Forget the IMF, the Bank of England are the real doomsters in this UK recession merry-go-round February 2, 2023 This week the International Monetary Fund (IMF) became public enemy number one for saying the UK will be the only rich economy to suffer a contraction in 2023. Even Russia, hobbled by sanctions to punish it for its invasion of Ukraine, is poised to squeeze out more growth than Britain this year, the lender of [...]
Bank of England signals inflation has peaked but warns of 15-month long recession February 2, 2023 Inflation in the UK has peaked and is on course to fall rapidly over the coming year, easing the worst cost of living crisis in a generation, but a slow burning, mild recession is still a threat, the Bank of England said today. The rate of price increases is poised to more than halve from [...]
Chris Woolard on BNPL, regulatory run-ins and getting financial rulemaking right February 2, 2023 The regulatory veteran wants a rulebook for the 21st century, but getting it right might trump speed, Charlie Conchie writes. Urgent. That was the word used by the former-interim chief of the City watchdog Chris Woolard when he gave his verdict on regulation of buy-now pay-later services in a landmark review two years ago today. [...]
FCA must increase staff pay or it risks failing the public, Unite says February 1, 2023 The Financial Conduct Authority (FCA) needs to offer its staff a better pay package or it risks becoming unable to deliver in the public interest, union Unite said. The FCA, which regulates the conduct of around 50,000 financial services businesses, has been in dispute with its workers over pay and conditions. It said it told [...]
Euro economy pulls ahead of UK reinforcing IMF dire recession warning January 31, 2023 The UK is trailing its European economic peers, fresh figures out today reveal, reinforcing the International Monetary Fund’s (IMF) warning that it will be the only rich country to contract this year. The eurozone economy – made up of the 19 countries that use the common currency – unexpectedly grew 0.1 per cent in the [...]
Cost of living crisis: Grocery inflation up two per cent in just one month with shoppers forking out £800 more a year January 31, 2023 Grocery price inflation has hit a record 16.7 per cent to add a potential £788 to annual shopping bills, figures have shown. The “staggering” 2.3 percentage point jump in the four weeks to January 22 has exceeded the previous high recorded by analysts Kantar in October and is the highest figure since their records began [...]
When will the Bank of England, Federal Reserve and ECB start cutting interest rates? Sooner than you think January 31, 2023 Central banks around the world this year are going to take their lead from an unlikely source: the Bank of Canada. While being the central bank of a G7 country, it’s not exactly the biggest of players in the global monetary policy and financial network. Tiff Macklem, the BoC’s chief, has led one of the [...]
Octopus calls on Ofgem to ease higher costs for non-debit customers January 30, 2023 Octopus Energy has urged Ofgem to end payment penalties sooner for standard credit customers as the cost of living crisis bites.
BP says oil and gas investment needed for 30 more years to avoid energy shortages January 30, 2023 The world risks price swings and shortages unless there is continued investment in the oil and gas sector, BP has warned.
House prices: Zoopla says UK property market is off to ‘slow burn start’ with London flats in most demand January 30, 2023 The housing market in the UK has got off to a slow in 2023 with demand for cheaper, smaller properties on the rise as recession fears continue to wobble the market, according to estate agent Zoopla. Zoopla’s house price index appeared to show that buyers were holding off from entering the market and were biding [...]