Less than half of companies plan to hike prices in boost for Bank of England and inflation July 6, 2023 Less than half of companies plan to lift prices over the coming months in a sign that inflation may finally be starting to budge after staying high for around a year and a half, a new survey out last night showed. Analysis from the British Chambers of Commerce (BCC) found that companies are considering scaling [...]
Yield on fresh UK government debt hits highest level since 2007 July 5, 2023 The amount of interest the UK government has to pay investors buying its newly minted debt has hit its highest level since the financial crisis. Britain’s Debt Management Office (DMO) – the body tasked with issuing bonds – today sold a tranche of gilts to traders with a yield just shy of 5.7 per cent, [...]
Inflation falling rapidly but not enough to avert 14th straight Bank of England rate rise, experts warn July 5, 2023 Inflation is still hanging around in the UK economy due to businesses continuing to pass on higher wage bills, although there are signs price pressures have turned a corner, a closely watched survey out today reveals. A reduction in energy and transport bills caused by international gas markets and supply chains repairing from a series [...]
Sunak REFUSES to put percentage on chances of halving inflation this year July 4, 2023 Rishi Sunak has refused to put a percentage figure on his chances of halving inflation this year. The prime minister appeared at parliament’s Liaison Committee this afternoon where he was quizzed by MPs on subjects from Ukraine and national security to the cost of living. It came almost exactly six months after he made his [...]
UK now only rich country where inflation is rising despite Bank of England interest rate hikes July 4, 2023 Britain is now the only rich country where inflation is rising, signalling the Bank of England’s series of interest rate rises have been less effective than its peers’, new data out today shows. Inflation across the Group of Seven (G7) nations fell to 4.6 per cent in May, down from 5.4 per cent in April, [...]
Much like the UK economy, pound sterling suffers from a certainty deficit July 4, 2023 Barrelling around in the piping of the UK economy so far this year has been a sustained pound sterling rally. Britain’s currency in 2023 has been one of the best performers in the rich world. It is up nearly five per cent against the US dollar at $1.26, a far cry from the record low [...]
Exclusive: London businesses shake off UK economic doom and gloom July 3, 2023 London businesses are shaking off all the doom and gloom swirling around the UK economy and are poised to power the country’s recovery, exclusive research shared with City A.M. has found. The capital’s firms are standing up to rising costs and shaky consumer demand, but are still alive to inflationary threats, according to the London [...]
British businesses most optimistic in over a year but London firms sweat over inflation June 30, 2023 British business optimism has climbed to its highest level in over a year despite consumers retreating in response to rising prices and the Bank of England’s aggressive interest rate rises, a survey out today reveals. UK business confidence climbed nine points to 37 per cent in June, taking it up to its highest level since [...]
Bank of England chief economist Huw Pill admits forecasts have struggled to explain inflation shock June 29, 2023 Any central banker would have struggled to accurately forecast the impact of the series of shocks that have hit the UK economy, the Bank of England’s chief economist claimed today. Huw Pill, a former Goldman Sachs banker, in response to a letter from the Treasury select committee today hit back at critics who have slammed [...]
Budget Britain: Inflation forces families to trade down and opt for staycations June 28, 2023 Britons are trading down to cheaper products and are opting to holiday at home in response to rampant inflation and higher interest rates squeezing their budgets, new research out today shows. Some 40 per cent of families have been buying more value or own brand products in 2023, according to analysis from consultancy KPMG. The [...]