RMT suspends week of planned rail strikes in potential breakthrough November 4, 2022 The UK’s largest rail union has suspended a week of planned rail strikes, set to begin tomorrow, in what could be a breakthrough in negotiations. The National Union of Rail, Maritime and Transport Workers (RMT) today said it would not go ahead with strikes on 5, 7 and 9 November, but that the “current dispute [...]
Qatar World Cup: 700 Heathrow workers to strike causing chaos for travelling fans November 4, 2022 Qatar World Cup football fans will face disruption following the announcement of three days of strike action at Heathrow Airport. Workers on the ground at the international hub employed by Dnata and Menzies will walk out on Friday 18 November, with the tournament in the Gulf state beginning on 20 November. England’s first game is [...]
Editorial: Andrew Bailey’s guidance is a sign of just how shaky the economy looks November 4, 2022 The latter is always second guessing where governor Andrew Bailey and the rest of the monetary policy committee will send interest rates. The former rarely provides any clues. Investors’ rate expectations are shaped by thousands of pieces of data, but they essentially boil down to a couple of key themes. Firstly, inflation. Markets make their [...]
Business leaders urge govt to restore ‘hard-won reputation for stability’ after rate rise and recession warning November 4, 2022 The government’s must restore the UK’s “hard-won reputation for stability” after this week’s rate hike and warning about a prolonged recession. A top wonk at the Confederation of British Industry responded to the Bank of England’s “bumper rate rise” to 3 per cent shows “the scale of the UK’s inflation challenge”. With inflation now over [...]
Bleak Friday? Retailers hit by spending slowdown as shoppers shun high street November 4, 2022 High street bosses are nervously awaiting Black Friday as retail sales volumes dropped dramatically last month. Sales volumes have dropped significantly, although this has been masked by historically high levels of inflation, data from accountancy firm BDO revealed today. In-store like-for-like sales saw the lowest growth since lockdown in February 2021, with growth of just [...]
Bank of England delivers largest rate hike since 1989 and signals more to come November 3, 2022 The Bank of England today hiked interest rates by the largest amount since 1989 and signalled more rises are coming. The Bank’s rate setting committee voted unanimously to lift borrowing costs 75 basis points to three per cent, the highest level since 2008 and the eighth rise in a row. The pound shed more than [...]
UK economy headed for record recession if rates rise sharply, BoE warns November 3, 2022 The UK economy is on course to suffer the longest recession since records began if interest rates rise sharply, triggered by a toxic mix of higher mortgage costs, prices and energy bills, the Bank of England said today. Gross domestic product (GDP) will shrink for 24 consecutive months, beginning in the early stages of next [...]
The serious money will be bullish on Fed decision that gave volatility back to crypto markets November 3, 2022 DeVere chief Nigel Green explains why the price of Bitcoin surged and then pulled back following Fed Chair Jerome Powell's latest speech.
FCA makes lenders pay £12m back to 60,000 as pandemic lessons learnt November 3, 2022 The City’s financial watchdog (FCA) is telling lenders to pay back millions in compensation to borrowers after having learnt lessons from poor practices in the pandemic. A report published by the Financial Conduct Authority this morning outlines that £12m has been paid out to thousands of companies in difficulties. Its executive director of consumers and [...]
Working from home sees London karaoke bars enjoy rise in Sunday Fundays November 3, 2022 Londoners are staving off the Sunday Blues with karaoke nights – taking advantage of an extra lie-in on work-from-home Monday mornings. Charlie Elek, the managing director of Lucky Voice, a capital-focussed karaoke chain, told CityA.M. that a rise in hybrid working had “worked in our favour”. The number of punters through the door at his [...]