Britain’s economy entered a recession in the second half of last year, fresh data from the Office for National Statistics confirms, with GDP shrinking by 0.1 and 0.3 per cent in the third and fourth quarters of 2023, respectively.
The FTSE 100 is up 0.3 per cent in early trading. Among the companies with reports and trading updates today are Thames Water, Lloyd’s of London, Spirent Communications, AO
The FTSE 100 is up 1 per cent in midday trading. Among the companies with reports and trading updates today are Home REIT, Costain and Mulberry. Read the Wednesday 23 August Business Live blog below.
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The Bank of England is “walking a tightrope” and may tip Britain into recession thanks to its interest rate rises, an investment expert has said.
Threadneedle Street today (August 3) decided to increase its base rate from 5 percent to 5.25 per cent, marking its 14th rate increase in a row. The Bank also said it expects the Government to meet its promise to halve inflation by the end of the year.
Bank Governor Andrew Bailey said: “Inflation is falling
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In 2022, it was a matter of conventional and nearly universal wisdom that the 2023 economy would be a nightmare.
Last October, a Bloomberg economic model said that the odds of a U.S. recession this year were 100 percent. No, not 99.99 percent, as in the odds that you’ll avoid
Last October, the Wall Street Journal published a survey of more than sixty economic forecasters from universities, businesses, and Wall Street. Citing the results of the survey, the Journal reported that the United States was “forecast to enter a recession in the coming 12 months as the Federal Reserve battles to bring down persistently high inflation, the economy contracts and employers cut jobs in response.” The story went on to say that the economists surveyed expected inflation-adjusted G.D.P. “to contract
Small businesses and community banks will be squeezed, analysts noted.
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Brits have a right to be glum given the cost-of-living crisis, which has plunged millions into poverty. I don’t want to downplay the hardship many people face, through no fault of their own, but new figures suggest the doom has been overdone.
The country is going through a tough time but as I wrote last week, much of the criticism of our economy has been twisted and distorted for political reasons.
Ever since Brexit, a host of international bodies have
Troubled US regional bank First Republic is reportedly in rescue talks with major US financial institutions as a banking crisis unfolds on both sides of the Atlantic.
The largest US bank, JPMorgan Chase, along with Morgan Stanley, Citigroup and others, are in discussions to deposit $20 billion with ailing First Republic, according to a CNBC report citing sources.
A rescue deal could be announced as soon as today, though the details of the plan are fluid and nothing is yet
The Bank of England has increased its base rate 0.5 percentage points to 1.75 per cent, the biggest interest rate hike in 27 years and its sixth rise since December 2021.
Its Monetary Policy Committee announced the move today, with eight members out of nine voting in favour of the hike.
The five previous base rate increases since December 2021 each raised it by a smaller 0.25 percentage points, taking it from 0.1 per cent to 1.25 per cent, before
