Week ahead: City eyes cladding bill impact on house builders’ bottom lines April 24, 2022 Signs of the negative impact of the government turning to home builders to fix the cladding crisis is likely to draw City traders’ gaze in a week of jam packed corporate and economic announcements. London’s capital FTSE 100 index dipped 0.78 per cent to 7,521.68 over the last week, while the mid-cap domestically-focused FTSE 250 [...]
Treasury grants licence to pay contracts for Russia’s Gazprombank until May 31 April 22, 2022 The treasury has granted a licence to pay Russia’s Gazprombank and its subsidiaries until the end of next month. The decision was made to ensure gas supplies continue to flow to the European Union according to a document seen by Reuters. The license allows an individual or firm to continue paying any contracts that began [...]
Brits already cutting spending amid cost of living squeeze April 22, 2022 Predictions that the historic cost of living crunch will trigger a sharp pull back in spending look nailed on come through, two surveys suggest. Around one in three households have already cut spending just four months into the year, consultancy KPMG said today. Brits are forgoing discretionary purchases in response to greater pressure on their [...]
Rain Newton-Smith interview: Go for growth to turbocharge economic resilience April 22, 2022 Everyone knows the dismal time the UK economy is in for over the coming year – but let’s recap. Living standards are scheduled to fall at the steepest rate in 66 years as a result of wages failing to keep pace with an average annual inflation rate of over seven per cent, according to the [...]
Bailey: Bank of England walking ‘tight line’ on taming inflation and hitting growth April 21, 2022 The Bank of England is walking on “a very tight line” between taming inflation and heaping greater woe on the UK economy. That’s according to Andrew Bailey, the governor of the Bank of England, who, speaking to the Peterson Institute today, added that the historic high cost of living is going to result in “very [...]
Industrial giants tumble in London as commodities boom runs out of steam April 21, 2022 Sharp falls among industrial giants led to a mixed day for London’s top indexes today. The capital’s premier FTSE 100 index edged 0.02 per cent lower to 7,627.95 points, while the mid-cap domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, jumped 0.36 per cent to 21,159.68 points. Growing [...]
CBI chief economist: Bank of England chasing missed rate hikes April 21, 2022 The Bank of England has been slow to get ahead of an inflation crunch that is now expected to choke the UK’s economic recovery, according to the chief economist at Britain’s top business group. Rate setters “should have acted sooner in the autumn” to cool the elevated cost of living, Rain Newton-Smith, chief economist at [...]
Job losses loom in further sign of economic slowdown April 21, 2022 The UK jobs market is set to take a knock this year after it weathered the gloomiest post-furlough predictions, reveals new research published today. Around one in five firms are intending to scale back staffing levels over the coming year, according to conciliation service Acas. The fresh survey illustrates the steep deterioration in the trading [...]
Steepening yields boost London-listed banks April 20, 2022 Financials led the way in the City today as a steepening in global yields boosted sentiment to banks and fund managers. London’s premier FTSE 100 index climbed 0.37 per cent to 7,629.22 points, while the mid-cap domestically-focused FTSE 250 index, which is more aligned with the health of the UK economy, closed 0.58 per cent [...]
Brits bask in Easter weekend sunshine in beer gardens and zoos April 20, 2022 Beaming sunshine and no restrictions on daily life to curb Covid-19 infections prompted Brits to pour into pub gardens, zoos and football grounds over the Easter weekend, fresh research reveals. Temperatures of over 20 degrees notched in many parts of the UK across last weekend led to a boom in spending on some activities that [...]