Accelerating redundancies ‘big concern’ for UK economy as firms sweat over recession uk economy Accelerating redundancies sparked by businesses sweating over whether the UK economy is on course for a recession are a “big concern” for the country, experts have warned today. Company layoffs have pushed the volume of unemployed workers available for jobs to its highest level since December 2020, when the UK was in the teeth of [...]
Wage growth has ‘passed its peak’ as Andrew Bailey prepares to address City on interest rates week ahead Workers returning to the jobs markets and boosting the volume of candidates available to businesses are poised to put a lid on wage growth, analysts are predicting official numbers this week will show. Pay growth is said to have “passed its peak” after raging for more than a year, fuelled by staff demanding wage increases [...]
Hunt downplays tax cuts odds, conceding calming inflation is tougher than feared TAX CUTS Tax cuts was growing less likely as Chancellor Jeremy Hunt signalled the pledge to halve inflation was proving harder than expected.
FTSE 100 tumbles to year low and gives up 2023 gains after hitting record high just months ago July 6, 2023 London’s FTSE 100 tumbled to its lowest closing level this year today as the index was captured by a global stock market sell off ignited by traders fretting over further interest rate rises. The capital’s premier index cratered 2.24 per cent, its biggest one day fall since March, to close at 7,275.60 points, while the [...]
Bank of England governor Andrew Bailey slams firms for participating in ‘greedflation’ July 6, 2023 Businesses charging unfair prices for products must be “tackled” to help bring down inflation, the Governor of the Bank of England has claimed. Andrew Bailey, speaking to the BBC’s Newsround programme, said there is evidence that some retailers are “charging too much” for petrol. His comments come after the UK’s competition watchdog, the Competition and [...]
House building craters to weakest level in 14 years amid Bank of England interest rate rises July 6, 2023 The Bank of England’s series of aggressive interest rate hikes to pull back raging inflation is wreaking havoc on house building, dealing a blow to first time buyers hoping to get on the property ladder any time soon, a closely watched survey out today shows. According to S&P Global and the Chartered Institute of Procurement [...]
Less than half of companies plan to hike prices in boost for Bank of England and inflation July 6, 2023 Less than half of companies plan to lift prices over the coming months in a sign that inflation may finally be starting to budge after staying high for around a year and a half, a new survey out last night showed. Analysis from the British Chambers of Commerce (BCC) found that companies are considering scaling [...]
Yield on fresh UK government debt hits highest level since 2007 July 5, 2023 The amount of interest the UK government has to pay investors buying its newly minted debt has hit its highest level since the financial crisis. Britain’s Debt Management Office (DMO) – the body tasked with issuing bonds – today sold a tranche of gilts to traders with a yield just shy of 5.7 per cent, [...]
FTSE 100 close: Wilting Chinese recovery keeps London mining giants lower July 5, 2023 London’s FTSE 100 sagged today, dragged lower by industrial firms tumbling in response to signs that China’s economic recovery is running out of steam. The capital’s premier index shed 1.03 per cent to close at 7,442.11 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, [...]
Inflation falling rapidly but not enough to avert 14th straight Bank of England rate rise, experts warn July 5, 2023 Inflation is still hanging around in the UK economy due to businesses continuing to pass on higher wage bills, although there are signs price pressures have turned a corner, a closely watched survey out today reveals. A reduction in energy and transport bills caused by international gas markets and supply chains repairing from a series [...]