Bailey hot under the collar over price rises as City warns BoE inflation will scale to double its target November 15, 2021 The governor of the Bank of England is deeply agitated by red hot inflation in the UK despite voting in favour of leaving interest rates unchanged at a record low. Responding to a grilling by MPs, Andrew Bailey said he was “very uneasy about the inflation situation”. Inflation is “not of course where we want [...]
City warns Bank of England inflation will soar to double its target November 15, 2021 Inflation in the UK will scale to double the Bank of England’s target, raising fresh questions over the credibility of the Old Lady’s actions, City economists have warned. A toxic combination of soaring petrol, energy and food costs and restaurants hiking prices after the end of a VAT tax holiday will lift inflation to around [...]
Workers who were furloughed six times more likely to lose job November 14, 2021 Workers who were furloughed are six times more likely to have lost their jobs than other employees, according to new research shared with City PM this morning. The study among 6,100 adults indicated that around 136,000 workers moved from furlough to either unemployment or inactivity. But the end of the Coronavirus Job Retention Scheme (JRS) [...]
London markets dip as Darktrace continues to tumble November 12, 2021 Cambridge-based cybersecurity firm Darktrace continued to tumble today, dragging London markets down with it. The capital’s premier FTSE 100 index dipped 0.49 per cent to 7,347.91 points, while the mid-cap FTSE 250 lost 0.07 per cent, falling to 23,557.52 points. Darktrace plunged over four per cent during morning exchanges, extended a brutal period for the [...]
IFS: Brits unlikely to spend pandemic savings anytime soon November 12, 2021 Brits are unlikely to dip into their pandemic-induced savings and splash the cash any time soon. A greater propensity to save, especially among richer households, and maintaining savings habits adopted during the Covid-19 crisis will deter Brits from spending, according to the economic think tank the Institute for Fiscal Studies (IFS). Normal spending patterns were [...]
Labour squeeze shows no signs of loosening before Christmas November 12, 2021 The ongoing labour squeeze shows no signs of loosening in the run up to Christmas, raising fresh concerns that usual festive activities could be scuppered. In the first week of this month alone, over 220,000 new job ads were posted in the UK, a historically high print since records began, according to the Recruitment and [...]
Home counties plagued by acute skills shortages November 12, 2021 The home counties are suffering some of the most acute skills shortages in the UK, leaving employers in the region clutching at straws to expand their workforce. Almost half of firms in the Thames Valley, which emcompasses Buckinghamshire and Berkshire, are struggling to source trained workers from the local talent pool, research by accountancy firm [...]
London markets shrug off weak UK GDP figures November 11, 2021 London markets shrugged off weaker than expected UK GDP figures today. The capital’s premier FTSE 100 index gained 0.60 per cent to close at 7,384.18 points, while the mid-cap FTSE 250 advanced by the same amount to finish at 23,574.05 points. Traders seemingly ignored a weak quarterly GDP print released by the Office for National [...]
Pound plunges to yearly low against dollar on underwhelming UK GDP figures November 11, 2021 The pound has plunged to its lowest level against the dollar this calendar year driven by traders dumping the currency after fresh data showed the UK economic recovery is stalling. Pound sterling dipped to day low of $1.3365, the weakest the pound/dollar exchange rate in 2021, following the release of new GDP data from the [...]
Swelling non-EU imports widens UK trade deficit November 11, 2021 Swelling imports from non-EU countries driven by the UK bolstering trading relationships outside the European bloc is widening Britain’s trade deficit. An 11.2 per cent jump in imports from non-EU countries in September drove the trade deficit up £3.1bn to nearly £7bn in the third quarter. Imports from countries outside the EU have been higher [...]
