Pound recovers as ONS admits its recession forecast was wrong

Pound recovers as ONS admits its recession forecast was wrong

Ggood morning. The pound is recovering as its early rally on Friday erased all the losses it suffered since Kwasi Kwarteng opened his speech last Friday. It comes as the new government yesterday sought to calm markets after the mini-budget caused turmoil. Liz Truss and Chancellor Kwasi Kwarteng will meet the chair of the Office…

The Bank of England warned of a pension fund crisis five years ago by Next

The Bank of England warned of a pension fund crisis five years ago by Next

“There is systemic risk in the UK financial system that nobody has done anything about – it is not properly regulated.” The LDI market has grown rapidly over the past decade and is now worth nearly £1.6 trillion, according to the Investment Association. In 2011 it was only about £40 billion. Lord Wolfson’s decision not…

A relief for Channel 4 as the energy crisis puts privatization on hold

A relief for Channel 4 as the energy crisis puts privatization on hold

With ISBA claiming that the two broadcasters would control about 70% of the TV advertising market, the prospect of an investigation by competition authorities would be expected. The likelihood of such a merger winning regulatory approval appeared grim even before an attempt by French broadcasters to strike a similar deal collapsed on Friday. France’s TF1…

Unemployment is the lowest since 1974 amid an “alarming” rise in long-term illnesses

Unemployment is the lowest since 1974 amid an “alarming” rise in long-term illnesses

Ggood morning. Unemployment in the UK has fallen to its lowest level in almost 50 years as more Britons leave the workforce. The latest ONS figures showed 3.6 per cent of adults were out of work and looking for work in the three months to the end of July, down from 3.8 per cent in…

Liz Truss is venturing into uncharted waters – without the support of the Bank of England

Liz Truss is venturing into uncharted waters – without the support of the Bank of England

As well as the bank moving from a big buyer to a big seller, there are signs that foreign investors are less willing to hold the pound than they once were. The pound fell by more than the euro against the dollar. Bank of England data suggests overseas investors sold gilts in July at nearly…