Surge in UK jobless July 17, 2008 Expectations that the Bank of England would keep interest rates on hold were heightened yesterday as official data revealed the number of people claiming unemployment benefit had surged by the highest monthly amount for 16 years. The Office for National Statistics said unemployment rose by 15,500 last month, after an upwardly revised 14,300 increase in [...]
Inflation could hit 6 per cent on fuel bill price hike July 16, 2008 Inflation could reach 6 per cent by the end of the year if an anticipated 30 per cent hike in energy bills hits consumers later this year, according to BNP Paribas economist Alan Clarke. His prediction comes after the official consumer price index inflation rate jumped to a record 3.8 per cent in the year [...]
Inflation surge bites July 15, 2008 Bank of England rate setters face another tough decision as fresh evidence emerges that soaring inflation and sluggish high street sales continues to put pressure on consumer’s pockets and the wider economy. Prices charged by manufacturers at the factory fate rose by 10 per cent in June – the highest rate since comparable records began, [...]
FTSE as low as 2005 July 11, 2008 Leading U.K. stocks slumped to the lowest since 2005, led by retailers and travel companies on concern a slowing economy will curb consumer spending. The slump in the FTSE 100 Index came as the Bank of England left interest rates unchanged. The FTSE 100 Index retreated 122.8, or 2.2 percent, to 5,406.8 in London as [...]
CITY A.M. Shadow MPC votes for hold July 10, 2008 Once again Morning Wire’s shadow MPC Committee has unanimously agreed to keep interest rates on hold at 5 per cent. It is the second month in a row the committee has been in agreement as all believe the MPC’s concern over rising prices will trump the slowdown in growth. This month the committee has a [...]
Consumers gloomier July 10, 2008 Consumer confidence fell for the sixth month in a row in June as the economic outlook continued to darken, although Britons showed little sign of curbing their spending. The Nationwide consumer confidence index hit an all time low last month, falling four points to 61 – the worst figure since the survey began in May [...]
Grim data supports UK recession fears July 8, 2008 Fears a UK recession is inevitable rose yesterday after official data indicated British industrial output had fallen at its sharpest pace in two and a half years in May, while manufacturing output fell by 0.5 per cent compared to April. Data from the Office for National Statistics indicated that UK industrial production fell 0.8 per [...]
B&B drama caps another day of troubles for UK Plc July 4, 2008 A day of gloom for the global economy was capped late last night by the revelation that private equity group TPG had walked away from its rescue of Bradford & Bingley. The dramatic development, which will see the bank rescued instead by City institutions, came as Moody’s downgraded B&B’s credit for the second time. The [...]
Markets engulfed by turmoil July 2, 2008 The FTSE 100 is now facing a critical point as it teeters dangerously close to plummeting below its March 17th low, a leading strategist warned yesterday. “It is now at a critical point. If it retests these lows then it could go a good deal lower to the 5000 level. This would mark a 50 [...]
City warns: economy to slow further July 2, 2008 The UK economy, already in its weakest state since the early 1990s recession, is set to slow further, top City economists warned yesterday as the UK was hit by a triple whammy of bad economic news. Data released yesterday revealed that the manufacturing sector contracted at its fastest rate in seven years last month, the [...]