Global economy ‘perilously close’ to recession after aggressive rate hikes to tame inflation January 10, 2023 The global economy “is perilously close to falling into recession” after central banks across the world have collectively raised interest rates aggressively to tame roaring inflation, one of the globe’s top economic institutions has warned. World GDP will expand just 1.7 per cent this year, a slump beaten only by the Covid-19 pandemic and financial [...]
Inflation wipes out Christmas sales as Britain stumbles toward recession January 10, 2023 Inflation is forcing Brits to rein in spending to shield their finances, prompting experts today to warn of a rise in high street bankruptcies as the country stumbles into a recession. Retail sales fell in real terms over the Christmas period, when consumers tend to splash the cash on food, new clothes and decorations, according [...]
The Notebook: Victoria Scholar on defensive plays, BA’s new uniforms and Elon Musk’s fall from fortune January 10, 2023 The Notebook is a new feature for 2023, allowing the City’s biggest names to get a few thoughts off their chest. Today it’s the turn of Victoria Scholar, Head of Investment at interactive investor It has been widely reported that the UK is on the brink of recession while a third of the global economy [...]
Exclusive sitdown: Inflation is forcing advertisers to make some tough choices, warns Ebiquity’s boss January 10, 2023 As inflation hit the highest levels in decades in the UK last year, and across large parts of the world, and the cost of living crisis is eating up the household budgets of millions of Brits, many industries are increasingly suffering. That won’t be any different in 2023 and the advertising space is no exception. [...]
Sadiq Khan hammers Hunt for slashing support for businesses grappling with sky-high energy bills January 9, 2023 Sadiq Khan has urged Hunt to reconsider its plan to drastically cut support in energy bills, fearing an uncertain future for businesses.
Bank of England chief economist Pill admits we ‘underestimated’ inflation surge January 9, 2023 The Bank of England did not understand inflation “well enough” and “underestimated” the strength of the 40-year high price surge, its chief economist admitted in a speech in the US today. Huw Pill said with “the benefit of hindsight,” the central bank’s “own analysis” failed to foresee inflationary pressures magnified by global supply chain pressures [...]
Business energy support scheme to be slashed today as Jeremy Hunt warns help can’t last forever January 9, 2023 A new scheme to support businesses with their energy bills will be announced later on Monday, but is expected to be significantly cut after Chancellor Jeremy Hunt warned existing spending is “unsustainably expensive”. The package will be announced to MPs, with the current cap on the unit cost of electricity and gas for firms set [...]
‘Divorce Day’: Why cash-strapped couples are looking at putting off their split amid money woes January 9, 2023 Over a third of married couples who had been considering a divorce are now opting to stay in their relationship because of the cost-of-living crisis, according to a survey. The first working Monday of the new year has been dubbed ‘Divorce Day’ by lawyers, but many couples are thinking twice before splitting from their partner [...]
UK’s cost of living crisis will swipe over £2k from Brits pockets with some groups expected to feel squeeze of recession even more January 9, 2023 The UK is just halfway through a cost of living crisis that will swipe £2,100 year from incomes with living standards remaining at pre Covid levels until at least 2028, a report out today has revealed. The cost of living crisis which, when combined with a tough recession, will leave households worse off than they [...]
Rishi Sunak hits back at critics of inflation promise but warns government ‘can’t help anybody’ if prices don’t fall January 8, 2023 Rishi Sunak has today claimed halving inflation by the end of the year – one of his five promises to the British public – will happen “because of the plans [the government] have put in place”. Speaking to the BBC’s Sunday with Laura Kuenssberg programme, the prime minister doubled down on a series of pledges [...]