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Bloomberg (November 25)

2022/ 11/ 27 by jd in Global News

“Since the Brexit vote in 2016, the UK government is yet to deliver major legislative change with significant benefits for businesses. Instead, companies have had to grapple with higher paperwork costs on trade, a tighter labor market spurred by a reduction in EU migration and a weaker pound increasing import costs. Brexit has also had a political cost of aggravating tensions in Northern Ireland and hurting diplomatic relations with the EU.”

 

BBC (November 15)

2022/ 11/ 16 by jd in Global News

“Britain’s stock market has lost its position as Europe’s most-valued,” marking “the first time Paris has overtaken London since records began…. The combined value of British shares is now around $2.821 trillion (£2.3 trillion), while France’s are worth around $2.823 trillion.” Factors behind the shift include “a weak pound, fears of recession in the UK and surging sales at French luxury goods makers.”

 

BBC (November 3)

2022/ 11/ 04 by jd in Global News

“The Bank of England has warned the UK is facing its longest recession since records began, as it raised interest rates by the most in 33 years,” indicating that “the UK would face a ‘very challenging’ two-year slump with unemployment nearly doubling by 2025.” The BoE’s forecast paints “a picture of a painful economic period, with the UK performing worse than the US and the Eurozone.”

 

The Guardian (September 27)

2022/ 09/ 27 by jd in Global News

“Turmoil in financial markets which saw the pound fall to a record low against the dollar dominates today’s front pages. The currency tumbled as investors lost confidence in the UK’s public finances after last Friday’s mini-budget.”

 

Business Insider (September 9)

2022/ 09/ 10 by jd in Global News

“For the first time in decades, the western world is preparing for widespread and rolling energy shortages. The US, UK, and EU have all been squeezed by Russia’s invasion of Ukraine, soaring costs for electricity and fuel, and record-breaking heat waves. While fall is just around the corner, the worst of the energy strain is likely still to come.”

 

Investment Week (August 23)

2022/ 08/ 24 by jd in Global News

In early August, the Bank of England predicted “increased gas prices would cause inflation to rise above 13% by the end of the year.” The consensus is worse. “Goldman Sachs and EY forecast UK consumer price inflation would reach 15%, and Bank of America projected it would peak at 14% in January.” Citi bank has gone further and “riled markets” by forecasting “UK CPI to hit 18.6% in January… beating the 1979 peak when CPI hit 17.8% following the OPEC oil shock.” A recession looks all but inevitable.

 

The Guardian (August 22)

2022/ 08/ 23 by jd in Global News

“England currently feels like an eerie, unpoliced, ungoverned, unstable country after a coup. One government is gone but another hasn’t replaced it, and opposition cannot rise to the challenge.” A macro analyst recently wrote that the UK increasingly looks like “an emerging market country…. Brexit coupled with Covid and high inflation have succeeded…. The UK economy is crushed.”

 

Investment Week (July 25)

2022/ 07/ 27 by jd in Global News

“Excluding investment companies and international companies whose London quote was secondary, 1,180 companies were listed on the LSE as of the last day of trading in May 2022, down from 1,349 in May 2019.” During the first half of 2022, “the number of companies floating on the LSE also fell drastically…with just 26 companies debuting, marking a 45% decline compared to the first half of 2021. The UK was not alone. Global IPO activity was poor, with the number of deals falling to 46%.”

 

BBC (July 20)

2022/ 07/ 21 by jd in Global News

“Heat records tumbled and firefighters faced new blazes as much of Western Europe baked in a gruelling heatwave.” The UK “saw temperatures of more than 40C (104F) for the first time.” Germany had “its hottest day of the year,” as did the Netherlands, while in France “37,000 people had to be evacuated from their homes” due to wildfires. In the past week, Portugal alone has recorded “more than 1,000 heatwave-related deaths.”

 

Investment Week (June 29)

2022/ 07/ 02 by jd in Global News

“Shop price inflation in the UK accelerated to a near 14-year high in June, powered by a sharp rise in food prices as retailers battle rising supply chain expenses and a decline in consumer spending. Shop prices were up by 3.1% in June, up from 2.8% in May.” This marked “the highest rate of inflation since September 2008” and it was largely “powered by 5.6% growth in food prices.”

 

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