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, [...]
London proves Brexit doubters wrong to clinch Europe finance crown March 23, 2023 London has again clinched Europe’s financial centre crown, beating back glum predictions that Brexit would knock the capital’s competitiveness on the global stage, a new index out today reveals. The capital scored well across think tank Z/Yen’s 33rd Global Financial Centres Index (GFCI), helping to to retain the top spot in Europe. London’s access to [...]
US Federal Reserve presses on with interest rate hike amid banking chaos March 22, 2023 The US Federal Reserve today looked past the ongoing wobbles in the global banking system and hiked interest rates for the ninth time in a row, extending its aggressive fight against inflation. Chair Jerome Powell and the rest of the federal open market committee (FOMC) today bumped the world’s most important interest rate 25 basis [...]
FTSE 100 close: Inflation shock tames London index as investors brace for Fed decision March 22, 2023 London’s FTSE 100 nipped higher today despite investors betting the Bank of England will be forced to keep raising interest rates to tame higher than feared inflation. The capital’s premier index closed up 0.41 per cent at 7,566.84 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the [...]
UK inflation shock was bad for the Bank of England – and disastrous for families March 22, 2023 These were not good inflation numbers for the Bank of England. They were even worse for families. Nearly everyone has been taken aback by the Office for National Statistics calculating the annual rate of headline inflation (the consumer price index) snapped a three month falling streak to climb to 10.4 per cent last month. That [...]
UK inflation leaps to 10.4 per cent smashing Bank of England and City forecasts March 22, 2023 UK inflation has surpassed forecasts and stayed in the double digits, in a sign the Bank of England will need to keep hiking interest rates to tame prices, official figures out today reveal. The rate of price increases jumped to 10.4 per cent in February, up from 10.1 per cent in January, according to the [...]
Nearly every sector of UK economy powers away from feared recession March 22, 2023 Nearly every sector of the UK economy is powering away from a recession that was much-tipped at the turn of the year, a new survey out today shows. Some 11 of the 14 sectors monitored by Lloyds Bank are producing more than they did a month ago, the highest number in nearly a year. The [...]
FTSE 100 close: Credit Suisse turmoil eases as Barclays and NatWest claw back losses March 21, 2023 London’s FTSE 100 today shook off market turmoil sparked by UBS saving Credit Suisse, with the UK’s largest lenders, such as Barclays and NatWest, soaring to the top of the index. The capital’s premier index surged nearly two per cent to 7,536.23 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with [...]
Bank of England and Fed to ignore Credit Suisse chaos and hike interest rates this week March 21, 2023 The Bank of England and US Federal Reserve are this week expected to ignore the on-going financial market chaos which resulted in Credit Suisse being pawned off in a shotgun sale and hike interest rates. City analysts have tipped Fed Chair Jerome Powell and Bank Governor Andrew Bailey to prioritise fighting inflation instead of shielding [...]
UK borrowed record £16.7bn for February but Jeremy Hunt handed interest bill boost March 21, 2023 The UK borrowed a higher than expected £16.7bn in February, a record for that specific month due to the government spending billions on helping families with the cost of energy bills, official figures out today reveal. Office for National Statistics (ONS) numbers indicate Chancellor Jeremy Hunt’s decision to cap typical household energy bills at £2,500 [...]
