Broadbent of the Bank of England soon sees inflation above 5%; markets rally as Omicron fears fade – as happened | Business
Here are the main stories from today:
Bank of England chief monetary policy officer says inflation is set to rise ‘comfortably’ above 5% next spring when energy regulator Ofgem raises price cap affecting millions of households .
Record levels of job vacancies are also expected to persist longer than expected, as the job market adjusts to economic changes brought on by the pandemic, said Ben Broadbent, central bank deputy governor responsible for monetary policy.
Economists have downgraded their forecast for the UK economy, warning that the Omicron variant and supply chain disruption will weigh on growth.
Growth for UK construction companies has peaked in four months as builders report supply chain problems have eased.
UK car sales rose in November, driven by growing demand for electric vehicles, but they were still almost a third below their pre-pandemic levels.
But German factories suffered a sharp drop in orders, down 6.9%, driven by a drop in foreign demand.
Markets rallied, with investors hoping the Omicron variant won’t be tough enough to derail the recovery.
But Tesla’s shares have been hit by a report that the SEC has launched an investigation into whether it has properly disclosed fire risks with its solar power systems.
A strike at Tesco could lead to empty shelves as Christmas approaches, union Unite said, after its members voted to step down unless offered a wage deal that kept pace with the inflation.
Tributes poured in for John barton, the president of the fashion chain Ted Baker and the former president of easyJet and Next, after his passing was announced this morning.
As Helena Feltham, Senior Independent Director at Ted Baker, put it:
John has combined a generosity of spirit with insight, humility and humor, and he will be missed by all of us.
He led the Board of Directors with great skill and it was a privilege to have worked with him. Our hearts go out to his family.
The Yorkshire Building Society vice-president is facing a call to resign for her role in selling the company owned by another LV = member to a US private equity buyer, fearing it could trigger a wave of demutualization.
This is on track to be the strongest year for home buying activity since 2006, according to UK banks’ leading trade body.
UK Finance said that while the early months of the pandemic, during which the property market closed for a while, led to predictions that sales would collapse, the reality was very different, with “l activity of the Covid era must eclipse everything since the credit crunch “.
Despite concerns about the pandemic, the owner of restaurant chains Real Greek and Franco Manca said business is booming …
… Just like the demand for Hollywood blockbuster Spider-Man: No Way Home.
Good evening. GW