OBR financial report and government fiscal plan to be delivered on 31 October October 10, 2022 The UK’s spending and borrowing watchdog’s assessment of the government’s tax cutting splurge will be released on 31 October, chancellor Kwasi Kwarteng announced today. In a letter to Tory MP and chair of the treasury select committee, Mel Stride, Kwarteng said he has decided to bring the Office for Budget Responsibility’s (OBR) forecasts forward from [...]
Trust the code, not the confused October 7, 2022 Rufus Round, CEO of GlobalBlock says political systems need to adapt to the crypto and digital assets technology heading their way.
UK jobs market finally flashes cool down signals as hiring slows October 7, 2022 The UK jobs market is finally flashing slowdown signals after running hot for months after the worst of the Covid-19 crisis, a closely watched survey published today reveals. Firms are moderating hiring campaigns in response to concerns over the UK’s weakening economy and a shortage of workers. Britain is on course for a recession as [...]
Analysis: Bank of England averts market spiral, but pressure remains October 6, 2022 Hat tip to Mel Stride, Tory MP and chief of the treasury committee, for asking the Bank of England to explain why they launched an emergency support package for the UK debt market last week. If he hadn’t, we wouldn’t know there was a “self-reinforcing spiral” – how deputy governor at the Bank Jon Cunliffe [...]
Mini budget market turmoil partly triggered BoE emergency intervention, dep governor says October 6, 2022 Market volatility that followed chancellor Kwasi Kwarteng’s mini budget last month partly forced the Bank of England to step in to stabilise UK debt prices and prevent a crisis in the pensions sector, one of its top officials said today. After Kwarteng slashed taxes by £45bn and signalled a borrowing surge on Friday 23 September, [...]
Construction firms clear backlogs before downturn hits October 6, 2022 Construction firms are clearing a huge backlog of work, but the sector is on course to shrivel in the coming months as it is whacked by soaring interest rates, a closely watched survey published today. S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) purchasing managers’ index (PMI) for the construction industry swung [...]
Pound snaps winning streak against US dollar after Truss conference speech October 5, 2022 The pound slumped against the US dollar today, slicing some of the gains it has made since the currency collapsed after Kwasi Kwarteng’s mini-budget last month. Sterling weakened as much as two per cent against the greenback. It was down against the euro too. The world’s major currencies have tumbled against the dollar this year. [...]
Truss and Kwarteng mini-budget to ‘deepen’ UK recession October 4, 2022 Liz Truss and Kwasi Kwarteng’s decision to slash taxes and ramp up borrowing without costing their plans will make the looming UK recession worse, City economists predicted today. Soaring mortgage rates driven by lenders passing on higher market yields pushed up by a lack of confidence in prime minister Liz Truss and chancellor Kwasi Kwarteng’s [...]
Explainer: Bank of England hasn’t lost £65bn of UK’s money October 4, 2022 Let’s get one thing straight: the Bank of England is not going to lose £65bn on buying government debt. There’ve been a few social media posts (and a few newspaper headlines) whipping up this point. It’s untrue. Last week, the Bank said it will buy up to £65bn worth of long-dated government debt until 14 [...]
Pension giant L&G says liquidity strong despite ‘mini-budget’ fallout October 4, 2022 Pensions giant L&G moved to reassure markets of its cash position today after it was caught up in the economic fallout of the government’s mini-budget last week.