Category archives: News in Review

“If we don’t raise rates now, it could be worse later” Last Thursday, the Bank of England (BoE)’s Monetary Policy Committee (MPC) voted to increase Bank Rate to 5%, a half percentage point rise that caught many economists by surprise. After a thirteenth consecutive rise, Bank Rate is now higher than at any point since […]

“We have to do everything we can as a government, as a country, to support the Bank of England in their mission to squeeze inflation out of the system” New gross domestic product (GDP) figures released last week show the UK economy is estimated to have grown by 0.2% in April, following a fall of […]

“The Atlantic Declaration sets a new standard for economic cooperation” Rishi Sunak made his first trip to the White House as Prime Minister last week. His whirlwind two-day visit was meeting-filled, with US President Joe Biden saying that “important and positive discussions” had taken place “to deepen our bilateral economic relationship and expand our cooperation […]

“America can breathe a sigh of relief” Last Thursday, the US Congress approved a deal to lift the country’s borrowing limit, thereby averting a crisis mere days before the country was due to default on $31.4tn of debt. The bipartisan deal passed through the Senate by 63-36, after navigating the Republican-controlled House of Representatives by […]

“The return to single digit inflation suggests the UK has turned a corner” Official data released by the Office for National Statistics (ONS) last week revealed that inflation returned to single digits in April, following seven consecutive months residing above 10%. The Consumer Prices Index (CPI) increased by 8.7% in the 12-month period to April, […]

“The sky’s the limit for British and Japanese businesses and entrepreneurs” Rishi Sunak attended the G7 Summit in Hiroshima on Thursday, stopping off in Tokyo to agree new defence and economic deals; a UK business summit for Japanese corporations in the capital has resulted in a reported £18bn investment in UK property, windfarms and other […]

“We have to stay the course” As widely expected, the Bank of England’s (BoE’s) Monetary Policy Committee (MPC) voted to increase Bank Rate by a quarter of a percentage point to 4.5%, at its meeting last week. Seven members of the committee voted to raise the rate, while two members favoured maintaining Bank Rate at […]

“May has the potential to be a historic month for the hospitality sector, which is set for one of its busiest times in recent memory” The Coronation of King Charles III was expected to bring an additional £180m to UK hospitality and leisure businesses over the long weekend, according to recent estimates from Barclays. The […]

“People shortages are a massive issue and employers can see little sign of improvement” The latest quarterly Recruitment Outlook from the British Chambers of Commerce (BCC) has highlighted that challenges remain for businesses surrounding the hiring of new staff. The survey of over 5,000 UK companies of differing sizes, from various sectors, who are attempting […]

“With food price inflation likely to slow in the coming months as we enter the UK growing season, we expect wider inflation will continue to ease” The latest figures from the Office for National Statistics (ONS) highlight that the Consumer Prices Index (CPI) increased by 10.1% in the 12-month period to March 2023, down from […]