When fiscal and monetary policy stray off course, our pension funds lose out October 4, 2022 We are experiencing an unforeseen fiscal policy straight out of the 1980s, which has fundamentally shaken the underlying structures of how British sovereign bond markets functioned in the 2020s. Would an esoteric issue such as pension funds making margin calls in the event of government debt spiking to post-2008 levels really have made it on [...]
Bank should have delayed rate decision to avert crisis, says former pensions minister October 3, 2022 The Bank of England should have delayed its rate-setting meeting until after the government’s mini-budget to have avoided the crisis that rocked pension funds last week, a former pensions minister said today.
UK at risk of gas supply shortages this year, warns Ofgem October 3, 2022 The UK is at risk of gas shortages this winter following Russia's invasion of Ukraine and continued disruption to energy supplies, warned Ofgem.
Pensions fund collapse fears were ‘overreaction’, says PwC executive October 3, 2022 Fears of a wave of pension fund insolvencies last week were an “overreaction”, the global pensions chief of PwC said today, after concerns spread amid the fallout of the government’s so-called mini budget.
British Steel’s Chinese owners push for Government bailout October 1, 2022 The owners of British Steel are seeking an urgent package of financial support from taxpayers, according to Sky News.
Luxury resort developer jailed for 12 years over £226m fraud September 30, 2022 A “thrice bankrupt fraudster”, who lost investors almost £400m through a “fatally flawed” Caribbean property scheme, was jailed at Southwark Crown Court today. David Ames, 70, a former double-glazing seller from Essex, was sentenced to 12 years in prison today, after being convicted of defrauding investors of £226m. Ames’ Harlequin property development company collapsed in [...]
UK borrowing costs surge and FTSE tanks after Truss and Kwarteng back mini-budget September 29, 2022 UK borrowing costs fired higher and the country’s largest listed companies tanked today after prime minister Liz Truss and chancellor Kwasi Kwarteng doubled down on their tax cutting and borrowing plans. London’s FTSE 100, home to the UK’s top companies, shed 1.77 two per cent. The mid-cap FTSE 250 index nose dived more than three [...]
Joules tanks as insolvency talk spooks market September 29, 2022 Share tanked over 32 per cent this evening for Joules after reports that the beleaguered retailer was weighing up insolvency options. As first reported by Mark Kleinman for Sky News, the British lifestyle brand is working with Interpath Advisory on a company voluntary arrangement (CVA), which would allow the firm to renegotiate liabilities, but could [...]
Letters: Kicking the can down the road September 23, 2022 [Re: Government unveils energy support package to ‘stop businesses collapsing’, Sep 21] If energy bills continue to rise as expected beyond Wednesday’s six month announcement, one in seven businesses may either close down or have to downsize. The economic damage this would cause includes insolvencies, wreaking further havoc on supply chains, SMEs, and sectors with [...]
Ka-Ching! Brits pay instantly £1.65bn more in interest after today’s Bank of England rate hike September 22, 2022 With the Bank of England Monetary Policy Committee confirming its base rate will rise by 0.5 per cent to 2.25 per cent, UK households face an immediate increase in interest payments of £1.65bn. Analysis of Bank of England data shows UK households are currently paying £20.25bn annually in interest payments on floating rate debt that are [...]