Optimism returns to crypto markets as the day is greeted by big green candles everywhere May 13, 2022 The doom and gloom is still in the markets, but optimism abounds as almost every cryptocurrency turned green today.
UK recession to hit sooner than first thought as economy unexpectedly shrinks May 12, 2022 The UK is “dangerously close” to tipping into a recession sooner than predicted due to households already cutting spending ahead of the cost of living squeeze tightening. That’s according to City economists’ assessment of weaker than expected GDP figures published today by the Office for National Statistics (ONS). The economy shrank 0.1 per cent in [...]
More rate hikes are coming, Bank of England official warns May 12, 2022 More rate hikes are on the way this year as the Bank of England continues to wrestle with a historic inflation crunch, a senior official at the monetary authority has said. Sir Dave Ramsden, a member of the Bank’s monetary policy committee, told households to brace for higher borrowing costs despite new figures released today [...]
Tory MP Lee Anderson refuses to apologise for saying poor people who use food bank ‘cannot cook and budget’ May 12, 2022 A Conservative MP said he stands by his comments that people who use food banks do so because they “cannot cook properly” and “cannot budget”. Lee Anderson invited “everybody” on the opposition benches in the Commons to visit a food bank in his Nottinghamshire constituency where, when people come for a food parcel, they now [...]
Tory MP claims food bank users ‘cannot cook or budget properly’ and meals cost 30p a day May 11, 2022 A Conservative MP has sparked anger after saying poorer people rely on food banks because they “cannot cook properly”, and that meals can be cooked “for around 30p”. Lee Anderson told the Commons those who want to register for help must sign up for a “budgeting course and a cooking course.” When asked by [...]
EU can’t always get what you want: Hungary stalls progress towards Russian oil ban May 10, 2022 Hungary has continued to withhold its backing from a long-proposed European Union ban on imports of Russian oil supplies.
Queen’s Speech: Johnson readies new legislative agenda after bruising local elections May 9, 2022 Boris Johnson will look to breathe new life into his flagging government tomorrow as he sets out a fresh legislative agenda for the next session of parliament in the Queen’s speech. Johnson, who was dealt a bruising blow as the Tories lost nearly 500 seats in local elections last week, is expected to deliver a [...]
Tech Weekly: Matt Hancock on crypto ambitions and lockdown decisions May 6, 2022 This week City A.M. reporters Lily Russell-Jones and Charlie Conchie sit down with Conservative MP and former Health Secretary Matt Hancock. They chat about his outspoken views on crypto, regulation, and the need for accessibiity when it comes to crypto investing; go through his post-Cabinet ambitions; and unpick his decision-making at the height of the [...]
The City View: Bank of England hike rates once more May 5, 2022 Today Andy Silvester talks to Jack Barnett, City A.M.’s Economics and Markets reporter. Together they go through the thinking behind the Bank of England’s 25 basis point rate rise earlier today, which brought the UK’s interest rate to 1%. They take a look at the Bank’s forecasts, and explain why a recession is almost inevitable. [...]
BP rebounds with soaring underlying profits as calls for windfall tax escalate May 3, 2022 BP has raked in massive underlying profits across its oil and gas operations over the first three months of 2022 amid soaring energy prices.