FTSE 100 Live: Budget to send borrowing costs soaring; New AIM IPO
Good morning and welcome back to the City PM liveblog.
Sir Keir Starmer has asked the British public to judge his premiership on the government’s ability to “make people feel better off”.
Well, in the capital the Prime Minister shouldn’t be expecting a warm reception from young Brits, who are feeling the pinch of the cost-of-living crisis.
That’s according to the latest City PM/Freshwater Strategy poll, which showed some 47 per cent of all Londoners have thought about moving out of the capital. The figures rises to 54 per cent among 18 to 34 year-olds.
What’s driving these people away from the arms of the capital? A putrid cocktail of rising taxes, higher rents and food inflation.
Just over one in four renters as well as one in six mortgagees said they were likely to ditch London in the next six months due to the cost of housing.
A number of FTSE 100 bosses have weighed in on the ever-increasing cost-of-living pressures.
Barclays chief CS Venkatakrishnan suggested “to find a way to curb wage inflation” wage growth must be restrained at a government level, but wage hikes have come with the hope of proving some reprieve on living pressures.
Tesco boss Ken Murphy warned earlier this year consumer “habits” that emerged at the start of the cost-of-living crisis in 2022 “have stuck”.
The remarks offer another indication Brits are still feeling the pinch – and may be the reason why the Prime Minister’s approval rating also sank to a new low in City PM/Freshwater Strategy polling this week at -47.
Here’s a few of our top stories from yesterday
- Exclusive: Goldman Sachs, Oaktree and Carlyle to take part in private credit stress test
- Revolut and LSEG join growing list of OpenAI customers
- The 68p lawsuit that threatened to upend the British bond market
- Businesses shed staff at ‘fastest rate since February’
- FCA launches ‘safe space’ for AI as City firms rush to deploy new tech