US Federal Reserve hikes rates at quickest pace in over two decades May 4, 2022 The world’s most influential central bank today hiked interest rates at the quickest pace since 2000 in a sign the era of cheap money is coming to an end. The US Federal Reserve lifted the financial system’s key interest rate 50 basis points to a range of 0.75-1 per cent as it scrambles to douse [...]
Steeper US Fed rate hike sends investors wobbling May 4, 2022 The prospect of the world’s most influential central bank hiking interest rates by double the amount it normally does weighed on London’s top indexes today. The capital’s premier FTSE 100 index dropped 0.9 per cent to 7,493.45 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK [...]
UK mortgage debt swells to £7bn as interest rates rise May 4, 2022 Mortgage debt swelled in March, according to Bank of England data, with net borrowing climbing from £4.6bn to £7bn in March as interest rates rise. House purchase mortgage approvals slipped to 70.7k in March from 71.0k in February, slightly ahead of consensus but moving towards their 2015 to 2019 average of 66.5k – which analysts [...]
Brits cling onto pandemic savings amid economic uncertainty May 4, 2022 Brits are clinging on to their pandemic saving war chests in a sign that the UK could be headed toward a recession this year, reveals official figures published today. Rampant inflation is failing to push households into drawing down money set aside during lockdowns, suggests data from the Bank of England. Savings – including those [...]
SNP’s record is nothing to sing about, but unionists must win the emotional argument May 4, 2022 The SNP’s record where they have power is poor – yet their continued victories suggest unionists need to up the ante For all the excitement – ok, some sarcasm – of local elections across England tomorrow what should really be drawing most attention are results north of the border. What should be a decision about [...]
Sales slow at J D Wetherspoon as costs rocket and punters dip May 4, 2022 Sales at J D Wetherspoon dipped four per cent in the third quarter as the pub group struggles to keep pace with pre-pandemic levels.
Cost of living crunch to deliver shock to UK households’ balance sheets May 4, 2022 Households’ balance sheets are set to be tainted by problem debt this year, driven by the worsening cost of living crunch forcing Brits to turn to credit cards to pay bills, reveals fresh analysis published today. Accelerating inflation over the course of this year is likely to spark a jump in unsecured lending, credit that [...]
The City View: Michael Hewson on why calls for a windfall tax are misplaced May 3, 2022 Today Andy Silvester talks to Michael Hewson, Chief Market Analyst at CMC Markets. They pick apart the arguments for a windfall tax on BP, discuss potential rate rises from the Fed and Bank of England, and go through the impact that China’s zero-Covid policy has had on manufacturing in the country. And in other news [...]
Paul Merson: Football should do more to stop lives being ruined by gambling addiction May 3, 2022 Former footballer and reformed addict Paul Merson believes the sport should do more to stop players falling prey to gambling problems. Merson also battled alcohol and drugs during a career that nevertheless gleaned league titles, European trophies and playing at World Cups for England. The ex-Arsenal forward, 54, was driven to the brink of suicide [...]
British factories lift prices at record pace as Ukraine war and China lockdowns send costs soaring May 3, 2022 Severe supply chain disruption caused by Beijing persisting with its zero-Covid tolerance policy and Russia’s war with Ukraine has sent British factories’ costs soaring at the quickest pace on record, reveals a closely watched survey released today. Shortages of raw materials and key components used by UK manufacturers due to normal trade flows being choked [...]