UK borrowing costs cool after Truss quits as shortest serving PM ever October 20, 2022 UK borrowing costs scaled lower today after Liz Truss exited as the shortest serving prime minister on record at 44 days. Yields on the 10-year gilt dropped around 27 basis points to 3.8 per cent after Truss resigned in the early afternoon. They had been trending higher during early trading. Rates on the 30-year gilt, [...]
London’s FTSE 100 dragged down by windfall tax rumours hitting UK banks October 19, 2022 London’s FTSE 100 was dragged lower today by investors ditching UK banks on fears they will be hit by a windfall tax by new chancellor Jeremy Hunt. The capital’s premier index fell 0.17 per cent to 6,924.99 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK [...]
Truss and Kwarteng did not brief BoE on mini-budget, dep governor Cunliffe says October 19, 2022 Liz Truss or former chancellor Kwasi Kwarteng did not tell the Bank of England of their plans to slash taxes £45bn in last month’s botched mini-budget, one of the central bank’s executives said today. Sir Jon Cunliffe, the Bank’s deputy governor of financial stability, told the treasury select committee today the government did not brief [...]
Quilter assets slide as volatility shakes markets October 19, 2022 Shares in wealth manager Quilter dived this morning as the FTSE 250 firm revealed its assets under management tumbled to £96.9bn in the three months to the end of September.
Truss mini-budget sparked five worst days on UK debt market on record, Bank of England says October 18, 2022 Prime minister Liz Truss’s botched mini-budget triggered the five most volatile days on the UK debt market since records began 22 years ago, the Bank of England said today. Financial markets were rocked by Truss and her former chancellor Kwasi Kwarteng launching £45bn worth of unfunded tax cuts and raising borrowing to fund a two-year [...]
UK borrowing costs fall below US, Italian and Greek equivalents after Hunt mini-budget reversal October 18, 2022 UK borrowing costs have dropped below their European and transatlantic counterparts after new chancellor Jeremy Hunt tore up prime minister Liz Truss’s tax cutting mini-budget. Since Truss and her former chancellor Kwasi Kwarteng decided to launch £45bn of unfunded tax cuts in a bid to boost economic growth, gilt yields have shot higher. Rates on [...]
UK borrowing costs tumble after Hunt shreds Truss’s mini budget October 17, 2022 UK borrowing costs scaled lower today after new chancellor Jeremy Hunt ripped up prime minister Liz Truss’s tax cutting mini budget. The yield on the 30-year UK gilt, which has suffered heavy selling since the mini budget last month, fell around 40 basis points to 4.33 per cent. Rates on the 2-year and 10-year UK [...]
Gold prices propped up by bullish demand in Asia despite hawkish Fed October 17, 2022 Gold prices are trapped in a narrow pricing corridor, with robust demand in Asia preventing a tumble in prices.
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