Consumer squeeze ‘worse than I have ever known’ says ex CBI boss and Cobra Beer chair October 6, 2022 Consumers are being squeezed by “worse than I have ever known,” the former chief of the Confederation of British Industry (CBI) and the founder of Cobra Beer has said. Speaking on BBC Radio 5 Live’s Wake Up to Money programme, Lord Karan Bilimora was asked about the impact of industrial action this month – with [...]
Pound unwavering after Fitch downgrades credit outlook October 6, 2022 Pound sterling is up marginally against the US dollar at around $1.136 on Thursday morning after a lowered credit outlook from Fitch. The ratings agency lowered its outlook for government debt to negative from stable, arguing the government’s latest growth could lead to a significant increase in fiscal deficits over the medium term.” Sterling plunged [...]
Truss ‘giving with one hand and taking with other’ through stealth taxes, IFS says October 6, 2022 Liz Truss is “giving with one hand and taking with the other” by keeping stealth taxes, a new study out today reveals. Some £2 for every £1 returned to Brits in the prime minister and chancellor Kwasi Kwarteng’s tax cutting mini-budget will be lost to “fiscal drag,” the Institute for Fiscal Studies (IFS) said today. [...]
Pound snaps winning streak against US dollar after Truss conference speech October 5, 2022 The pound slumped against the US dollar today, slicing some of the gains it has made since the currency collapsed after Kwasi Kwarteng’s mini-budget last month. Sterling weakened as much as two per cent against the greenback. It was down against the euro too. The world’s major currencies have tumbled against the dollar this year. [...]
City sitdown: Private equity should learn to be more emotional, argues City grandee October 5, 2022 Whether you like it or not, private equity is a significant part of the UK economy and accounts for almost 50 percent of all deal value, double the level from just five years ago, according to a recent deal analysis from PwC. Its fingerprint has been all over household names including Asda, the AA, Morrisons and [...]
Services economy stalls as UK ‘drifts’ toward recession October 5, 2022 Britain’s all important services economy is stagnating, driven by consumers cutting spending in response to soaring inflation, a closely watched survey out today shows. S&P Global and the Chartered Institute for Procurement and Supply’s (CIPS) purchasing managers’ index (PMI) fell to 50 last month from 50.9 in August. The reading means the UK services economy [...]
Kwarteng trashes market bets on earlier OBR report and fiscal plan October 4, 2022 The pound today climbed to its highest level against the US dollar in two weeks despite chancellor Kwasi Kwarteng trashing market expectations of a sooner-than-expected fiscal plan. Sterling surged 0.78 per cent against the greenback to buy $1.141. It has now regained all its losses since Kwarteng’s mini-budget rocked the currency last month. UK borrowing [...]
Truss and Kwarteng mini-budget to ‘deepen’ UK recession October 4, 2022 Liz Truss and Kwasi Kwarteng’s decision to slash taxes and ramp up borrowing without costing their plans will make the looming UK recession worse, City economists predicted today. Soaring mortgage rates driven by lenders passing on higher market yields pushed up by a lack of confidence in prime minister Liz Truss and chancellor Kwasi Kwarteng’s [...]
Explainer: Bank of England hasn’t lost £65bn of UK’s money October 4, 2022 Let’s get one thing straight: the Bank of England is not going to lose £65bn on buying government debt. There’ve been a few social media posts (and a few newspaper headlines) whipping up this point. It’s untrue. Last week, the Bank said it will buy up to £65bn worth of long-dated government debt until 14 [...]
Productivity after sight-loss October 4, 2022 | City Talk Hugh Bassett Worldwide, over 1.1 billion people are living with unaddressed sight loss. This can vary in severity,but in many cases, it is intuitive that this will lead to a lack of productivity. Sight loss can cause orexacerbate poverty through reduced employment prospects and work productivity, as well asadversely affect educational opportunities and outcomes. This [...]
