US inflation shock may force Fed to launch one percentage point rate hike August 9, 2022 A scorching set of new US inflation numbers released tomorrow could force the Federal Reserve to hike interest rates by the steepest amount in recent history, Wall Street analysts are betting. Fed chief Jerome Powell and co have already had to hike the world’s most important interest rate by 225 basis points since March, the [...]
Don’t rule out even more rate rises, Bank of England’s Ramsden warns August 9, 2022 The Bank of England will have to build on the biggest rate rise in nearly 30 years to sweep inflation out of the UK, a senior official at the monetary authority said today. Dave Ramsden, deputy governor at the Bank, told Reuters “it’s more likely than not that we will have to raise Bank Rate [...]
Sunak says Truss is ‘divorced from reality’ over cost of living crisis August 9, 2022 Rishi Sunak has launched a stunning attack on Liz Truss today, with his campaign team labelling the Tory leadership frontrunner as “divorced from reality”. A Sunak campaign spokesperson said Truss has refused “five times” to say if she will promise to hand out emergency payments to combat spiralling energy bills and that her plan to [...]
Brits to face record £4,400 energy bills as gas prices refuse to come down August 9, 2022 Cornwall Insight has hiked its price cap forecasts to over £4,000 next year, attributing the rise to Ofgem's decision to shift to a quarterly model.
Exclusive: Energy giants urge struggling customers to get in touch ahead of winter August 9, 2022 Some of the biggest energy firms have encouraged worried customers to make contact with them as soon possible.
Freezing green levies won’t relieve pressure on bills but we must make them equal August 9, 2022 The cost of living crisis has continued to be a major worry for people across the country and a key talking point during the Conservative leadership race. Rising energy prices, partly due to the Russian invasion of Ukraine, have significantly fuelled the crisis. As the energy price cap is expected to rise to over £3,300 [...]
High street names including Tesco and Greggs call on Tory leadership candidates to slash ‘shop tax’ August 9, 2022 A coalition of retailers including Morrisons, Greggs and Tesco, have called on the Conservative party leader candidates to slash business rates. The Retail Jobs Alliance has called on both Rishi Sunak and Liz Truss to pledge to cut business rates, which it said were “killing our high streets”. The group, consisting of Co-op, Greggs, Kingfisher, [...]
BoE’s Bailey and co are gloomiest central bank forecasters in history, according to Goldman Sachs August 8, 2022 “No central bank has ever published as negative an economic forecast” as the Bank of England did last week, according to a top Wall Street bank. Governor Andrew Bailey and co’s prediction that the UK will tip into the longest recession since the financial crisis at the end of this year is the gloomiest of [...]
City of London workers lead wage growth as pay inequality worsens in UK August 8, 2022 Only the UK’s highest earners have been given inflation-busting pay rises so far this year, as the country’s lowest earners see pay growth ‘flatline’, according to the latest research. The highest earners, typically concentrated in the City of London among finance, professional and technical sectors, have seen annual pay growth of 10 per cent, while [...]
Sunak says Truss’ cost of living plan ‘won’t touch the sides’ August 8, 2022 Rishi Sunak has launched a fresh attack on leadership rival Liz Truss, saying today that her plan to make tax cuts next month won’t “touch the sides” for families facing a worsening cost of living crisis. Sunak said “bolder action” was required to “protect people from the worst of the winter” amid fresh predictions energy [...]