The UK faces squeezing incomes and growing poverty; Launch of the “Britcoin” consultation; Tesla Shares Slip – As It Happened | Business

It’s time to recap

The UK will suffer from choppy growth, rising inflation and widening income inequality over the coming months, warned the economic think tank NIESR. Rising prices, increasing taxes and a likely increase in interest rates will hurt families and push them further into poverty.

The NIESR also warned that regional inequalities in the UK were increasing and the UK economy was at risk of stagnation and persistent inflation over the next few years due to persistent supply chain bottlenecks and headwinds. of Brexit.

Households are also facing rising prices in stores, with food inflation at its highest level in 14 months.

Consumers started Christmas shopping earlier than usual amid concerns over supply chain shortages and rising prices.

UK to consult on ‘Britcoin’ launch. Officials will assess whether a central bank digital currency is feasible and desirable – it could be launched in the second half of the decade.

As UK policymakers reflect, Bitcoin hit a new high today, trading at over $ 68,000.

But the Federal Reserve warned that the stablecoins that underpin the crypto are vulnerable, after renewed interest this year.

The Fed’s latest financial stability report also warned that the prices of risky assets remain vulnerable to a drop if growth weakens or the pandemic intensifies. A crisis in the Chinese real estate sector could strain the Chinese financial system and spread to the United States, that sucks.

U.S. producer price inflation remained high last month, while the surge in gasoline has pushed up the price of goods.

In Germany, investors are more optimistic about the economic outlook, but the supply chain crisis is now hurting the economy.

Actions in You’re here fell 10% today, as investors brace for Elon Musk to sell part of his stake.

Michael hewson of CMC Markets said:


You’re here stocks are also down again for the second day in a row, sliding to their lowest levels this month, as investors assess how CEO Musk will go about selling his holdings.

Primark announced plans to open more than 100 new stores, but also warned that supply chain issues are affecting the availability of a small number of lines.

General Electric splits after 129 years – into three public companies focused on health, energy and aviation.

British Airways plans to hire 4,000 people in the coming months, as part of a reversal of its cuts amid the pandemic, Bloomberg said.

And Watches of Switzerland has raised its sales forecast, as the boom in demand for expensive watches continues.

Seán FitzPatrick, the former managing director and chairman of Anglo Irish Bank whose collapse during the financial crisis led to a 30 billion euros bailout plan and the Irish bailout plan, is dead.

Rishi Sunak presented plans for a post-Brexit financial regulation system, which will focus more on growth and international competitiveness.

Around 5,000 public telephone booths across the UK will be protected from shutdown in areas with high accident rates or weak mobile signals, under plans developed by Ofcom, the regulator.

Stock markets plunged in Europe and on Wall Street.

Good evening. GW

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