Economic update
The Prime Minister’s appearance on Friday erased any gains made following Kwarteng’s dismissal, as she failed to outline a new policy direction.
Political crisis
Last Friday, in response to the mounting political crisis over his tax-cutting Growth Plan, Kwasi Kwarteng was sacked after just 38 days.
Market update
The Bank of England intervened twice last week to increase the scale of its emergency bond-buying programme.
Mortgage Rates Climb
News came last week that the average five-year mortgage rate has nearly reached a 12-year high, with the typical deal now topping 6%.
Budget Update
Last Friday, Kwasi Kwarteng outlined a series of tax cuts and measures aimed at boosting economic activity.
Retail sales – ‘consumers are cutting back’
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World Bank Warning
The World Bank issued a press release, last Thursday warning of the risks of a global recession if policymakers raise interest rates too high
Inflation rate moderates
The CPI fell to 9.9% in the 12 months to August 2022, down from 10.1%, according to the Office for National Statistics (ONS).
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