Bank of England to launch another jumbo rate hike to tame over 10 per cent inflation August 17, 2022 The Bank of England is set to launch a series of jumbo rate hikes to tame inflation that is beginning to be driven by domestic factors, City economists warned today. Prices climbed 10.1 per cent annually in July, the fastest acceleration since February 1982 and much higher than the Bank and analysts’ forecasts, according to [...]
FCA prepares to turn screws on crypto advertising January 19, 2022 The UK's financial watchdog has said it is preparing to toughen up advertising rules for high-risk investments including crypto.
Car ownership numbers fall for second consecutive year in more than a century May 31, 2022 Car ownership levels have fallen for the second consecutive year in more than a century. According to data from the Society of Motor Manufacturers and Traders (SMMT), in 2021 levels fell by 0.2 per cent to 35 million units despite the number of UK vehicles growing by 0.4 per cent to 40.5 million. Covid-related market [...]
Our politicians must wake up to the public debt effect October 5, 2022 In a novel by C.P. Snow, a physicist turned author who served as science minister under Harold Wilson in the 1960s, the master of a Cambridge college says that “gratitude isn’t an emotion, but the expectation of gratitude is a very lively one.” The prime minister and her Chancellor may well be having exactly the [...]
Is HS2 holding up the UK’s construction industry? Output up but housebuilding continues to fall April 6, 2023 Civil engineering rose at its highest level since 2009 in March, according to a leading global index which measures the monthly construction output of the UK economy. At 50.7 in March, the headline seasonally adjusted S&P Global /CIPS UK Construction Purchasing Managers’ Index (PMI) – which measures month-on-month changes in total industry activity – was [...]
Sainsbury’s profits takes inflation and cost of living hit as supermarket faces stark choice April 27, 2023 In its full year results for the year ending 4 March 2023, Sainsbury’s pre tax profits fell from £854m to £327m as the retailer battled to keep its pole position as one of the UK’s largest supermarkets. The supermarket giant said it was impacted by non-cash asset impairments, driven by a higher discount rate, and [...]
Week ahead: More inflation woe to pile pressure on Bank of England to act July 17, 2022 Inflation bumped higher last month, reinforcing pressure on the Bank of England to motor through rate hikes, according to City analysts. London’s premier FTSE 100 index notched a poor performance last week, losing a shade over 0.5 per cent to finish at 7,159.01 points. The domestically-focused mid-cap FTSE 250 index, which is more aligned with [...]
Tax hikes will cause national pain but London can still build its own growth plan November 21, 2022 Jeremy Hunt faced a difficult balancing act in the Autumn Statement last week. The state of affairs he outlined, albeit unsurprising, was still a stark warning about the precarious nature of our economy: a £55bn black hole in the nation’s finances. We now know how the government will seek to restore parity in the national [...]
UK isn’t alone in this recession merry-go-round – just look at Europe May 16, 2023 It’s worth remembering that Britain isn’t some sort of pariah in the rich world that’s undergoing a tough economic slump, which is threatening to extend the growth slow down since the 2008 financial crisis. Europe’s major economies, led by Germany, its powerhouse, are also in the teeth of a slump. Numbers out last week revealed [...]
FCA must increase staff pay or it risks failing the public, Unite says February 1, 2023 The Financial Conduct Authority (FCA) needs to offer its staff a better pay package or it risks becoming unable to deliver in the public interest, union Unite said. The FCA, which regulates the conduct of around 50,000 financial services businesses, has been in dispute with its workers over pay and conditions. It said it told [...]