High rents are driving young people out of London and depriving businesses of talent, industry warns March 7, 2023 Fears that young talent could be driven out of London due to soaring rents and a lack of affordable accommodation is “bad news” for London’s businesses and the economy, industry bodies warn. Paul Swinney, director of policy and research at Centre for Cities’, told City A.M the capital has already seen a “squeeze” on the [...]
Federal Reserve chair Powell warns of ‘higher than expected’ rate peak and steep hikes to stun inflation March 7, 2023 The US Federal Reserve is prepared to heap more pressure on the world’s largest economy by returning to steep interest rate hikes to contain inflation, its chief warned today. Jerome Powell, chair of the Fed, said the world’s most influential central bank is “prepared to accelerate rate hikes” if the pace of price increases in [...]
Explainer: Will Suella Braverman’s immigration rules stop the boats? March 7, 2023 New rules making it impossible for almost any illegal migrants to settle in the UK will depend on deterrence.
Reach: Mirror, Star and Express publisher suffers heavy losses as costs up 40 per cent and ads dry up March 7, 2023 The publisher of the Daily Mirror and Express newspapers has revealed that annual profits tumbled by more than a quarter as it saw costs surge by 40 per cent and a drop in advertising demand. Reach, which also owns the Daily Star and a raft of regional titles across the UK, posted underlying pre-tax profits [...]
Sleepy crypto markets as Fed Chair heads to Congress March 7, 2023 Bitcoin is trading for $22,422 this morning, up by a barely noticeable 0.13% as markets continue to move sideways.
Jeremy Hunt is at sharp end of economic consensus on childcare revolution March 7, 2023 It’s rare for consensus to emerge in economics. Quibbles about the role of the state in society, the level of taxation and where to spend taxpayers’ money often turn into heated arguments thrashed out in just a handful of words on social media. But for once people interested in policymaking are behind around one area [...]
London house prices fall but still almost double national average according to Halifax property index March 7, 2023 London house prices have fallen by almost one per cent from January, but property in the capital still costs £240,000 more than the national average. Halifax’s latest house price index for February showed the rate of annual national growth slowed across the UK, with the average property now sitting at £285,476. In the capital however, [...]
Retail sales: Shoppers feeling the love in lead up to Valentine’s Day not enough to protect sector from ‘volatile trading conditions’ March 7, 2023 Shoppers scrambling for gifts in the lead up to Valentine’s Day helped boost retail sales in February, however the sector has warned that it’s still facing “volatile trading conditions”. According to figures published by the British Retail Consortium (BRC), UK total retail sales increased by 5.2 per cent in February as consumers showed they were [...]
Cost of living crisis: One in seven Brits have skipped meals because they cannot afford to eat March 7, 2023 One in seven people have skipped meals due to the rising cost of living, according to a survey. Almost one in 10 have prioritised meals for other family members above themselves and 4% have used a food bank, the Which? consumer insight tracker found. Some seven in 10 (72 per cent) have turned the heating [...]
A tipple could help Hunt through his budget and investors through further inflation March 7, 2023 Whisky casks are quickly growing into one of the most popular "alternative assets". The older the cask, the better it tastes, giving you a strong return that hedges against inflation, writes Simon Aron