Gordon Brown predicts government will ditch tax rises June 19, 2022 Gordon Brown has predicted Boris Johnson and Rishi Sunak will ditch a series of planned tax rises in the face of the UK’s poor economic outlook. The former PM also hit out at the government for having “no plan” and lurching from “crisis to crisis”. The Bank of England this week moved to raise interest [...]
Week ahead: City braces for further inflation surge June 19, 2022 Investors are bracing for fresh data this week to point to a further surge in UK inflation, sending the rate of price rises beyond an already 40-year high. London’s FTSE 100 last week was caught up in one of the most volatile weeks for global stock markets since the early days of the pandemic. It [...]
Treasury chief warns against pay rises as thousands expected to protest in capital over cost of living crisis June 18, 2022 Treasury chief Simon Clarke has warned against staff pay rises, suggesting that Brits should avoid "unrealistic expectations around pay".
Bank of England prepared for ‘aggressive’ action to tackle inflation, says top economist June 17, 2022 The Bank of England's chief economist said policymakers are ready to take “aggressive action” if there is further evidence that soaring inflation is becoming embedded in pricing by firms.
Solving worker shortages is UK’s ‘national challenge’ June 17, 2022 Solving chronic worker shortages that are hamstringing businesses from reviving the economy is “our national challenge,” according to the chief of the UK recruitment industry’s trade body. A shallower pool of workers, mainly the result of long-term sickness caused by Covid-19, people retiring early and younger Brits heading back into education, is resulting in firms [...]
Restricting CBDCs could stifle UK innovation, BofE adviser June 16, 2022 A member of the Bank of England’s digital currency forum has warned that hampering the development of a central bank backed digital currency (CBDC) could stifle innovation in the UK. Jess Houlgrave, who sits on the Bank of England’s CBDC Engagement Forum, which advises Threadneedle Street on the development of a CBDC, told City A.M. [...]
Investors ditch London shares after fifth successive Bank of England rate rise June 16, 2022 Investors ditched London-listed stocks today after the Bank of England raised interest rates for the fifth successive meeting. The capital’s premier FTSE 100 index dropped 3.14 per cent to 7,044.98 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 3.05 per cent to below [...]
Bank of England hikes rates for fifth time in a row and warns of 11 per cent inflation surge June 16, 2022 The Bank of England today hiked interest rates for the fifth time in a row for the first time since it was given control of monetary policy a quarter of a century ago as it pushes to cool the highest rise in living costs for a generation. A majority of the Bank’s nine rate setters, [...]
US Federal Reserve fires 75 basis point rate hike bazooka to tackle inflation June 15, 2022 The US Federal Reserve today fired a rate hike bazooka as it scrambles to tame the worst bout of inflation across the pond in recent history. Chair Jerome Powell and co lifted the world’s most important interest rate 75 basis points, the steepest rise since 1994, to between 1.5 and 1.75 per cent. The move [...]
European Central Banks commits to supporting weaker economies after bond market volatility June 15, 2022 The European Central Bank (ECB) said today it will shield weaker eurozone economies from soaring interest rates after it convened an emergency meeting to plot how to deal with debt market volatility. The monetary authority governing the group of countries using the euro summoned its experts in response to market pressure that saw Italy’s 10-year [...]