UK factories hit by fastest cost rise since 1980s June 22, 2022 The price of materials used by UK factories are rising at the fastest pace on record in a sign that consumers could soon be spiked by a further inflation surge, fresh figures published today reveal. Input prices soared just over 22 per cent over the year to May, the fastest acceleration since the Office for [...]
Brexit has damaged UK’s competitiveness, reduced productivity and lowered Brits’ real wages, LSE says June 22, 2022 A new bombshell study said this morning that Brexit has damaged Britain’s competitiveness, reducing productivity and lowering workers’ real wages in the years ahead. The report said Britain has experienced a decline of 8 per cent in trade openness – trade as a share of economic output – since 2019, losing market share across three [...]
UK inflation highest in G7, dialling up pressure on Bank of England to raise rates again June 22, 2022 The likelihood of the Bank of England hiking interest rates for the sixth time in a row is ramping up after new figures revealed the UK has the highest inflation in the G7. Prices climbed 9.1 per cent annually in May, up from April’s already four decade high rate of nine per cent, according to [...]
1 Minute Market Rundown – 22nd June 2022 June 22, 2022 | City Talk Powell in Focus Later TodayUK Inflation Prints as Expected But Still Very HighJPY Hits 24 Year Lows Risk did rally yesterday as suspected with the S&P posting a 2% gain over the day. Correspondingly, the USD sold off against both the EUR and GBP. Something to note is that the USD did not back off [...]
Inflation jumps to 9.1 per cent: Worried City insiders respond to consumer prices climbing again June 22, 2022 The rate of inflation rose again in May, remaining at 40-year highs, the Office for National Statistics said this morning. The rate of Consumer Prices Index inflation rose slightly to 9.1 per cent in May from 9 per cent in April, according to the ONS. The increase matches what analysts had expected. “Though still at [...]
Nightmare becomes reality in Sri Lanka as govt has no choice but to declare economy has ‘collapsed’ June 22, 2022 After months of shortages of food, fuel and electricity. Sri Lanka’s prime minister said this morning the country’s debt-laden economy has “collapsed.” Prime Minister Ranil Wickremesinghe told Sri Lanka’s parliament today that the South Asian country is “facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food. Our economy [...]
Bank of England’s chief economist Pill sees more rate hikes down the line June 21, 2022 Further rate hikes will be needed to tame the worst inflation crunch in a generation, the Bank of England’s top wonk said today. Huw Pill, who succeeded Andy Haldane as the Bank’s chief economist last September, said at an Institute of Chartered Accountants in England and Wales event that in his view, getting inflation back [...]
1 Minute Market Rundown – 21st June 2022 June 21, 2022 | City Talk US Bank Holiday Quietens the MarketCrypto and Risk Markets Hold InCommodity Prices Begin to Rollover It took it being a US bank holiday but we finally had a quiet day, hallelujah! Equity futures, which were open, pointed higher and as such we saw a pause in the risk sell off. The USD continued to give [...]
British factories pare back price hike intentions on cooling demand June 21, 2022 British factories’ are paring back their expectations of price hikes in a sign that inflation may be beginning to ease, reveals a closely watched survey published today. The proportion of manufacturers planning to raise prices over the next three months fell to 58 per cent in June, the lowest level since September and down from [...]
Public sector workers’ pay growth lags private staff June 21, 2022 Public sector pay growth is lagging behind wage rises in the private sector, a closely watched survey published today reveals. Brits employed by taxpayer funded services such as the NHS and schools received an average pay rise of 1.4 per cent over the last year, compared to a three per cent bump for those working [...]
