Kwarteng says ‘let’s see’ on tax cut U-turn as speculation mounts October 13, 2022 Kwasi Kwarteng tonight said “let’s see” in the face of questions about another potential tax cut U-turn, giving the strongest indication yet that there will be an about face from the government. The chancellor told the BBC “my total focus is on delivering on the mini-Budget and making sure we can get growth back into [...]
London’s FTSE 100 bags gains as rate sensitive stocks kick higher October 13, 2022 London’s FTSE 100 notched gains yesterday driven by stocks exposed to interest rates receiving a boost from reports the government will roll back some of the mini-budget. The capital’s premier index jumped 0.35 per cent to 6,850.27 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK [...]
Liz Truss eyes mini-Budget U-turn on Corporation Tax October 13, 2022 Number 10 is actively considering whether to U-turn on more of the tax cuts in the government’s mini-Budget, just hours after Liz Truss’ spokesperson said no changes are on the cards. Truss’ spokesperson today said there would be no cancellation of any more of the government’s tax cuts and that the timetable for implementing them [...]
US inflation tops expectations in sign Federal Reserve has more work to do October 13, 2022 US inflation climbed higher than expected on a monthly basis in September in a sign the Federal Reserve’s series of steep rate hikes are failing to tame the toughest price pressures. Inflation hit 0.4 per cent last month, above Wall Street’s expectations of a 0.2 per cent increase and higher than August’s print, figures from [...]
The Inflation Game: War, Peace and the Perils of Central Banking October 13, 2022 | City Talk The descent is always more sudden than the increase; a balloon that has been punctured does not deflate in an orderly way. — John Kenneth Galbraith I travelled with my family to London and Normandy in July 2022. Our primary purpose was to meet up in France with my father-in-law, who had dreamed of visiting the [...]
London generates £74bn of financial and professional services exports October 13, 2022 London generates £74bn of the UK’s financial and professional services exports, according to a new report out yesterday. The City’s banks, brokers, insurers and law firms’ share of Britain’s £130bn financial and professional services export industry is running at 57 per cent, according to Square Mile lobby group TheCityUK. However, the body’s research illustrated that [...]
London’s FTSE 100 weighed down UK banks tumbling October 12, 2022 London’s FTSE 100 was marred by the UK’s largest listed lenders falling sharply today on fears over borrowers struggling to pay home loans. The capital’s premier index fell 0.86 per cent to 6,826.15 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, dropped 1.73 per [...]
BCB Group’s new DeFi Yield product offers investors attractive returns within a safe structure October 12, 2022 London, 11th October 2022 – BCB Group – a leading provider of business accounts and trading services for the digital asset economy, announces the launch of its latest new investment strategy – DeFi Yield – and appoints Re7 Capital as the fund manager for this strategy. Earlier this year, BCB Group successfully launched BCB Yield, [...]
Exclusive: Quarter of all Londoners now dip into savings to survive while one in three have zero extra pounds left October 12, 2022 More than a quarter of people in London are being forced to dip into their savings to make ends meet every month, according to fresh data shared with Morning Wire today. However, the research also reveals that almost a third of people across London, around don’t have any savings to fall back on – prompting [...]
Bank of England warns of ‘severe risks’ to market stability and financial crisis debt levels October 12, 2022 The Bank of England’s emergency £65bn bond buying scheme – that its chief Andrew Bailey last night confirmed will end on Friday – has been fighting “severe risks” to UK financial stability, the central bank said today. Turmoil in UK gilt markets since the government’s mini budget threatened to trigger “an excessive and sudden tightening [...]