City braces for BoE rate hike and mini-budget September 19, 2022 The City is bracing for a bumper week of economic data and policy announcements in a trading week shortened by the UK bank holiday for The Queen’s funeral. London’s premier FTSE 100 index posted mixed performance last week, initially jumping higher before closing 1.56 per cent lower at 7,236.68 points. Its mid-cap domestically-focused counterpart, the [...]
Octopus unveils £40m support package to ease standing charges September 19, 2022 Octopus Energy has rolled out a £40m package to lower the burden of standing charges facing households this winter.
Hospitality hit ‘from both sides’ of energy price crisis as number of insolvent firms shoots up September 18, 2022 There has been a huge spike in the number of company insolvencies in the past year by 72 per cent, as hospitality bears the brunt of soaring energy bills. New figures from the Insolvency Service show pubs, bars and restaurants have been the worst affected, being “from both sides” by the cost of living crisis. [...]
Property guru: Truss’s energy package has helped housing market from cliff edge September 17, 2022 The Government’s action to limit the impact of energy price rises has helped pull the housing market back from the cliff-edge, a leading property association told City A.M. this morning. But the National Association of Property Buyers’ (NAPB) does stress further steps are urgently needed to ensure we don’t see a serious downturn in house [...]
Kwarteng must pull businesses out of limbo before MPs head off to party conferences September 16, 2022 I can probably count on one hand just how often MPs have been in parliament in these past three months. It makes a mockery of our parliamentary system in such a time of need.
Brexit onslaught deepens as a third of all UK exporters to EU vanish due to red tape knockout September 15, 2022 The number of UK businesses exporting goods to the EU fell 33 per cent to 18,357 in 2021, from 27,321 in 2020, according to data from HMRC. Discussing the figures with City A.M., Michelle Dale, a senior manager at accountancy firm UHY Hacker Young, pointed out the fall is due to the extra red tape [...]
London’s FTSE 100 dips after weaker than expected UK inflation September 14, 2022 London’s FTSE 100 dripped lower today after fresh figures revealed UK inflation is cooling. The capital’s premier index tumbled 1.47 per cent to 7,277.30 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slid 1.66 per cent to below the 19,000 point mark. Traders were [...]
Von der Leyen sets out £120bn energy windfall plan and says Ukraine may join single market September 14, 2022 The European Union has set out plans to raise more than £120bn with a windfall tax and revenue cap on energy suppliers, as its commissioner reiterated the bloc’s backing for Ukraine. The body announced it would cap revenues for non-gas energy suppliers in a bid to reverse the fuel problem in Europe, sparked in part [...]
Inflation drops for first time in nearly a year, but BoE still on rate hike path September 14, 2022 Inflation in the UK dropped for the first time in nearly a year, but will do little to stop the Bank of England from continuing to hike interest rates, City economists said today. Prices climbed 9.9 per cent over the year to August, down from a 40-year high rate of 10.1 in July, according to [...]
Climate sceptic Bjorn Lomborg’s stark warning: ‘People will rebel against green policies’ September 14, 2022 Climate sceptic Bjorn Lomborg is President of the Copenhagen Consensus and Visiting Fellow at Stanford University’s Hoover Institution. Today he explains in City A.M. why green policies will simply not work. The disconnect between the global elite and the real world is growing by the day. Most people are worn down by the pandemic, food [...]