Bank of England to hike interest rates for 12th time in a row and forecast falling inflation May 9, 2023 The Bank of England is poised to intensify the strain on households and businesses’ finances by hiking interest rates for the 12th time in a row this Thursday in a bid to bring down inflation, City analysts are betting. Threadneedle Street’s nine-member Monetary Policy Committee (MPC), the group tasked with setting official borrowing costs in [...]
Booming services sector steers UK economy further away from recession May 9, 2023 Britain’s economy is running at its strongest level in nearly a year, powered by households still splashing the cash amid the cost of living crisis in another sign the country will skirt a recession. A new survey out last night from consultancy BDO revealed output growth in the UK reached its highest level in eight [...]
UK to officially avoid recession in first half of this year as Bank of England readies twelfth straight interest rate rise May 8, 2023 Britain is set to have officially avoided a recession in the first half of this year in a sharp turnaround in fortunes for the country’s economy, figures out this week are expected to reveal. Gross domestic product (GDP), which measures the amount of goods and services produced in the UK, is anticipated to have risen [...]
Euro rate hikes: Not done yet, says member of the governing council May 7, 2023 The European Central Bank’s interest rate hikes are starting to have an effect, but more will be needed to contain inflation, Dutch Central Bank President Klaas Knot said on Sunday. Knot, who is also on the ECB’s governing council and is known as a hawk, said he had agreed with the ECB decision on Thursday [...]
Cabinet minister: Ukraine War and Covid-19 to blame for local election beating May 7, 2023 Culture Secretary Lucy Frazer has blamed heavy Tory losses in the local elections on the pandemic and the Ukraine war. She also noted the Conservative Party had been in power for “a long time”. The Cabinet minister conceded that voters were “frustrated and angry”, but claimed Rishi Sunak was starting to regain the public’s trust. [...]
Asos: Will fast fashion darling see share price fly off the shelf? May 7, 2023 Online fashion giant Asos is expected to post another half-year loss and shareholders will hope for signs of improving demand from cash-strapped shoppers. It is among fast-fashion retailers to have become heavily pressurised over the past year by a brutal combination of rocketing costs, supply chain disruption and weaker consumer spending. The FTSE 250 company [...]
US unemployment figures ‘confound expectations’ with 50 year jobless low, raising spectre of more Fed rate rises May 5, 2023 US employers went on a hiring spree in April while raising wages for workers at the same time, according to the Labour Department. The news that nonfarm payrolls increased by 253,000 jobs last month immediately sparked speculation that the US central bank the Federal Reserve could maintain its current policy of keeping rates higher. The [...]
Pound Sterling rises to highest level in almost a year as US dollar set for second straight week of decline May 5, 2023 Sterling rose to its highest level in almost a year, as the dollar was broadly softer against other major currencies on Friday. The pound continues to recover, while the banking sector woes added to talk of U.S. rate cuts later this year, ahead of the much-anticipated monthly U.S. jobs report just after midday (GMT). The dollar [...]
Is Bitcoin on track to take pole position as the wheels come off US banks? May 5, 2023 Jason Deane, resplendent in racing overalls, completes a circuit of the week's twists, turns and chicanery in the world of digital finance.
Coronation and your cash: How much have prices – and life in the UK – changed since 1953? May 5, 2023 When Queen Elizabeth II was crowned 70 years ago in 1953, the price of a pint was less than 10p, the average house price was around £1,800, and the average salary was £10 a week. But that’s not all that has changed, this year’s Coronation of King Charles III takes place in a nation where life [...]