German factory prices surge at fastest pace since 1940s June 20, 2022 German factory prices are accelerating at the quickest pace since the late 1940s, propelled by Russia’s invasion of Ukraine lighting a fuel under European energy prices, official stats published today revealed. Producer prices jumped 33.6 per cent over the year to May, the biggest rise since Germany’s statistics agency started tracking the data in 1949. [...]
UK inflation to bump above 40-year high on soaring food and energy prices June 20, 2022 The cost of living in the UK bumped above an already 40-year high last month driven higher by soaring energy and food prices. That’s according to the City’s consensus prediction of Wednesday’s new inflation figures from the Office for National Statistics (ONS). Analysts expect prices to have climbed 9.1 per cent over the year to [...]
London boroughs sound the alarm bells as skyrocketing inflation is eating £400m hole into budget June 20, 2022 Skyrocketing inflation is driving £400m of additional budget pressures on boroughs in the capital, London Councils warned this morning. Although the government increased local authority funding this year, fast-rising inflation has effectively cut £100m from the financial uplift boroughs received for 2022-23. London Councils, a cross-party group representing all 32 boroughs and the City of [...]
British manufacturers beg Treasury for more support to weather ‘the immediate storm’ June 20, 2022 British manufacturers have called on the Treasury to offer more support amid a poor economic outlook to help “weather the immediate storm”. Make UK, trade body for manufacturers, and consultancy BDO found that costs are continuing to rise and output opportunities have been stifled. A survey revealed that two thirds of companies (67.8 per cent) [...]
House price growth slows with real estate sector warning of affordability crunch for buyers June 20, 2022 The pace of house price growth slowed in May, with potential buyers’ tightening budgets set to slow growth further in the months ahead. According to today’s Rightmove’s house price index, buyer demand for available properties was down eight per cent last month, versus April. Even so, the price of property smashed another record, for the [...]
Indignant brokers fiercely dismiss Martin Lewis’ notion many mortgages are ‘a ticking time bomb’ June 19, 2022 The well-known personal finance guru Martin Lewis recently warned that mortgages are a “ticking time bomb” for homeowners, as he said Brits should lock in cheap mortgage rates soon before monthly payments become unaffordable. Lewis’ comments come as the cost of living for most Brits is climbing fast, with energy bills going up by an [...]
Money Spotlight: The reasons your real pay is dropping like never before June 19, 2022 Britons saw their basic pay fall at the fastest pace on record in April due to soaring prices. More pain is in store for UK households as inflation is set to hit further eye-watering peaks later this year. The Office for National Statistics (ONS) said yesterday that regular wages excluding bonuses plunged by 4.5 per [...]
Central banks face tough journey to ‘Goldilocks’ policy setting June 19, 2022 Goldilocks found the perfect bowl of porridge through trial and error. The US Federal Reserve, Bank of England and the rest of the central banking elite are following a similar rationale right now. They are grasping for that “just-right” policy setting which allows an economy to reach its full potential without knowing what that setting [...]
Ofgem turns up the heat on UK Energy Incubator Hub amid industry crackdown June 18, 2022 Ofgem has demanded troubled supplier UK Energy Incubator Hub hand over information on financial stress testing and management control.
Bank of England hikes rates for fifth time in a row and warns of 11 per cent inflation surge June 16, 2022 The Bank of England today hiked interest rates for the fifth time in a row for the first time since it was given control of monetary policy a quarter of a century ago as it pushes to cool the highest rise in living costs for a generation. A majority of the Bank’s nine rate setters, [...]