Andrew Bailey, Christine Lagarde and Jerome Powell warn inflation fight not yet done June 28, 2023 Andrew Bailey and the cream of the global central banking crop today warned they may need to keep heaping pressure on the global economy before they can declare victory over high inflation. Speaking at the European Central Bank’s (ECB) annual monetary policy conference in Sintra, Portugal, the chiefs of the Bank of England, Federal Reserve [...]
Business travel is back and ‘buoyant’, new data shows June 28, 2023 Business travel is back and “buoyant”, according to new data from the Advantage Travel Partnerships’ Global Business Travel Review, with the business community booking more trips and for longer periods. Booking volumes in the UK’s business travel market, covering aviation, rail and accommodation, hit 90.8 per cent of pre-pandemic levels in the first quarter of [...]
PwC set to hand 25,000 junior staff a real-terms pay cut – despite FRC plea to give them more June 28, 2023 Big four firm PwC has reportedly told its junior auditors their pay is going to be frozen, amid concerns it will make the industry less attractive. According to reports in the FT, around 25,000 staff members are set to get lower pay rises, with the accountancy giant citing the challenging market conditions and pay rises’ [...]
Rishi Sunak should cut national insurance and make investment relief permanent, report argues June 28, 2023 Prime Minister Rishi Sunak and Chancellor Jeremy Hunt should cut companies’ national insurance contributions and make the temporary business investment tax relief permanent, an influential think tank has argued in a radical blueprint to overhaul the UK’s tax regime. Employers’ should be subjected to a 12.8 per cent national insurance levy, one percentage point lower [...]
Budget Britain: Inflation forces families to trade down and opt for staycations June 28, 2023 Britons are trading down to cheaper products and are opting to holiday at home in response to rampant inflation and higher interest rates squeezing their budgets, new research out today shows. Some 40 per cent of families have been buying more value or own brand products in 2023, according to analysis from consultancy KPMG. The [...]
Is Brexit the real reason for London’s stock market malaise? June 28, 2023 Whether Brexit is to blame for London's market malaise is a topic of debate in the Square Mile.
Teasing supermarket execs won’t stop inflation, it’s suppliers we need to grill June 28, 2023 Supermarket bosses are an easy shot, but its suppliers making profits which would dwarf those of Tesco or Sainsbury's.
Sunak should be modelling his fiscal rules on Clem Attlee’s, not Margaret Thatcher’s June 28, 2023 Debt and inflation are nothing new, but economic conditions today are very different from the past. To get out of the current sandstorm, Sunak should follow the lessons of Clem Attlee writes Paul Ormerod
FTSE 100 close: Asia stock surge lifts London index as Wise soars 16 per cent June 27, 2023 London’s FTSE 100 regained ground today, taking its lead from a decent overnight session in Asia that was aided by Chinese lawmakers signalling economic support measures are on the way. The capital’s premier index jumped 0.11 per cent to 7,461.47 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health [...]
‘Recession warnings flashing red’: HSBC Asset Management warns investors to batten down the hatches June 27, 2023 Stock markets are “out of sync” with blaring recession warnings flashing across Western economies and investors should brace for a turbulent period ahead, HSBC Asset Management has warned today.