UK economy already in throes of drawn out recession, City warns after GDP disappoints September 12, 2022 The UK economy is already in recession and Liz Truss’s energy support package is unlikely to lift it out of its slump anytime soon, City economists warned today. Weaker than expected growth figures from the Office for National Statistics (ONS) today prompted experts to sound the recession alarm. Gross domestic product (GDP) climbed 0.2 per [...]
Production output sinks below pre-Covid levels as electricity and gas sector declines September 12, 2022 Monthly production output in the UK dropped this summer, sitting at a level below the last pre-Covid level in February 2020. Output sank 0.3 per cent between June and July 2022, coming in at 1.3 per cent below February 2020 levels, according to freshly published data from the Office for National Statistics (ONS). The fall [...]
London’s economy powers through August in ‘growth mode’ as UK stalls September 12, 2022 London’s economy powered through August in “growth mode” despite the UK stalling, a new survey published today reveals. High street bank NatWest’s London purchasing managers’ index (PMI) remained in positive territory in August at 54.9. However, the PMI dropped sharply from 58 in July and was the weakest reading in nearly a year and a [...]
Meet the duo explaining the ‘dismal science’ 10 points at a time September 12, 2022 People think economics is boring. It’s all about finance. It’s all about money, they say. It’s tough to argue with them given the subject’s nicknamed the “dismal science”. But, two secondary school teachers are on a mission to change people’s minds about that. Peter Clift (Pete) and Gavin Simpson (Gav) and are the hosts of [...]
Bank of England to send rates to four per cent after Truss energy package September 11, 2022 The Bank of England could be forced to hike interest rates to their highest level since October 2008 to offset Liz Truss’s around £150bn energy support stoking inflation, City economists have warned. Sanjay Raja, senior economist at Deutsche Bank, said borrowing costs may be hoisted to restrictive territory to tame price pressures, possibly reaching a [...]
City eyes economic data dump for clues on BoE rate hike path September 11, 2022 City traders will be looking for clues shedding light on how far the Bank of England will need to hike interest rates in this week’s economic data dump. The capital’s premier FTSE 100 index posted a decent performance last week, adding nearly one per cent to close at 7,351.07 points. Its mid-cap domestically-focused counterpart, the [...]
London’s FTSE 100 kicks higher ahead of Truss energy package September 8, 2022 London’s FTSE 100 kicked higher today after new prime minister Liz Truss launched an around £130bn cost of living support package. The capital’s premier index climbed 0.33 per cent to 7,262.06 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, added 0.36 per cent to [...]
Lloyd’s boss: City has ‘big few months ahead’ to ensure Square Mile vitality September 8, 2022 Lloyd’s of London chief John Neal reckons the City has a “big few months ahead” to ensure the Square Mile retains its pre-pandemic vitality. Speaking to City PM this morning after a positive set of half-year results for the insurance marketplace, Neal said that though he recognises that “flexibility is critical” he also said there [...]
Economists warn UK to face blackouts under Liz Truss energy plan September 8, 2022 Economists today warned prime minister Liz Truss’s decision to freeze energy bills for everyone in the UK at £2,500 raises the risk of blackouts. Experts at the economic think tank the Institute for Fiscal Studies (IFS) said energy supplies may run dry due to the government propping up energy spending. “Households, businesses or governments… will [...]
European Central Bank fires record rate rise shot to tame scorching inflation September 8, 2022 The European Central Bank (ECB) today hiked interest rates by the biggest amount since its creation in 1999 as it steps up its fight against a historic inflation surge on the Continent. President Christine Lagarde and co lifted borrowing costs in the bloc of 19 countries using the euro 75 basis points. The move takes [...]
