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Ian Mulheirn - 1 Mubin Haq - 1 William Schomberg - 1
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☆ Rates surge hits UK wealth, but young people might gain - report
  + stars: | 2023-07-17 | by ( ) www.reuters.com   time to read: +2 min
But the Resolution Foundation think-tank said younger people could benefit from the partial reversal of the decades-long climb in the value of household wealth. "The future path of interest rates is very uncertain," Ian Mulheirn, Research Associate at the Resolution Foundation, said. "The current surge could be a blip, or herald a new era for the UK. The Resolution Foundation said 2.1 trillion pounds ($2.75 trillion) had been lost in terms of household wealth over the last year after an unprecedented surge in recent decades which took wealth to 17.5 trillion pounds in 2021. Younger people could also feel the benefit of higher rates on their pension savings, the foundation said.
Persons: Ian Mulheirn, Mubin Haq, William Schomberg Organizations: Bank of England, Seven, abrdn, Trust, Thomson Locations: Britain
☆ Reactions: Britain's finance minister unveils "mini budget"
  + stars: | 2022-09-23 | by ( ) www.reuters.com   time to read: +5 min
Britain's blue-chip stocks (.FTSE)remained mired in the red, in line with a broader equity-market decline. FOREX: Sterling extended losses, falling 1.9% on the day to around $1.1047, having hit a new 37-year low earlier on. British homebuilders and household goods makers hit session highs, buoyed by the prospect of consumers getting tax breaks. The tax-cutting budget and ‘go for broke’ growth aims are unlikely to change the longer-term bearish GBP trend." If you get more fiscal stimulus and less monetary stimulus, that’s something that’s buoyant for the currency.
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