European Central Bank kicks rates 50 points higher and signals more such hikes to come February 2, 2023 The European Central Bank (ECB) today hiked interest rates 50 basis points and signalled further such increases are coming this year. The monetary authority of the 19 countries using the euro kicked rates higher to tame inflation, which last year hit the highest level since the creation of the common currency back in 1999. Borrowing [...]
Forget the IMF, the Bank of England are the real doomsters in this UK recession merry-go-round February 2, 2023 This week the International Monetary Fund (IMF) became public enemy number one for saying the UK will be the only rich economy to suffer a contraction in 2023. Even Russia, hobbled by sanctions to punish it for its invasion of Ukraine, is poised to squeeze out more growth than Britain this year, the lender of [...]
Bank of England hikes interest rates for tenth time in a row amid recession and warns of further action to tame inflation February 2, 2023 The Bank of England today hiked interest rates for the tenth time in a row amid a recession to the highest level since the financial crisis in 2008 and warned more increases may be needed to tame inflation. The nine-strong committee of rate setters that set the base level of borrowing costs in the UK [...]
Bank of England signals inflation has peaked but warns of 15-month long recession February 2, 2023 Inflation in the UK has peaked and is on course to fall rapidly over the coming year, easing the worst cost of living crisis in a generation, but a slow burning, mild recession is still a threat, the Bank of England said today. The rate of price increases is poised to more than halve from [...]
FTSE 100 live: London index boosted by Shell ahead of today’s Bank of England rate decision February 2, 2023 The FTSE 100 opened higher on Thursday morning, boosted by a strong performance from Shell, as investors awaited the latest interest rate decision from the Bank of England later today. Governor Andrew Bailey is expected to increase interest rates by 50bps to a post-financial crisis high of four per cent later today, although there is [...]
Federal Reserve hikes rates 25 basis points in sign Powell is nearing end of inflation fight February 1, 2023 The US Federal Reserve has climbed down to the lowest interest rate hike in nearly a year in a sign the world’s most influential central bank is nearing the end of its aggressive campaign to tame a historic inflation surge. Fed chair Jerome Powell and the rest of the federal open market committee (FOMC) backed [...]
Future of UK tech talent visa uncertain after controversial closure of Tech Nation February 1, 2023 Tech chiefs have sounded the alarm over the future of Tech Nation’s lauded visa programme today after the start-up body announced it would wind down after controversially losing a major government contract.
FTSE 100 close: London index runs out of steam ahead of expected Fed interest rate hike February 1, 2023 London’s FTSE 100 edged higher this morning, before running out of steam later in the day ahead of the US Federal Reserve launching a big week for central banks with an expected 25 basis point interest rate hike. The capital’s premier index eventually fell 0.17 per cent to 7,758.21 points, while the domestically-focused mid-cap FTSE [...]
German inflation bungle takes shine off euro figures as ECB remains committed to aggressive rate hikes February 1, 2023 Inflation in the eurozone fell again last month but experts have warned the drop will not convince the European Central Bank (ECB) to stop hiking interest rates aggressively. The rate of price increases among the group of 19 countries using the euro dropped to 8.5 per cent annually, down from 9.2 per cent, according to [...]
Food inflation soars to highest level on record February 1, 2023 Food inflation has reached its highest level on record, with the sector predicting no stall in price increases throughout the year. Figures published in the British Retail Consortium’s (BRC) shop price index show food inflation rose to 13.8 per cent in January, up from 13.3 per cent in December. This rise has pushed it above [...]
