Recession risks return as Brits brace for cost of living crisis to make 2023 a ‘bumpy ride’ January 20, 2023 UK consumer confidence dipped for the first time in two months in January, raising the risk the economy will slip into recession after all despite a string of better than expected data recently, a closely watched survey out today reveals. A credit card debt hangover from the Christmas spending splurge and energy bills looming has [...]
City analysts betting on Bank of England interest rate cuts by early 2024 – as long as inflation falls quickly January 18, 2023 The Bank of England could cut interest rates as soon as early next year if inflation continues to tumble in 2023, top City analysts have predicted. The rate of price increases is forecast to more than halve which would bring inflation to below five per cent by the end of 2023, according to forecasts from [...]
China economy grows at slowest pace in 50 years outside Covid as population shrinkage signals long-term decline January 17, 2023 China’s economy is growing at the slowest pace since the 1970s, barring the pandemic, due to tough zero Covid restrictions hitting spending, figures out today reveal. The world’s second biggest economy grew three per cent in the three months to December compared to the same period in 2021, beating the consensus forecast of just 1.6 [...]
London outperforms UK economy again in sign capital could swerve recession January 16, 2023 London is outperforming the nationwide economy, indicating the capital is on course to avoid what experts think will be a long recession in the UK, a new survey out today shows. An index of business output in London compiled by NatWest jumped to 50.2 last month, up from 48.2, meaning the capital’s economy is growing. [...]
British retailers cheer Christmas sales, but City analysts warn of coming storm January 15, 2023 Britain’s largest retailers kicked off 2023 strongly last week, posting better than expected Christmas sales, signalling the consumer is holding up a bit better than feared. Tesco’s like for like sales were 7.9 per cent higher, while Marks and Spencer pocketed a 7.2 per cent rise. Sainsbury’s also posted record Christmas sales. Those bumper numbers, [...]
Why UK banks are not going to cause another financial crisis January 15, 2023 UK banks are better prepared to withstand a jump in home loan defaults, cooling fears of a repeat of the financial crisis, analysts have told City A.M. Strict affordability rules implemented after the 2008 banking crash have strengthened lenders’ loan books, meaning they are well insulated from a potential rise in defaults caused by last [...]
FTSE 100 close: ASOS and Centrica pop to crystalise strong start to 2023 January 12, 2023 London’s FTSE 100 built on gains yesterday that propelled to its highest level since 2018 after a series of British bellwether retailers posted a decent set of results this morning and the owner of British Gas skyrocketed. The capital’s premier index closed up 0.89 per cent at 7,794.04 points, while the domestically-focused, mid-cap FTSE 250 [...]
Analysis: NHS strikes are about morale, stupid January 12, 2023 As Britain braces for more strikes in the NHS later this month and ministers are locked in tense pay negotiations, 14 health unions have pulled out of independent pay review process.
Sadiq Khan hammers Hunt for slashing support for businesses grappling with sky-high energy bills January 9, 2023 Sadiq Khan has urged Hunt to reconsider its plan to drastically cut support in energy bills, fearing an uncertain future for businesses.
‘Divorce Day’: Why cash-strapped couples are looking at putting off their split amid money woes January 9, 2023 Over a third of married couples who had been considering a divorce are now opting to stay in their relationship because of the cost-of-living crisis, according to a survey. The first working Monday of the new year has been dubbed ‘Divorce Day’ by lawyers, but many couples are thinking twice before splitting from their partner [...]