Photo by vectors icon on Pexels.com Sterling came under pressure on Thursday after the Bank of England wrongfooted investors by hiking interest rates by less than some anticipated. The pound fell from $1.148 to $1.1222 after the bank opted to hike the base rate by 50 basis points to a 14-year high of 2.25 per … Continue reading UK’s economic credibility threatened by recent slide in currency value
Photo by Anna Tis on Pexels.com It's all going up: electricity, diesel, vegetables, the Internet, hotels, flights, and now, interest rates. The war in Ukraine, the on-and-off lockdowns in China, a persistent power crunch and disrupted production chains have bumped into a huge appetite for goods and services, upsetting the delicate balance between supply and … Continue reading Why central banks raise interest rates during economic recession
The former Deputy Governor of the Central Bank of Nigeria (CBN), Professor Kingsley Moghalu has blamed the nation's worsening economy on the Minister of Finance, Zainab Ahmed, describing her fiscal mismanagement of Nigeria as a 'calamity'. Moghalu, who contested to be Nigerian President in 2019 under the platform of the Young Progressives Party (YPP) and … Continue reading Is Nigeria’s CBN printing illegal money to fight inflation?
Experts dismiss the idea that greedy companies have been the main reason for a jump in inflation this year. Experts point out that for four decades the market power of businesses over consumers has risen an average of about 1% annually, but that inflation has remained low during that time until the recent upswing, The Hill reported on Wednesday. This … Continue reading Economists identify the real cause of inflation
Photo by Anna Tis on Pexels.com Inflation is increasing, and many people will be concerned about the cost-of-living crisis that is unfolding. Inflation hit a 30-year high of 6.2 per cent in February, up from 5.5 per cent in January, and the fastest rise since 2009. The Bank of England has warned inflation could rocket to eight per … Continue reading How inflation will impact UK residents in 2022
Americans quit their jobs at a record pace for the second straight month in September 2021, while businesses and other employers posted a near-record number of available jobs. Photo by Tima Miroshnichenko on Pexels.com The Labor Department said Friday that 4.4 million people quit their jobs that month, or about 3% of the nation's workforce. … Continue reading Why more Americans are quitting their jobs
If there’s one thing an incumbent candidate seeking re-election does not need, it is unwelcome news from the economic front. Photo by Anna Nekrashevich on Pexels.com But with less than a week to go before Canadians cast their votes in a tight federal election race pitting Prime Minister Justin Trudeau’s Liberal Party against the Conservatives headed by … Continue reading Trudeau faces tight political race as Canadians struggle with unprecedented inflation
The Bank of England (BoE) said on Thursday, August 5, it could see a modest reduction ahead in the huge support it has provided to Britain's economy during the COVID-19 pandemic and set out how it could gradually tighten monetary policy. Photo by Anthony on Pexels.com For now, the central bank decided to keep its stimulus at full speed, … Continue reading Bank of England sets financial plan to improve UK economy