Bank of England to hike interest rates to five per cent after inflation tops forecasts to stay in double digits April 19, 2023 UK inflation has smashed expectations to stick in the double digits, in a sign that the cost of living crisis is still gripping families and businesses across the country, prompting markets to bet the Bank of England will hike interest rates to five per cent. The rate of price increases trimmed to 10.1 per cent [...]
Bennett on Business: The CBI must demonstrate value for money April 19, 2023 When it was founded in 1965, the Confederation of British Industry was intended to disrupt the cosy dialogue between the Wilson Government and the Trades Unions. Back then the Unions called the shots – they were invited into Number 10 to discuss industrial and economic policy, leaving assorted company leaders out in the cold. As [...]
HSBC exaggerating costs of spinning off Asia unit, Ping An argues in rare rebuke April 18, 2023 Ping An, HSBC’s largest shareholder, has publicly criticised the bank ahead of its AGM as it confirmed it will back calls to restructure the lender. The Chinese insurer, which holds an eight per cent stake in the bank, has long argued in favour of spinning off HSBC’s Asian business, which generates the vast majority of [...]
‘Worst volatility is behind us’ after March’s mini-crisis, says Goldman’s David Solomon April 18, 2023 Goldman’s chair and chief executive David Solomon said the worst of March’s banking difficulties had passed, but stressed there were still dangers ahead. On an investor call following first quarter results, Solomon said “it appears the worst volatility is behind us thanks to prompt action from regulators.” Solomon said the quarter was “certainly volatile”, highlighting [...]
Insolvencies at ‘jaw dropping’ level as debt industry warns UK economy ‘is not out of the woods yet’ April 18, 2023 More companies in England and Wales entered insolvency during March than at any point since monthly records started three years ago, according to official data that showed a 16 per cent increase on a year ago. The Insolvency Service reported 2,457 corporate insolvencies last month, up from 1,784 in February. The rate of companies falling into insolvency [...]
London economy powers ahead of every other UK region as the capital shrugs off recession fears April 18, 2023 London’s economy is firing on all cylinders and has raced ahead of every other region in the UK as spending in the capital climbs to the highest level in a year, a new survey shows. According to NatWest and S&P Global’s regional purchasing managers’ index (PMI), businesses in London are performing better than in any [...]
UK workers still gripped by inflation despite better than expected near six per cent pay growth April 18, 2023 UK workers are still being squeezed by a historic inflation crunch despite wage increases smashing expectations, official figures out today reveal. The average pay increase including bonuses hit 5.9 per cent over the three months to February, up from the previous period and above the City’s expectations of a 5.1 per cent increase, according to [...]
Wise misses estimates as currency volatility slows cash transfers overseas April 18, 2023 Money transfer fintech Wise reported a slump in the amount of cash sent on its platform for a second consecutive quarter today as a cost of living squeeze and currency fluctuations unsettled customers. The London-listed fintech missed analyst estimates as the volume of money transferred per customer dropped four per cent on the previous quarter, [...]
Inflation sliding and tough Bank of England means the pound will see better days April 18, 2023 “Hope is not a strategy,” Jordan Rochester, a wonk at Japanese investment bank Nomura, said last September, referring to politicians’ attempts to revive the pound after it plummeted to its lowest level ever against the US dollar following Liz Truss’s tax cutting mini budget. A lot has changed since then. Chancellor Jeremy Hunt raised taxes [...]
Bank of England to shun interest rate hike for first time since November 2021 next month April 18, 2023 The Bank of England will keep interest rates unchanged at its next meeting on 11 May, marking the first time the central bank has not hiked borrowing costs since November 2021, a new survey out yesterday predicted. According to a survey by Bloomberg, more than half of City economists suspect Governor Andrew Bailey and the [...]