Bank of England policymaker warns further interest rate hikes ‘cannot be ruled out’ June 12, 2023 Further interest rate rises “cannot be ruled out” amid decades-high inflation in the UK, a Bank of England policymaker said. Jonathan Haskel, writing in The Scotsman, spoke of the “difficult judgments” the Bank has to make to bring inflation down to its two per cent target. The economist, an external member of the seven-person Monetary [...]
UK on course to dodge recession but ‘lacklustre’ growth will linger, KPMG says June 12, 2023 The UK will dodge a recession this year but a tight labour market and sticky inflation will choke off growth, according to the latest forecast from KPMG.
‘Economic stability must come first’: Labour’s Reeves backtracks on £28bn green prosperity plan June 9, 2023 Labour has backtracked on its £28 billion green prosperity plan, saying “economic stability” must come first if it wins the next election. Shadow chancellor Rachel Reeves said the Opposition could not commit to spending figures until the financial situation it would inherit becomes clearer. The party had promised in 2021 to invest £28 billion a [...]
Wall Street: Bulls run again as S&P 500 climbs 20 per cent above October low June 9, 2023 Stocks rose just enough for Wall Street to barrel into a new bull market on Thursday as the S&P 500 keeps rallying off its low from last autumn. The index rose 0.6 per cent to carry it 20 per cent above a bottom hit in October. That means Wall Street’s main measure of health has [...]
UK economy will ‘flatline’ as stubborn inflation and a tight jobs market drag on growth June 8, 2023 Britain remains on course to dodge a recession this year but growth will "flatline" as stubborn inflation and a tight jobs market continue to drag on the economy, according to the latest forecast from the British Chambers of Commerce.
Labour market loosens as UK records surge in job seekers following hiring slowdown June 8, 2023 The UK’s labour market recorded a surge in candidates looking for roles last month amid a continued slump in hiring, easing the rate of starting salary inflation. The supply of labour in the UK increased for the third month in a row, with the rate of people looking for jobs increasing at its fastest rate [...]
UK economy: OECD upgrades forecasts but still predicts recession knife-edge June 7, 2023 The UK economy will continue to lag behind other countries in the group of seven (G7) advanced economies this year, despite improved growth projections, new analysis has shown. Only Germany, which fell into a recession over the start of the year and is set to stagnate throughout 2023, will perform worse than the UK. Analysis [...]
House building tumbles to lowest level in three years in blow to homeownership dreams June 7, 2023 House building has tumbled to its lowest level in three years in another blow to the homeownership dreams of millions of Brits, a closely watched survey out yesterday revealed. According to S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) latest construction purchasing managers’ index (PMI), the rate of new houses being rolled [...]
Pound on course for highest level against US dollar in over a year, City analysts bet June 7, 2023 Pound sterling could end 2023 at its highest level in more than a year, strengthened by the Bank of England continuing to hike interest rates and the Federal Reserve taking its foot off the brake, analysts have told Morning Wire The UK’s currency may strengthen to $1.30 toward the end of this year, driven by [...]
FTSE 100 close: London index retraces losses on softer pound June 6, 2023 London’s FTSE 100 retraced losses today, shaking off investor fears over the risk of the effects of a US recession rippling throughout the global economy. The capital’s premier index climbed 0.37 per cent to 7,628.11 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, jumped [...]