UK recession still on the cards after aggressive Bank of England interest rate hikes uk economy A recession is still on the cards in the UK despite the economy performing much better than experts predicted just a few months ago, new forecasts out today project. Higher interest rates and households responding to the cost of living crunch gripping their finances by trimming spending is tipped to push GDP 0.3 per cent [...]
UK household debt swells past £2 trillion for first time ever uk economy Family debt has swelled past £2 trillion for the first time ever in a sign Brits are whipping out their credit cards to fund spending amid the cost of living crunch, new research out today reveals. Household debt is now nearly the same size as the entire UK economy (£2.2 trillion) and has been pushed [...]
UK suffering worst living standards squeeze on record, OBR boss warns UK economy Brits’ spending power won’t recover to pre-pandemic levels for another half decade, the boss of the UK’s economic watchdog has warned. The UK is experiencing the “biggest squeeze on living standards we’ve faced in this country on record”, Office for Budget Responsibility (OBR) chairman Richard Hughes said today. His stark warning came after the regulator’s [...]
Sharp increase in retail sales amid ‘subdued’ outlook due to inflation – but is there a ‘chink of light’ with Easter holidays? March 24, 2023 British retail sales grew sharply last month compared to pre-pandemic levels, but price increases continue to deliver a “subdued” longer-term outlook. Sales volumes are thought to have increased by 1.2 per cent in February after a rise of 0.9 per cent in January, suggesting the industry is recovering from the pandemic well. Industry figures are [...]
Families grow increasingly confident about UK dodging recession March 24, 2023 Families are increasingly confident the UK will dodge a recession this year in another sign the economy is performing better than feared than at the turn of the year, a closely watched survey out today indicates. UK consumer confidence jumped in March for the second month in a row, albeit up to a historically low [...]
FTSE 100 close: London index slips after of Bank of England interest rate hike March 23, 2023 London’s FTSE 100 slipped lower today after the Bank of England’s hiked interest rates for the eleventh time in a row. The capital’s premier index dropped 0.89 per cent to just under 7,500 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, lost 0.15 per [...]
Bank of England hikes interest rates for eleventh time in a row to post financial crisis high of 4.25 per cent March 23, 2023 The Bank of England today hiked interest rates for the eleventh time in a row to a post-financial crisis of 4.25 per cent as it continues to lead the fight against the worst UK inflation crisis in four decades. Governor Andrew Bailey and his team of rate setters bumped borrowing costs 25 basis points higher, [...]
First Kingfisher now Wickes: DIY drop off dents profit for home improvement – but it’s not all bad news March 23, 2023 Wickes has seen a drop in profits for the year as consumers’ love for home improvements took a dent from rising costs, despite the company reporting ‘record’ sales. The DIY retailer posted pre-tax profits of £75.4m down from a “record” £85.0m in 2021 when Brits were engulfed in a number of circuit breaker lockdowns and [...]
Budweiser hints at future price rises as cost inflation starts to bite March 22, 2023 Budweiser has hinted that it might have to raise its prices in the UK and Ireland in the future as cost inflation continues to hit companies’ bottom lines. Brian Perkins, group president of Budweiser Brewing Group in UK and Ireland, told City A.M., that “no company has been immune to cost inflation”. Explaining the dilemma [...]
London renters forking out ‘unseasonable’ £570 a week as supply of homes dwindles March 22, 2023 London rent prices have shown no sign of cooling in February, with renters in the capital now forking out up to £570 per week on affordable accommodation costs. According to figures by letting agent Foxtons, a limited pool of supply and challenging economic outlook has forced rent prices up five per cent in the capital [...]