City rejects looming interest rate rise: ‘Old Lady should adopt Maradona theory’ October 14, 2021 Markets are increasingly betting that the Bank of England will raise interest rates before Christmas to contain spiralling inflation. The shift came after two of the Old Lady’s most senior officials gave the strongest signal yet that the central bank is ready to choke off inflation. Strengthening predictions over a looming rate hike triggered a [...]
Octopus Energy and RES commit £3 billion to build new UK hydrogen plants October 14, 2021 Octopus Energy and RES will invest £3 billion in the construction of new hydrogen plants across the country by 2030. The aim is to help the UK become more energy independent. The new plants will maximise electrons when they are generated in abundance on sunny and windy days by storing them as green hydrogen. In [...]
Tax hikes to derail UK economy at the final hurdle October 14, 2021 Imposing punitive tax hikes on businesses will blow the UK economic recovery off course just as it is in touching distance of reaching pre-pandemic strength. That’s the warning to Chancellor Rishi Sunak from economists and industry leaders after data from the Office for National Statistics (ONS) revealed Britain is inches away from full repair. “Our [...]
Staff shortage warning for City’s financial services sector October 14, 2021 Over a fifth of financial services firms have warned that the ongoing staff shortage is limiting investment in the sector, according to a new report by the Confederation of British Industry (CBI) and PwC. “In such a competitive market, ensuring the UK’s process for attracting global talent is quick, efficient and workable is key – [...]
Chicken boss warns shoppers face price hikes in ‘different world’ October 13, 2021 Food prices are set to rise 10 per cent thanks to uncontrollable inflation, the boss of Britain’s biggest chicken firm has warned. Ranjit Boparan, founder of 2 Sisters Food Group, told The Telegraph that consumers were facing a “great food reset,” amid supply chain disruptions. Food companies will have no choice but to pass costs [...]
Clean energy investment crucial for reducing market volatility, says oil body October 13, 2021 Global volatility in the energy market and further price rises will continue without a major boost in clean energy investment, warns the International Energy Agency. Executive director Fatih Birol believes the transition to net-zero carbon emissions will remain unstable, unless future energy needs can be financed. As economies shift from fossil fuels and less sustainable [...]
Swelling food and energy costs lift US inflation October 13, 2021 A jump in food prices and energy costs drove inflation in America to a fiery clip in September, testing Fed chair Jerome Powell’s insistence that price rises are transitory. On an annual basis, US inflation hit 5.4 per cent last month, according to the Labor Department. Higher prices for food, which rose 4.6 per cent, [...]
Lockdown savings drained as Brits worry about price rises October 13, 2021 Three quarters of UK adults are worried about rising living costs with the sandwich generation of 45-64-year-olds the most anxious. Some 35 per cent feel more anxious about the future compared with before the pandemic, rising to 42 per cent among people aged 45-54. The data comes from Aviva, who said one in five people [...]
Bail outs for businesses in strife only gloss over the truth, it’s time to face reality October 13, 2021 The price of both oil and gas has doubled across the world in the last year. The price of crude oil is at $84 a barrel for the first time in three years. As a result, fuel of every kind, for every purpose has become more expensive. The public has reacted in the most extraordinary [...]
Carney backs government support for energy users during gas price crisis October 12, 2021 Mark Carney believes the UK government should support energy users hit by rapidly rising energy costs. With gas prices soaring to record levels, the former governor of the Bank of England appeared to lend his support to the Prime Minister’s upcoming bail-out plans for businesses. The government is set to provide state loans to struggling [...]