London small firms dominate fast growth list despite inflationary drag June 21, 2023 London’s small businesses have dominated a list of the country’s fastest growing firms this year despite inflation dragging on growth across the country, according to new research. In a ranking of the UK’s 100 fastest growing small firms by business group FEBE, 26 per cent of firms hailed from the capital while 13 per cent [...]
Claim of supermarkets profiteering doesn’t pass ‘basic smell test,’ says former Sainsbury’s boss June 21, 2023 The former boss of Sainsbury’s has roundly rejected claims that British supermarkets are profiteering during the cost of living crisis, arguing that the government and regulators should focus on helping those in need instead of considering “interfering in markets”. “This idea that [supermarkets] are somehow profiteering in these circumstances… it doesn’t even pass a basic [...]
UK pay still rising at three decade high in headache for Bank of England June 21, 2023 UK pay has risen at its fastest pace in over three decades for the fifth quarter in a row in a sign that the Bank of England may have to keep raising interest rates to get ahead of inflation, new figures out today show. Workers notched an average six per cent wage increase in the [...]
The Bank of England risked our economy by believing a Peter Pan myth on inflation June 21, 2023 The Bank of England is failing to predict or control the high rate of inflation because ultimately, no one believes in its ability to correctly predict the course of the economy, writes Paul Ormerod
LDI funds withstanding pressure in gilt market as BoE turns attention to shadow banks June 20, 2023 Liability driven investment funds (LDIs) have maintained “high levels of resilience” despite recent volatility in the gilt market, the Bank of England’s Jonathan Hall said today. Hall, an external member of the Bank’s Financial Policy Committee (FPC) said that recent moves in gilt yields had been “significant” as investors reassessed the likelihood of further rate [...]
FTSE 100 close: Interest rate concerns linger as NatWest heads lower June 20, 2023 London’s FTSE 100 struggled for gains today as investors took a cautious approach before the Bank of England’s expected 13th straight interest rate rise on Thursday. The capital’s premier index shed 0.25 per cent to close at 7,569.30 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the [...]
Hunt to discuss support with mortgage lenders as repayments crisis looms June 20, 2023 Chancellor Jeremy Hunt is set to meet with mortgage lenders to discuss support for homeowners as a repayments crisis looms. Various calls have been made for the government to step in to help struggling borrowers – but Hunt said ministers would not provide financial support which would fuel inflation. Average costs for a two-year fixed-rate [...]
Why arrears will tick up but banks will not be threatened by rising mortgage costs June 20, 2023 Arrears will tick up as interest rates rise but banks will not have to deal with a major credit event, experts at ratings agencies told City AM. Mortgage rates have spiralled in recent weeks as a result of stubbornly high inflation, meaning consumers will have to pay thousands of pounds a month more for their [...]
Bitcoin and Ethereum continue to trend upward on fresh investor optimism June 20, 2023 The price of Bitcoin is inching its way closer to $27,000 as it trades around the $26.8k level this morning, up three per cent on yesterday.
Saga profit expectations ‘well ahead’ of last year but insurance arm weighs down results June 20, 2023 Saga it expects profits to be “well ahead” of the previous year, driven by a strong performance from its ocean cruise and travel section – but its insurance arm continues to weigh it down. The over 50s specialist saw £150m in booked revenue from its travel segment as of this week, 37 per cent ahead [...]