Pound slides after Bank of England bats away emergency rate hike pressure September 26, 2022 Sterling collapsed to an all time low this morning as investor confidence evaporated in the wake of the government’s plans to slash taxes and ramp up borrowing in a ‘mini-budget’ last week.
Liz Truss cost of living support fails to prevent new consumer confidence low September 23, 2022 Liz Truss’s cost of living support has done nothing to lift Brits’ optimism out of the doldrums, a closely watched survey published today reveals. Consumer confidence collapsed five points over the last month to minus 49, the lowest since research firm GfK started tracking the figures in 1974. The survey was carried out between early [...]
London’s FTSE 100 drops after second big Bank of England rate hike September 22, 2022 London’s FTSE 100 plunged today after the Bank of England lifted interest rates 50 basis points for the second time in a row. The capital’s premier index fell 1.08 per cent to 7,159.52 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, tumbled 2.05 per [...]
Ka-Ching! Brits pay instantly £1.65bn more in interest after today’s Bank of England rate hike September 22, 2022 With the Bank of England Monetary Policy Committee confirming its base rate will rise by 0.5 per cent to 2.25 per cent, UK households face an immediate increase in interest payments of £1.65bn. Analysis of Bank of England data shows UK households are currently paying £20.25bn annually in interest payments on floating rate debt that are [...]
Bank of England shirks historic rate hike despite warning of longer inflation September 22, 2022 The Bank of England today shirked the biggest interest rate hike since the late 1980s despite inflation threatening to run hot for months. Borrowing costs climbed 50 basis points to 2.25 per cent, their highest since November 2008 and the seventh rise in a row, the Bank announced. Before the decision, City economists and markets [...]
Liz Truss tax cuts must be bolder to revive UK economy, Thatcherite thinks tank claims September 21, 2022 Liz Truss must be even bolder than cancelling the corporation tax rise to unlock the UK’s full economic potential, a Thatcherite think tank has claimed today. The prime minister’s chancellor, Kwasi Kwarteng, is expected to reverse the six percentage point corporation tax hike at this Friday’s mini-budget. The move will generate a 1.2 per cent [...]
More sectors flash recession warning amid spending cooldown September 21, 2022 More sectors of the UK economy are flashing recession signals caused by consumers cutting spending in response to surging prices, a fresh survey published today reveals. Some 11 sectors out of the 14 tracked by Lloyds Bank recorded a slump in both demand and output last month. It is the fourth month in a row [...]
London’s FTSE 100 edges higher ahead of central bank rate announcements September 20, 2022 London’s FTSE 100 slid yesterday, driven by traders bracing for a big week of central bank announcements. The capital’s premier index dropped 0.64 per cent to reach 7,190.16 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, slumped 1.48 to 18,519.69 points. The world’s biggest [...]
US dollar this year has become the only asset in town September 20, 2022 Investors have had an insatiable appetite for US dollars this year. According to the Wall Street Journal’s dollar index, which measures the greenback against a basket of some of the world’s top currencies, the dollar is its strongest for over a decade. One dollar will buy you the greatest amount of Japanese yen since the [...]
Federal Reserve and Bank of England set to tighten policy once again this week September 19, 2022 The US Federal Reserve and the Bank of England this week are set to hike interest rates steeply again in a bid to chase down scorching inflation, investors are betting. The two central banks are expected to look through recession fears and continue their fight against historic price rises. Despite inflation dropping to 8.3 per [...]
