Can UK handle a rate rise as economy rebounds? November 1, 2021 | City Talk The UK economy grew by 0.4% in the month of August after latest estimates showed GDP contracted in July by 0.1%. July was disrupted by a spike in infections and tougher restrictions on self-isolation and testing for anyone in contact with those testing positive for Covid-19. This was known as the “pingdemic”, referring to the [...]
Beyond GDP growth: why natural capital matters November 1, 2021 | City Talk As the climate crisis accelerates, financial markets are paying more attention to risks and opportunities stemming from the energy transition, taking into consideration the risks related to fossil fuel production and consumption. While decarbonising the production mix and promoting energy efficiency is essential to fight climate change, we think that markets are underestimating the fundamental [...]
Supply chain breakdowns continue to drag on UK manufacturing November 1, 2021 Supply chain breakdowns continue to drag the UK manufacturing industry down, but greenshoots of stronger growth are emerging. Delays in deliveries for crucial materials, compounded by worker and skills shortages drove slower output growth among British manufacturing firms, a closely watched survey has found. IHS Markit’s latest purchasing managers’ index for the UK manufacturing industry [...]
London set to drive UK recovery with business confidence highest in capital November 1, 2021 London businesses are set to drive the UK’s economic recovery from the Covid-19 crisis over the coming months. Firms in the capital are the most confident out of all regions across the country, according to Lloyds Bank’s latest businesses barometer survey. 65 per cent of London businesses are optimistic about their medium term prospects, up [...]
Ex-Bank of England governor warns transition to net-zero will not happen ‘overnight’ October 31, 2021 A former governor of the Bank of England has warned gearing the UK toward a greener economy will not happen overnight. Speaking to the Mail on Sunday, Mark Carney, who headed the Old Lady between 2013 – 2020 said “It would be great if we could flip a green switch overnight… we can’t.” Carney, now [...]
City brings forward bets on Bank of England rate hike to this week October 31, 2021 The Bank of England will hike interest rates this week to hose down runaway inflation, according to several grandee City investment banks. JPMorgan, Deutsche Bank, Morgan Stanley and Santander have all brought their bets on when the Old Lady will increase borrowing costs to this Thursday’s rate setting meeting. The strengthening bets have been driven [...]
Eurozone growth smashes expectations but fuels record inflation October 29, 2021 The Eurozone economy smashed forecasts for growth last quarter, but rapid expansion is pushing inflation to record levels. The economy of the 19 countries sharing the euro expanded by a better than expected 2.2 per cent in the third quarter, its fastest pace in a year and putting it on course to reach its pre-crisis [...]
Brits splurge on credit cards at fastest pace in over a year October 29, 2021 Brits picked up their credit cards once again and splashed the cash last month as the summer drew to a close. Consumers spent an additional £600m on credit cards in September, the highest amount since July last year, according to the Bank of England. More to follow.
Millions face swelling mortgage bill as lenders brace for rate hike October 29, 2021 Households across the UK face swelling mortgage costs on top of higher tax bills and an increasing cost of living. Several of Britain’s big players in the mortgage market lifted interest rates on their products immediately after the budget this week in anticipation of a looming rate hike from the Bank of England. HSBC, Barclays [...]
Biden asks Democrats for support over $1.75tn spending framework October 28, 2021 US President Joe Biden has announced he had secured a $1.75tn spending framework to invest in the economy and climate change. Biden expressed his confidence in the plan, saying it could win the backing of all Democrats and pass the Senate, Reuters reported. “Today I’m pleased to announce after months of tough and thoughtful negotiations, [...]
