Eight banks have been ordered to shift staff out of London by European regulators as part of a Brussels power grab. The European Central Bank (ECB) said it had identified 56 groups of traders who should be doing their jobs from within the European Union following a lengthy investigation into whether the institutions are seeking … Read more
A senior executive at the cybersecurity company Darktrace has been named as “part of a clique” behind Britain’s biggest ever fraud in a ruling at the High Court. Nicole Eagan, chief strategy officer at Darktrace, was also investigated by the US Department of Justice for her role in the toxic $11bn (£8.9bn) sale of software … Read more
Andrew Bailey has raised ministers’ eyebrows for warning of “apocalyptic” food shortages as record wage growth raises fears that a dangerous inflationary spiral is taking hold in the economy. Brandon Lewis, the Northern Ireland Secretary, expressed “surprise” at the Bank of England Governor’s comments about rising costs caused by the war in Ukraine blocking exports … Read more
It’s the Bank’s job to ensure price stability. At the very least, it needed to show it was on the case; it didn’t, and indeed still seems to have its head buried in the sand. There may be worse to come, Andrew Bailey, the Governor, seemed to say yesterday in warning of a positively “apocalyptic” … Read more
Vladimir Putin’s war will slam the brakes on Europe’s recovery as surging energy prices risk causing the economy to grind to a halt, the EU has warned in a gloomy set of forecasts. The European Commission said that the war in Ukraine “tests EU economic resilience” as households are battered by surging prices. Brussels predicted … Read more
The conclusion is that either a bout of very high interest rates or a recession can cause house prices to fall. But the combination of high interest rates and a weak economy is particularly deadly for the housing market, especially if the latter is accompanied by a very weak labor market. We need to hear … Read more
However, National Grid fears the country’s energy network may be unable to handle a high level of deliveries over summer, potentially forcing it to pay compensation to energy companies. It has said the network will also be restricted by maintenance work required to increase pressure in the pipes so it can pump more gas to … Read more
As the numbers sank in, sterling fell to a fresh two-year low, before recovering slightly on Friday. But the risk of UK stagflation – the ghastly combination of soaring inflation and economic stagnation, last seen in the 1970s – now looms large. That’s why some traders predict the first sustained drop in sterling below $1.20 … Read more
Andrew Bailey is to face questions about his leadership in the House of Commons on Monday as Tory backbenchers turn on the Bank of England Governor over the cost of living crisis. Conservative MPs on the Treasury Select Committee are expected to ask why the Bank has allowed inflation to surge to 30-year highs of … Read more
Let’s face it, if you’re an armchair investor facing a sudden cash crunch, your Bitcoin holdings are probably going to be the first to be liquidated, especially if others are running for the hills. The second reason is that as the tide goes out the fundamental flaws of the cryptocurrency system become more exposed. In … Read more