UK inflation could go “above five per cent” this winter says new BoE chief economist October 21, 2021 UK inflation could rise above five per cent next year, said the Bank of England’s new chief economist. Speaking to The Financial Times, Huw Pill said: “I would not be shocked — let’s put it that way — if we see an inflation print close to or above five per cent [in the months ahead]. [...]
Oil hits three year high before falling back October 21, 2021 Brent Crude oil hit a three-year high at $86.10 a barrel on Wednesday night, before falling to $83.51 the following day. The price has risen over 60 per cent this year, supported by a slow ramp-up in supply and a global coal and gas shortage which has driven a switch to oil for power generation. [...]
St. James’s Place inflows swell more than £1bn October 21, 2021 Increased savings rates and improving consumer confidence swelled inflows into wealth manager St. James’s Place over the last quarter. The FTSE 100 listed firm registered a more than £1bn uptick in net inflows in the third quarter compared to the same period last year. Net inflows, which tracks the amount of money flowing into and [...]
FTSE 100 drops as industrial stocks continue to slide October 21, 2021 Industrial stocks continued their descent this morning, dragging the FTSE 100 down sharply. The capital’s premier index fell 0.31 per cent to 7,200.43 points during the opening session today. More to follow.
Global deal making frenzy lifts Barclays profits to record high October 21, 2021 Barlcays has ridden the wave of a booming global deal making frenzy to post its strongest ever third quarter results. The UK banking behemoth registered a pre-tax profit of £6.9bn in the year to the end of September, its best take ever. The standout performance was driven by Barclays’ investment banking division posting its best [...]
Roaring inflation to shove government borrowing back to expected levels October 21, 2021 Roaring inflation will shove government borrowing back to expected levels in the coming months. Surging energy prices, compounded by a jump in the rate of VAT for hospitality businesses, will drive sharp price rises, swelling the government’s interest bill. Further pressure on the public finance from higher debt servicing costs will bring “borrowing in the [...]
Fintech PensionBee revenue jumps following listing October 21, 2021 Fintech PensionBee has reported year on year revenue growth of 110 per cent. Its revenue hit £8.9m over the nine months to September 2021, compared to £4.2bn in September 2020, it revealed in results for the nine months to September 30. The company hit 602k registered customers in the third quarter of the year. Adjusted [...]
Markets today: Public finances in focus ahead of next week’s budget October 21, 2021 Yesterday’s European market session was a fairly subdued affair, even if it was a positive one, with the FTSE100 trading in one of its narrowest ranges this year. By and large many companies have been reporting decent numbers and have been able to pass on the increase in costs, to their customers, without a significant [...]
Chancellor to tighten belt despite tax windfall October 21, 2021 Despite the Chancellor receiving a windfall from the government’s fiscal watchdog raising its forecasts for the economy, he will not use the extra wriggle room renege on tax hikes at next week’s budget. The Office for Budget Responsibility (OBR) will upgrade its forecasts for UK economic growth to around seven per cent next Wednesday, up [...]
UK banks’ earnings season is tough one to call October 20, 2021 Wall Street’s biggest banks have reaped the rewards of a booming deal environment, the release of loan loss reserves and swelling deposits. Goldman Sachs, Bank of America and JPMorgan all flexed their muscles as they kicked off US earnings season last week. Now, it is the turn of their British pretenders, starting tomorrow with the [...]