Borrowing was at £20bn last month, £2bn more than expected October 21, 2022 Public sector borrowing was at £20bn last month exceeding expectations by £2.2bn. The figure is the second highest September borrowing since records began in 1993, and is £8.3bn lower than September 2020 at the height of the pandemic. The PSNB, which excludes pubic sector banks, includes day-to-day expenditure of £79.3bn last month, which was £5.8bn [...]
Demand destruction? Two reasons to be sceptical October 20, 2022 | City Talk Global central banks have made an ‘all-in’ effort to front-load monetary policy tightening to dampen demand. But softer economic data in the eurozone and United States have exacerbated recession fears. As the growth outlook dims, many anticipate demand destruction to lead to lower inflation. That is, tighter monetary policy and the associated higher funding costs [...]
Analysis: Keeping Triple Lock still requires £550k pension for ‘comfortable’ retirement October 19, 2022 Even if the State Pension was uprated in line with September’s inflation figure of 10.1 per cent, pension savers would still need to build up a pot of around £550,000 to ensure a comfortable standard of living in retirement, according to new figures shared with City PM this morning. The data comes amid the increased uncertainty over whether the [...]
To triple lock or unlock: Pensioners risk losing out on hundreds of pounds per year if inflation-link is dropped October 19, 2022 This morning’s inflation figures mean that retirees could see their state pension boosted by a whopping 10.1 per cent in 2023/24, but only if Chancellor Jeremy Hunt doesn’t ditch the triple-lock. The increase would be in line with September’s Consumer Prices Index (CPI) inflation figure, which is usually used for benefits uprating Increasing the state pension by inflation rather [...]
‘How dare they?’: Klarna chief hits back at critics of Deliveroo deal October 18, 2022 The UK chief of buy-now pay-later firm Klarna has mounted a defence of the firm’s tie-up with Deliveroo today after claims from debt campaigners that the deal will plunge struggling Brits into debt.
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Whistleblowing employees surge in tax fraud cases reported to HMRC October 17, 2022 Employees’ reports to HMRC over employers’ suspected tax evasion and fraud have increased by 11 per cent in the last year. Figures from HMRC have shown that over the past two years whistleblower accusations have almost doubled, from 8,900 in 2019/2020 to 15,100 in 2021/2022. Experts believe the increase is attributable to soaring numbers of [...]
City regulators ready clampdown on LDI pension funds October 12, 2022 City regulators said today they are readying to clampdown on the so-called liability driven investment (LDI) strategies at the heart of a near-meltdown in some UK pension funds two weeks ago.
BCB Group’s new DeFi Yield product offers investors attractive returns within a safe structure October 12, 2022 London, 11th October 2022 – BCB Group – a leading provider of business accounts and trading services for the digital asset economy, announces the launch of its latest new investment strategy – DeFi Yield – and appoints Re7 Capital as the fund manager for this strategy. Earlier this year, BCB Group successfully launched BCB Yield, [...]
Exclusive: Quarter of all Londoners now dip into savings to survive while one in three have zero extra pounds left October 12, 2022 More than a quarter of people in London are being forced to dip into their savings to make ends meet every month, according to fresh data shared with City PM today. However, the research also reveals that almost a third of people across London, around don’t have any savings to fall back on – prompting [...]
