UK recession to hit sooner than first thought as economy unexpectedly shrinks May 12, 2022 The UK is “dangerously close” to tipping into a recession sooner than predicted due to households already cutting spending ahead of the cost of living squeeze tightening. That’s according to City economists’ assessment of weaker than expected GDP figures published today by the Office for National Statistics (ONS). The economy shrank 0.1 per cent in [...]
The City View: Subpar UK economic figures, and more rate hikes to come May 12, 2022 Today Andy Silvester talks to City A.M.’s Economics and Markets reporter Jack Barnett. They go through the gloomy economic figures released by the ONS this morning measuring the economy’s performance, and explain what this will mean for rate hikes going forward. And in the news: BT has confirmed a joint sports venture with Warner Bros [...]
Tory MP Lee Anderson refuses to apologise for saying poor people who use food bank ‘cannot cook and budget’ May 12, 2022 A Conservative MP said he stands by his comments that people who use food banks do so because they “cannot cook properly” and “cannot budget”. Lee Anderson invited “everybody” on the opposition benches in the Commons to visit a food bank in his Nottinghamshire constituency where, when people come for a food parcel, they now [...]
National Grid to pay £200m to energy users from subsea cable trading May 11, 2022 National Grid has revealed it will share some of the excess cash it has made with struggling households amid the cost of living crisis.
Goldman Sachs: World is entering new era of ‘bigger government’ and ‘higher taxes’ May 11, 2022 The world economy is entering an era of “bigger government” and “higher taxes,” according to a top Wall Street bank. The scaling back of red tape and stronger corporate profits that characterised the global business environment since the 1980s is set to reverse, Goldman Sachs has said. Supply-side reforms pushed through by former British prime [...]
Tory MP claims food bank users ‘cannot cook or budget properly’ and meals cost 30p a day May 11, 2022 A Conservative MP has sparked anger after saying poorer people rely on food banks because they “cannot cook properly”, and that meals can be cooked “for around 30p”. Lee Anderson told the Commons those who want to register for help must sign up for a “budgeting course and a cooking course.” When asked by [...]
Priti Patel looks to crack down on ‘criminal and disruptive guerrilla tactics’ of groups like XR, Insulate Britain and Just Stop Oil May 11, 2022 Priti Patel is looking to end “criminal, disruptive and self-defeating guerrilla tactics” of environmental activists, including those who glue themselves to roads in protest of fossil fuels. The Home Secretary made the Public Order Bill announcement in the Queen’s Speech, which will try to stop “relentless reoffending and significant disruption by a selfish minority of [...]
US Federal Reserve to move even quicker to tame higher than expected underlying inflation May 11, 2022 A higher than expected rise in a more closely watched measure of stateside inflation may prompt the US Federal Reserve to hike interest rates by a historic 75 basis points at its next meeting. That’s according to top City economics consultancy, Capital Economics, which said the upside surprise to core stateside inflation will worry Fed [...]
Michael Gove: There won’t be an emergency budget to tackle the cost of living crisis May 11, 2022 Levelling Up Secretary Michael Gove has insisted there will not be an emergency budget to deal with the cost of living crisis. The minister made his comments on Sky News this morning after the prime minister told the Commons yesterday, that Rishi Sunak would be “saying more” on the UK’s response to rising inflation and [...]
UK recession lurks around corner as thousands face extreme poverty without more support May 11, 2022 A recession in the UK is just around the corner and the economy will stay in the doldrums without a major policy overhaul, a top think tank warned today. Britain’s economy will contract in the third and fourth quarters of this year, meeting the grade for a technical recession, the National Institute of Economic and [...]