Week ahead: City eyes new economy figures and Bank governor Bailey comments July 10, 2022 The City will turn its gaze to fresh GDP figures published this week for signs that the UK is already in the teeth of a recession in a busy week of data announcements. London’s premier FTSE 100 index shook off the turmoil in Downing Street to climb 0.38 per cent and finish the week at [...]
Former minister Steve Baker says Sunak in ‘unfortunate bind’ as he backs Braverman’s leadership bid July 9, 2022 Former minister Steve Baker has said Rishi Sunak is in a “unfortunate bind” as he backed Attorney General Suella Braverman’s Tory leadership bid. “Because Rishi’s record is of saying he wants low taxes, but then putting them up, he’s now got to double down on that record during this campaign,” Baker told BBC Breakfast today. [...]
80 per cent of all Brits have less than £500 in their account as hordes of people are slipping into debt July 9, 2022 The number of customers with persistent debt problems has jumped by almost a third as the cost-of-living crisis bites further, the boss of Lloyds said this morning. Charlie Nunn, who took over at the finance giant, said customers are “concerned” about the economy but said he believes many are talking “too negatively” about the financial [...]
Is Restructuring on the Rise Again in EMEA? July 8, 2022 European dealmakers find themselves in a uniquely challenging position. Though other regions are also contending with rising inflation, supply chain problems, and the risk of economic recession, the direct and indirect consequences of Russia’s invasion of Ukraine are felt most intensely in Europe. The maelstrom of negative shocks risks souring the successes enjoyed by dealmakers [...]
Brits slash spending on essentials as cost of living soars July 8, 2022 Brits are tightening the purse strings and cutting back on essentials as the cost of living continues to soar, according to official polling today.
Savings rates still too low to tempt regular investors to move more money into cash July 8, 2022 Regular UK investors believe savings rates are still not high enough to tempt them to move more money into cash. Just 35% say they have put more of their investments into cash accounts since the Bank of England started hiking the base rate in December last year with five increases taking it from 0.1% to [...]
Shop visits increase as shoppers hunt for cheapest prices but sales growth lags July 8, 2022 Visits to shops have increased as shoppers hunt for the cheapest prices, however this has not translated into sales growth amid the cost of living crisis. According to data from the British Retail Consortium, UK footfall increased by two percentage points in June, versus the prior month. Shoppers were hunting for the best deals as [...]
June NFP preview July 7, 2022 The June US jobs report is due to be released on Friday 8 July at 1.30pm (UK time). Coming at a time when market participants are concerned over the potential implications of impending rising interest rates off the back of soaring inflation, traders will be watching closely for any signs of an economic slowdown. Unfortunately, [...]
London markets ignore Johnson exit as banks lead FTSE 100 higher July 7, 2022 London markets today shrugged off prime minister Boris Johnson bowing to days of pressure and ministerial resignations and quitting office. The capital’s premier index jumped 1.14 per cent to 7,189.08 points, while the domestically-focused mid-cap FTSE 250 index, climbed 1.51 per cent to 18,875.53 points. Investors have been muted to the upheaval at Westminster over [...]
New prime minister has to grapple with ‘unsustainable’ UK indebtedness, fiscal watchdog warns July 7, 2022 Britain is on “an unsustainable path” to high indebtedness unless action is taken to strengthen the public finances, the country’s fiscal watchdog warned today. A combination of higher health spending to deal with an ageing society, the loss of motoring taxes due to the transition to net zero and greater geo-political risks could swell the [...]