Truss and Hunt to oversee protracted recession, EY Item Club forecasts October 17, 2022 The UK is on course for a long recession that will last from this winter through to next summer, underscoring the tough challenge facing prime minister Liz Truss and her new chancellor Jeremy Hunt. Rising inflation compounded by higher interest rates will force the economy into reverse in the current quarter until the summer of [...]
None of your business: Suppliers ramp up closures as energy bills crisis bites October 17, 2022 Suppliers forced 20 businesses to close over unpaid energy bills in the last four months, according to new data from Mazars.
Inflation and supply chain woes take their toll on UK’s chemical sector October 17, 2022 The chemical sector has reported its first quarterly fall in sales since the height of the pandemic, according to the latest sector data.
Bank of England to launch gentler but still record rate rise after mini budget U-turns October 16, 2022 The Bank of England can marginally take its foot off the accelerator after prime minister Liz Truss U-turned on key aspects of her tax cutting mini budget, but will still launch the biggest move in its 25 years of independence, City economists are betting. The monetary policy committee (MPC) is set to lift borrowing costs [...]
Recession fears outweigh OPEC+ cuts amid oil price slump October 16, 2022 Oil markets will open tomorrow with prices weighed down by global recession fears and weakening oil demand.
Millions of Brits to see annual mortgage payments rise by £5,100 by 2024 October 15, 2022 Millions of households will see their annual mortgage payments by as much as £5,100 over the next two years, according to one of the country’s top think thanks. More than five million families are set to be hit by spiralling mortgage costs by 2024, new analysis by the Resolution Foundation revealed, nearly one-fifth of all [...]
Analysis: Truss can’t buck the markets October 14, 2022 Around eight minutes is how long prime minister Liz Truss today allocated to explain why she sacked her chancellor for implementing her tax cuts and signed off her second mini budget U-turn. She clarified neither. She answered four questions and committed to her “mission” to boost growth in the UK at a Downing Street press [...]
Even a complete reversal of the mini-budget won’t fill the giant fiscal hole created October 14, 2022 In August, we were promised a new Budget under the new premiership of Liz Truss. In September, it was downgraded to a mini-Budget when the Government decided not to ask the independent Office for Budget Responsibility (OBR) to mark its homework, or set out a new economic outlook. The market fallout from this disastrous decision [...]
UK borrowing costs tank as mini budget U-turn rumours gather pace October 14, 2022 UK borrowing costs fell sharply today driven by chancellor Kwasi Kwarteng and prime minister Liz Truss reportedly set to U-turn on more parts of their mini budget. The chancellor has today cut short his trip to the International Monetary Fund’s Washington meetings to hold emergency talks with Truss in London. Rumours of a second U-turn [...]
Sanctions on Russia are on a collision course with Europe’s green ambitions October 14, 2022 These days, Europe is seen as the weak link in the developed economic world. The European stock market is underperforming its US rival, down 22 per cent year-to-date. Even risky emerging markets are doing better. Likewise, Europe’s surging inflation rates, in countries like Germany and Spain (not to mention what the UK is going through), [...]