Bank of England orders lenders to strengthen reserves amid ‘deteriorating’ economy July 5, 2022 The Bank of England yesterday ordered lenders to fortify their defences in preparation for the looming economic downturn, warning the City against “excessive” cuts in lending to households and businesses. The central bank, which oversees Britain’s banking sector and the country’s monetary policy, doubled the proportion of money lenders need to keep in reserve to [...]
UK automotive industry takes another hit as new car registrations drop to worst June since 1996 July 5, 2022 Registrations of new cars fell by around 24 per cent last month compared with June 2021, according to preliminary figures from the Society of Motor Manufacturers and Traders (SMMT) this morning. This means the UK automotive industry suffered its worst June for new car sales since 1996. In fact, only around 800,000 new cars were [...]
Germany registers first trade deficit since 1991 on surging energy prices July 5, 2022 Surging European energy prices caused by Russia’s invasion of Ukraine has left Germany with its first trade deficit in over three decades, official figures released today revealed. German imports outstripped exports for the first time since 1991, generating a €1bn (£862m) trade deficit in May, according to the country’s statistics agency. Exports dropped 0.5 per [...]
Global Britain spreads its Brexit wings as UK retailers plan to expand overseas with EU and Australia favourites July 5, 2022 A range of British retail giants is eyeing to expand internationally as they are seeking to spread their wings amid a bounce-back in activity following the pandemic. Experts at real estate advisory firm Colliers said demand for UK locations from international firms has also lifted higher as shopper demand remains resilient despite fears over cost-of-living [...]
London markets kick off new week in mixed style as BP and Shell jump July 4, 2022 London markets kicked off a new trading week in mixed fashion today, with the FTSE 100 led higher by oil and gas giants. The capital’s premier FTSE 100 index jumped 0.89 per cent to 7,232.65 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, dipped [...]
Shoppers offered shares: WeShop races towards IPO as British tech star launches world’s first community-owned e-com platform July 4, 2022 The world’s first community-owned social ecommerce platform has gone live, offering shoppers shares in the group every time they make a purchase. The new platform, launched by British tech star WeShop is launching itself, plans to give away up to 90 per cent of its business to shoppers, and aims to list on the Nasdaq [...]
Workers lose over £9k of yearly income rises during ‘lost decade’ July 4, 2022 Brits have lost over £9,000 of annual income rises during and just before the “lost decade” after the global financial crisis, reveals a fresh report published today. Typical household income growth has ground to a halt of just 0.7 per cent per year between 2005 and 2020, while incomes surged 2.3 per cent each year [...]
Week ahead: Traders eye rate setter speeches for signs of quicker tightening July 3, 2022 Investors this week will be looking for signs of the Bank of England launching a 50 basis point rate rise at its next meeting on 4 August. London’s premier FTSE 100 index posted a mild performance over last week, dropping 0.56 per cent to end at 7,168.65 points. The domestically-focused mid-cap FTSE 250 index however [...]
UK business bosses most pessimistic since the start of the pandemic over inflation and Brexit July 1, 2022 Business chiefs in the UK are at their most disheartened since the early days of the Covid pandemic. Soaring inflation and Brexit pains have crippled confidence on economic outlook with consumer confidence at a historic low. The Directors’ Economic Confidence Index by the Institute of Directors, a measure of economic confidence of over 400 business [...]
UK Infrastructure Bank kicks off with £5bn war chest as first loan investments are handed out July 1, 2022 The National Audit Office (NAO) revealed this morning that the new UK Infrastructure Bank has a pipeline of future deals worth £5bn. A report by the NAO said the state-owned bank, which was set up last June to support economic growth in regional sectors across the UK, has already started handing out investment despite some [...]