Mounting downturn jitters send London’s FTSE 100 lower June 30, 2022 Mounting concerns about a global economic downturn sent London’s top indexes tumbling today. The capital’s premier FTSE 100 index shed 1.96 per cent to close at 7,169.28 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 1.95 per cent to 18,666.78 points. A combination [...]
‘Principle driven’ approach is slowing down regulators, Revolut boss says June 30, 2022 The boss of fintech giant Revolut said UK regulators were bogged down by a “principle driven” approach today as he called for a stricter “rules-based” model to be adopted by watchdogs. Speaking at the CityUK summit today, Nikolay Storonsky said the firm had chosen to set up shop in the UK in 2015 due to [...]
Johnson says sky-high inflation is ‘big chance’ to fix cost pressures and ‘do things differently’ as PM denies being complacent June 30, 2022 The Prime Minister said today there is a “big chance” to fix unnecessary cost pressures for people and businesses across the UK as Boris Johnson denied that his Government is being “complacent” about spiralling inflation. Speaking at a press conference at the close of the Nato summit in Madrid, Johnson said the “very, very tight [...]
Nearly 2m more Brits trapped by higher tax rates since 2019 Tory election win June 30, 2022 Boris Johnson has heaped higher tax rates on nearly 2m more Brits since he won the 2019 general election, reveal official figures published today. The number of people paying the higher rate of income tax has swelled to 6.14m, up around 1.88m since Johnson led the Conservatives to a huge majority two and a half [...]
UK more likely than US and Europe to tip into recession, Goldman Sachs warns June 30, 2022 The UK is more likely to tip into recession than the US and Europe due to the country suffering from a more “acute” cost of living crisis, a top Wall Street investment bank has warned. Rampant inflation in Britain, running at a four decade high of 9.1 per cent and the highest in the G7, [...]
UK financial services roars back after pandemic slowdown June 30, 2022 The UK’s financial and professional services sector roared back to growth last year after a pandemic induced contraction in 2020, a new report has revealed.
Impacts of Covid and Brexit hard to uncouple, MPC appointee Dr Swati Dhingra June 29, 2022 Dr. Swati Dhingra said that the impacts of Covid and the impacts of Brexit are still difficult to differentiate. In an oral evidence session following her appointment to the Monetary Policy Committee, Dr. Dhingra said “We’re still struggling with how to distinguish between the impacts of Covid and Brexit,” with the EU exit date coinciding [...]
Bailey: Steeper rate hike at Bank of England’s next meeting is ‘on the table’ June 29, 2022 A larger rate hike is “on the table” at the Bank of England’s next meeting on 4 August, its chief said today. Speaking on a panel at the European Central Bank’s (ECB) forum on central banking in Sintra, Portugal, Bank governor Andrew Bailey did not rule out a steeper rate rise, saying “there will be [...]
Remortgage sales hit highest level since before the pandemic outnumbering all other types of home loans June 29, 2022 The FCA’s latest data shows that remortgage sales in the fourth quarter of last year, at 92,558, reached their highest level of activity since early 2020, before the outbreak of the pandemic. In fact, they outnumbered all other types of home loans for the first time since the third quarter of 2020, according to analysis [...]
AIM IPOs fall to lowest level since 2009 with just one in Q2 2022 June 29, 2022 The UK’s Alternative Investment Market had the lowest number of IPOs since 2009 in 2022’s second quarter. Only one company floated in Q2 and raised £6m, research by accountancy group UHY Hacker Young found. The last quarter to experience IPO activity this low was the first quarter of 2009, following the start of the financial crisis, [...]
