FTSE 100 hoisted by investors pouring into retailers ahead of Black Friday November 24, 2022 London’s FTSE 100 was bumped higher today by investors heading into retailers ahead of Black Friday today. The capital’s premier index inched 0.02 per cent higher to close at 7,466.60 points, while the domestically-focused mid-cap FTSE 250 index, which is more responsive to the health of the UK economy, jumped 0.2 per cent to 19,540.34 [...]
Hunt rejects OBR forecasts of Brexit hit to UK economy November 24, 2022 Forecasts of the economic hit caused by Brexit from the UK’s budgetary watchdog are wrong, according to chancellor Jeremy Hunt. Hunt today said he doesn’t “accept” predictions by the Office for Budget Responsibility (OBR) that the UK’s economy will be 4 per cent smaller in the medium-term due to Brexit. Hunt told Sky News that [...]
Bank of England could cut rates to offset deep recession, deputy governor hints November 24, 2022 The Bank of England may have to cut interest rates if the UK economy slumps into a long, tough recession, a senior official at the monetary authority predicted today. Sir Dave Ramsden, a deputy governor at the Bank, told the Bank of England Watchers’ conference today that if households and businesses are under greater financial [...]
Pound reverses all damage done during Liz Truss premiership November 24, 2022 The pound has strengthened to its highest level against the US dollar in three months, reversing all the damage done to the currency since Liz Truss’s ill-fated premiership. Sterling today climbed 0.7 per cent against the greenback, hitting $1.21. A combination of the US Federal Reserve signalling it will slow its aggressive interest rate hike [...]
FTSE 100 closes higher despite yet more recession signals November 23, 2022 London’s FTSE 100 finished higher today despite yet more data signalling the UK is on a one ticket to recession. The capital’s premier index climbed 0.17 per cent to 7,465.24 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, jumped 0.4 per cent to 19,500.5 [...]
Hunt says he’s ‘very concerned’ about tax burden and ‘absolutely’ wants to cut it November 23, 2022 Chancellor Jeremy Hunt has said he is “very concerned” about the UK’s soaring tax burden and that he “absolutely” wants to cut it. Hunt told MPs on a Westminster committee today that “if taxes are too high it makes it difficult to be a modern, dynamic economy”, while also backing his decision last week to [...]
Taxman grabs 30 per cent more from Brits over last five years November 23, 2022 The amount of money the taxman takes away from Brits has climbed 30 per cent over the last five years, Morning Wire analysis of official figures shows. In the year to 31 October this year, HMRC collected £757bn in taxes, up from £584bn in 2015/16, stats out this week reveal. The rise in tax revenues [...]
UK economy arrests decline but recession still coming November 23, 2022 The UK economy has arrested a decline, but it still looks likely to tip into a long recession, a closely watched survey out today has unveiled. S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) flash purchasing managers’ index (PMI) for November inched up to 48.3 points from 48.2 in October. It is [...]
City job losses loom amid government tax grab and recession November 22, 2022 Square Mile banks, brokers and insurers will shed jobs to alleviate pressure on their balance sheets from the government hiking taxes, the new Lord Mayor of Canada has warned. Nicholas Lyons, the freshly minted 694th Mayor of the City, told Bloomberg today he expected “there will be some job losses” after chancellor [...]
UK borrowing surges to £13.5bn on energy price cap support November 22, 2022 UK borrowing surged over the last year due to the government partially covering the cost of household energy bills, official figures out today reveal. The UK’s debt pile swelled £13.5bn last month, up more than £4bn compared to October 2021, according to the Office for National Statistics (ONS). Although high, the figure was far below [...]