Andrew Bailey to face MPs over British Steel pensions scandal with former FCA boss under fire June 13, 2022 BANK of England governor Andrew Bailey will face MPs later today as he faces questions over his then-role at the top of the financial watchdog during the British Steel pension scheme. When Tata Steel — British Steel’s owner — was in financial difficulty in 2017, The Pensions Regulator allowed staff to transfer their pensions out [...]
SSE warns Sunak against expanding windfall tax to electricity generators June 12, 2022 SSE chief executive Alistair Phillips-Davies has warned the Chancellor Rishi Sunak against extending the windfall tax to electricity generators.
Bank of England splurges £200,000 on defining mission statement June 12, 2022 The Bank of England has splurged more than £200,000 on consultants to define its mission statement as it looks to tempt in talent and regain confidence amid a wave of criticism over its handling of soaring inflation
More Brits than ever dissatisfied with Bank of England’s performance June 11, 2022 More people in the UK than ever are dissatisfied with the Bank of England’s efforts to tame the cost of living, a closely watched survey published today reveals. Just one in four Brits are happy with governor Andrew Bailey and co’s performance, the weakest level since records began in 1999, according to data from pollsters [...]
US inflation smashes expectations in sign Fed will waive through further steep rate hikes June 10, 2022 US inflation has smashed expectations in a sign the Federal Reserve will waive through a series of steep and rapid rate hikes to prevent high prices from embedding in the American economy. Prices climbed 8.6 per cent over the last year, higher than Wall Street’s forecasts of 8.3 per cent, according to fresh figures published [...]
Slashing taxes on fuel would half the cost of filling up a car June 10, 2022 The cost of filling up a car in the UK would be nearly half the price if all taxes on fuel were scrapped, reveals analysis shared exclusively with City A.M. Nearly 50p of every £1 spent on filling up a car in the UK is swallowed up by tax, according to research by the TaxPayers’ [...]
UK banks no longer ‘too big to fail’ but sector still has room for improvement June 10, 2022 All of the UK’s top banks would survive a major financial shock, but some have shortcomings in ensuring they fund themselves through a crisis, the Bank of England said today. Britain’s eight biggest high street lenders would be able to fail safely without a repeat of bailouts seen during the financial crisis in 2008, according [...]
Inflation jitters deal chilling blow to London markets June 10, 2022 Fears over inflation dealing a chilling blow to the global economy and the prospect of a more restrictive monetary policy environment weighed on London markets today. The capital’s premier FTSE 100 index dipped 0.94 per cent to 7,405.77 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the [...]
UK jobs market tension shows little sign of unwinding June 10, 2022 Tension in the UK jobs market shows little sign of unwinding as employers continue to struggle to find workers amid a shallower labour pool, reveals a closely watched survey today. Vacancies edged lower in May, indicates 71 reading on KPMG and the Recruitment and Employment Confederation’s (REC) employment index. Despite falling, the reading is far [...]
Andrew Bailey’s confusion over inflation is a worrisome precedent for policy-making June 10, 2022 The Bank of England’s Monetary Policy Committee (MPC) will meet again next week to assess inflation. In the last two years the Bank’s inflation forecast has proven systematically wrong, showing a fundamental error in the models and rationale used. In a conference hosted by the Austrian national central bank last month, the Governor of the [...]