FTSE 100 close: London markets finish higher but investors cautious before BoE rate hike July 31, 2023 London’s FTSE 100 closed slightly higher this afternoon, after a tempered start to a week in which the Bank of England is expected to hike interest rates to their highest level since 2008. The capital’s premier index kicked off down 0.26 per cent, before bouncing back by close to 0.17 per cent on stronger than [...]
British businesses locked in disputes with HMRC over possible unpaid tax July 31, 2023 More than half of British mid-sized firms are locked in disputes with the taxman over potential unpaid tax, a sign of the troubles companies encounter when trying to navigate the UK’s complex web of levies. Some 61 per cent of 500 firms surveyed by consultancy BDO are embroiled in a tax dispute with HMRC. Tax [...]
UK private economy wilts amid high inflation and interest rates, CBI survey shows July 31, 2023 Britain’s private sector economy is being trapped by high inflation and elevated interest rates and companies fear growth will continue to contract, a new survey out today shows. Research by the lobby group the Confederation of British Industry (CBI) has found that activity across the private sector – which generates most output in the UK [...]
Bank of England to hike interest rates for 14th time in a row to 2008 high of 5.25 per cent July 31, 2023 The Bank of England this week is tipped to hike interest rates for the 14th time in a row as it extends its fight against roaring inflation. Members of the nine-strong monetary policy committee (MPC) are expected on Thursday to back a 25 basis point increase to the UK’s official interest rate, which would send [...]
Ex Fed chair Ben Bernanke to lead review into Bank of England forecasting July 28, 2023 Ben Bernanke, ex-chair of the Federal Reserve, has been appointed to lead a review into the Bank of England’s forecasting during times of significant uncertainty. The review aims to strengthen the Monetary Policy Committee’s (MPC) approach to forecasting during times of uncertainty, such as the Russian invasion of Ukraine. Bernanke, a Nobel prize winning economist [...]
Insolvencies hit highest level since 2009 as firms feel pressure from rates and inflation July 28, 2023 The number of company insolvencies in the second quarter hit its highest level since 2009, new figures showed, as firms struggled with a cocktail of rising costs and a tightening lending environment. In the three months to June 2023, there were 5,240 seasonally adjusted registered company insolvencies, nine per cent higher than last quarter and [...]
FTSE 100 close: British Gas owner propels to top of London index after record profit July 27, 2023 London’s FTSE 100 bumped higher today after a manic morning of company earnings gave a lift to market sentiment. The capital’s premier index added 0.21 per cent to reach 7,692.77 points, while the domestically-focused mid-cap FTSE 250, which is more aligned with the health of the UK economy, climbed 0.45 per cent to 19,273.37 points. [...]
European Central Bank hoists interest rates to joint record high of 3.75 per cent July 27, 2023 The European Central Bank (ECB) today lifted interest rates for the ninth time in a row, following the US Federal Reserve’s rise last night. It means the eurozone’s key interest rate now stands at 3.75 per cent, its highest level in 22 years. President Christine Lagarde and the rest of the governing council opted for [...]
City workers pocket above average 13 per cent pay rise as financial services jobs tumble July 27, 2023 City workers pocketed an average 13 per cent pay increase when switching jobs over the last quarter, a rise that is above the national average, new research out today shows. Salary increases handed down to new starters at the Square Mile’s banks, brokers and insurers have ebbed over the last year as activity in the [...]
Federal Reserve sends US interest rates to 22 year high in possible final hike July 26, 2023 The US Federal Reserve today launched what many on Wall Street think will be the final interest rate hike in its current tightening cycle. Members of the federal open market committee (FOMC) backed a 25 basis point increase to leave the federal funds rate at a range of 5.25 per cent and 5.5 per cent. [...]
