Pound on crash course to record low against US dollar September 1, 2022 The pound is on course to plunge to a record low against the US dollar driven by the UK tumbling into a tough recession, City economists warned today. Sterling will drop to $1.05 by the middle of next year, but could fall close to parity with the greenback, according to consultancy Capital Economics. The downbeat [...]
Liz Truss or Rishi Sunak face once in a century living standards crisis September 1, 2022 Liz Truss or Rishi Sunak are set to oversee the steepest fall in living standards in a century after one of them enters Number 10 next Monday, a fresh report published today reveals. Brits are on course to be £3,000 worse off by the end of 2024 as soaring energy bills and inflation eat into [...]
Inflation could soar to over 22 per cent if gas prices stay high, Goldman warns August 30, 2022 Inflation could soar to the highest level since 1975 if global gas prices do not fall from their historic highs, a Wall Street investment bank warned today. The cost of living would climb to a peak of 22.4 per cent if the energy watchdog is forced to heap even more woe onto households by passing [...]
Brits ‘batten down hatches’ ahead of bleak winter August 30, 2022 Brits are “battening down the hatches” ahead of an exceptionally tough winter marred by sky-high energy bills, economists warned today. Households are cooling spending on credit cards and putting money aside in savings accounts to keep their finances intact to withstand a historic shock to their living standards. Brits spent £700m on credit cards last [...]
Bank of England may launch biggest rate hike since 1989 if energy bill support fuels inflation August 26, 2022 The Bank of England may have to launch the biggest rate hike since 1989 if the government injects huge sums of money into the economy to cope with the cost of living crisis, a Wall Street bank said today. Borrowing costs could rise 75 basis points in November to deal with a historic inflation peak [...]
UK businesses will disappear without immediate government help, CBI warns August 26, 2022 UK businesses will “tip into distress” unless the government launches an emergency support package to deal with the cost of living crisis, the country’s biggest business group has warned. Some 69 per cent of firms expect to be hit by higher energy costs over the next three months, eating into their capacity to survive, according [...]
Soaring inflation risks creating UK property ‘insurance gap’ August 25, 2022 SOARING inflation in the construction sector threatens to create a major “insurance gap” amongst UK policyholders, London headquartered insurer Chaucer has warned. Sharp increases in the costs of building materials could leave homes and businesses underinsured, as policies fail to cover the cost of repairing and rebuilding damaged properties, research carried out by the Lloyd’s of [...]
World’s central banking elite gather in Jackson Hole amid darkening inflation clouds August 25, 2022 The world’s central banking elite are convening at the US Jackson Hole resort today with a bleak inflation backdrop looming over the annual event for the first time in decades. Chiefs of the US Federal Reserve and the Bank of England will deliver remarks that will be closely watched by investors for clues on how [...]
Government is ‘running out of time’ to save British households from energy crisis August 25, 2022 The government is “running out of time” to save businesses and households from the inflation crisis, one of the country’s largest business groups has warned today. Policymakers should be launching measures now to shield Britons from the looming long recession, the British Chambers of Commerce (BCC) said today. The BCC has written to chancellor Nadhim [...]
Sharpening inflation concerns weigh on FTSE 100 retailers August 23, 2022 Sharpening concerns over high inflation triggering a slowdown in consumer spending weighed on London markets today. The capital’s premier FTSE 100 index dropped 0.61 per cent to 7,488.11 points, while the mid-cap domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.99 per cent to 19,306.89 points. Retailers [...]