Bank of England hikes rates by half point to 4% amid inflation fight
The International Monetary Fund this week said that the U.K. was on track to be the only major economy to shrink this year, even as the outlook for the rest of the world improves.
Inflation
Weaker economy, higher inflation: Bank of England’s dilemma
Differing experts have urged the Monetary Policy Committee to both cut interest rates and to raise themTurn up. Take the temperature of the economy. Raise interest rates. That’s the been the pattern from the responsible technocrats at the Bank of Engla…
UK supermarket price inflation hits record high, adding £788 to annual bills
Milk, eggs and dog food were grocery items with fastest price rises, figures from Kantar show Britain’s retailers have said shop price inflation has yet to peak this year, with the cost of basic essentials expected to remain high, after figures showed …
IMF projects rosier global economic outlook for 2023, expects inflation to ease
The International Monetary Fund now expects the world economy to grow 2.9 per cent this year thanks to China dropping its zero-tolerance COVID-19 measures.
Britain the only G7 economy forecast to shrink in 2023
IMF says UK economy is likely to contract 0.6% as rising interest rates and higher taxes take tollBritain is expected to be the only major industrialised country to see its economy shrink this year after the impact of Liz Truss’s brief premiership prom…
Why UK house prices could plunge by 20% after the latest interest rate hike
Property market has defied gravity for years but analysts say rising mortgage rates will mirror the 1980s price crashBritain’s estate agents normally radiate optimism but they will be watching anxiously at noon next Thursday when the Bank of England is…
Focus on NHS and inflation to keep poll hopes alive, Sunak tells ministers
Cabinet told about bleak outlook for governing party at next general elections at Chequers awaydayThe Conservatives must “relentlessly focus” on inflation and the NHS if they are to have a chance at the next election, cabinet ministers have been told.R…
UK households will face more pain, says Bank’s former chief economist
Andy Haldane says starting mortgage rate rises sooner would have nipped inflation in the budThe former chief economist of the Bank of England has warned there is “more pain to come” for households and the wider economy as mortgage rate increases hit pe…
Global economic growth will slow to 1.9% in 2023: UN
For the world’s least developed countries, the U.N. said growth is projected at 4.4% this year, about the same as last year but significantly below the UN’s target of 7% by 2030.
Vegetable box firm Riverford doubles payout to founder despite profits plunge
Appetite for organic food continues from Covid boom but firm warns inflation and rising costs are eating into profitsThe organic vegetable box company Riverford doubled its dividend to its founder, Guy Singh-Watson, to £850,000 last year and tripled it…