UK finance minister announces tax hikes and spending cuts, says country is in recession

Finance Minister Jeremy Hunt outlines £30 billion in spending cuts and £25 billion in tax hikes. Measures include a six-year freeze on income tax thresholds and a lowering of the top rate of income tax to £125,140. Hunt said the measures would reassure markets that the government and the Bank of England are now working in lockstep.
#JeremyHunt #BankofEngland #News #Business #Economy


1 weeks ago

Analysts: Inflation Has Peaked, But Prices Likely To Remain High

Deutsche Bank says prices rose 10.9 percent over the last year. Bank of England has hiked interest rates eight times in a row to three percent. Russia’s invasion of Ukraine has also fuelled inflation by jolting international energy markets. Inflation has stayed above the two percent target since summer 2021. It dropped back slightly in August, only to rise again in September.
#OilPrice #Russia #News #Business #Economy


1 weeks ago

It comes as no great surprise that Britain is almost certainly in recession

The Bank of England and economists have been forecasting it for some time. The slowdown is affecting almost every corner of the globe. The reasons are all too familiar: the war in Ukraine that has sent energy and food prices spiralling. The British ‘pie’ is shrinking; with all that entails for wages, strikes and public services.
#TheIndependent #British #Britain #News #Business #Economy


2 weeks ago

Bank of England will raise interest rates again, says chief economist

The central bank raised interest rates to 3% last week with the biggest single rise in borrowing costs since 1989. A further rate increase next month would spell successive decisions to push up borrowing costs at every meeting of the MPC this year. The move would mean higher costs for mortgage borrowers after autumn statement next week.
#BankofEngland #News #Business #Economy


2 weeks ago

GLOBAL MARKETS-Global shares rise, U.S

MSCI index of global shares broke two straight days of losses and was up 1.72%. European stocks also rallied 1.81% a day after falling on rate hikes from the Bank of England and the Fed. U.S. Jobs data came in stronger than expected but also hinted at some slack in the tight American labor market.
#BankofEngland #European #American #News #Business #Markets


3 weeks ago

Bank of England raises interest rate to 3%, biggest hike in 30 years

The bank of England boosted its key rate by three-quarters of a percentage point. The aggressive move to prevent inflation from becoming embedded in the economy was in line with market expectations. It comes after the u.s. Federal reserve announced a fourth consecutive point jump.
#BankofEngland #News #Business #Markets


3 weeks ago

Bank of England raises its benchmark rate by 75 basis points

The central bank boosted its key rate by three-quarters of a percentage point. The aggressive move to prevent inflation from becoming embedded in the economy was in line with market expectations after a more cautious half-point increase six weeks ago.
#BankofEngland #News #Business #Markets


3 weeks ago

Bank of england: Bank of England set to unveil biggest interest rate rise in decades, statement expected today - The Economic Times

The base rate was only 0.1% a little over a year ago. The bank of England also plans to publish long-term inflation estimates. This would also be the Bank of England's eighth consecutive increase in interest rates.
#BankofEngland #News #Business #Markets


3 weeks ago

Markets didn’t oust Truss, the Bank of England did

Financial markets “punished” Truss’s government for its fiscal profligacy. But the chastisement was far from universal. The big change came in the price of 30-year UK government bonds.
#Truss #BankofEngland #News #Business #Economy


4 weeks ago

Morning Bid: Truss drama deepens

The yen is teetering at the break of 150 to the dollar, a level that could put more pressure on the Bank of England to step up rate hikes next month. The pound has slipped 0.1% so far this year to $1.1206 in Asian trade on Thursday.
#Reuters #Asian #News #Business #Markets


1 months ago

UK inflation returns to double digits as food prices soar

Consumer Prices Index rose 10.1% last month from 9.9% the month before. That matched a 40-year high reached in July and exceeded economists expectations for 10%. The figures leave inflation well above the Bank of England’s 2% target. The danger is that prices accelerate again early next year after the government loosens its support for energy bills.
#HindustanTimes #ConsumerPricesIndex #News #Business #Economy


1 months ago

SNAPSHOT-Britain's bond market turmoil

Bank of England forced into emergency bond-buying to stem sharp sell-off in Britain's 2.1 trillion pound bond market. Sell-off began after finance minister Kwasi Kwarteng's tax-cut announcement. Prime Minister Liz Truss under pressure to change tack on an economic package that has roiled markets.
#KwasiKwarteng #BankofEngland #Britain #News #Business #Markets


1 months ago

Futures Pare Gains; Gilts Fall on Policy Confusion: Markets Wrap

US futures pared gains after producer price data fueled Federal Reserve tightening bets. UK markets roiled once again by policy concerns after Bank of England confirmed plan to end emergency bond purchases. The pound rallied above $1.10 after BOE signaled interest rates are likely to rise sharply in November.
#FederalReserve #News #Business #Markets


1 months ago

Bank of England mulls extending bond buying: Report

Bank of England may decide to extend its emergency bond buying, according to the Financial Times. Governor Andrew Bailey said Tuesday that bond investors have three days left until the bank phases out its bond-buying efforts on Friday. The BoE has struggled to reassure investors after unveiling yet more measures to calm markets rocked by the UK government's recent tax-slashing budget.
#AndrewBailey #BankofEngland #News #Business #Economy


1 months ago

GLOBAL MARKETS-Asia stumbles as China COVID, sterling wobbles shake sentiment

Asian stocks wallowed at two-year lows on Wednesday, weighed by signs China had no immediate plans to ease strict COVID curbs. Sterling emerged from a two-week low, helped by a report the Bank of England was prepared to extend its bond-buying programme beyond Friday.
#BankofEngland #Asian #Asia #News #Business #Markets


1 months ago

European markets: open to close, stocks, data, earnings and news

Global growth concerns dominating sentiment and investors looking ahead to Thursday's inflation data out of the U.S. On Tuesday, the international Monetary Fund cut its global growth forecast to 2.7%. The prediction is 0.2 percentage points lower than its July forecast.
#InternationalMonetaryFund #European #News #Business #Markets


1 months ago

Bank of England expands emergency effort to stabilise financial markets

The central bank will buy inflation-linked securities which offer protection from inflation. The program will end friday as originally planned, the bank said. Pension funds lobbied the bank to extend the programme by two weeks.
#BankofEngland #News #Business #Markets


1 months ago

Bank of England warns of ‘material risk’ to UK financial stability

Bank of England widens scope of daily purchases of UK government bonds until Friday. Move is in response to soaring UK bond yields and after the pound tumbled to a record low against the dollar. BoE said the latest action would act as a further backstop to restore orderly market conditions.
#BankofEngland #News #Business #Markets


1 months ago

Bank of england: Bank of England expands emergency support for UK bond market - The Economic Times

The Bank of England stepped up its support for the UK bond market, aiming to prevent a rout in a $1 trillion part used by the pensions industry from spreading. The move is designed to bring an orderly finish to emergency purchases at the end of this week and to provide longer-term support for a wider range of securities in the coming weeks.
#BankofEngland #News #Business #Markets


1 months ago

More on the BoE operation to calm gilt, GBP market - ready to increase daily purchases

Bank of England ready to increase size of daily purchases of government bonds. Emergency programme to calm recent turmoil in the gilt market due to end on Friday. BoE also said on Monday it would launch a temporary expanded collateral repo facility to help banks ease liquidity pressures facing their client funds caught up in the turmoil which threatened pension funds.
#BoE #News #Business #Markets


1 months ago

Buzzing #HashTags