this year, according to S&P Global Market Intelligence. Beijing’s surprise scrapping of [...]
UK economy stumbles behind Euro peers as risk of recession gathers pace January 24, 2023 The UK economy is falling further behind its international rivals and experts, according to a closely watched survey. The survey by economists has revealed Britain’s services industry, which generates about £2 in every £3 in the country, is shrinking at the fastest pace in two years. S&P Global and the Chartered Institute of Procurement and [...]
UK borrowing hits December record of £27.4bn piling pressure on Hunt ahead of March budget January 24, 2023 UK borrowing in December hit its highest total in 30 years driven upwards by the government’s debt interest bill soaring due to raging inflation, official figures out today show. The government took on £27.4bn of debt last month, the largest amount since records began in 1993, according to the Office for National Statistics (ONS). The [...]
Oaknorth and Atom Bank call on Grant Shapps to boost lending to small businesses January 24, 2023 The Federation of Small Businesses (FSB) and a group of top fintech firms, including Oaknorth and Atom Bank, have called on Grant Shapps to improve small businesses’ access to borrowing, warning that failure to do so could further damage the UK’s economic growth prospects. The business lobby and a number of fintech lenders have warned [...]