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☆ U.K. Labour Party win is 'relatively positive,' economist says
▼ + stars: | 2024-07-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.K. Labour Party win is 'relatively positive,' economist saysBenjamin Nabarro, chief U.K. economist at Citi, says the results of the U.K. general election were expected and offer the country "an opportunity for genuine policy stability after a period of obvious volatility."

Persons: Benjamin Nabarro Organizations: Labour Party, Citi

☆ Bank of England readies what may be its final rate hike
▼ + stars: | 2023-09-17 | by ( Andy Bruce | ) www.reuters.com time to read: +3 min

A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022. All but one of 65 economists polled by Reuters in recent days predicted the BoE will raise Bank Rate to 5.5% on Thursday from 5.25%, which would mark its highest level since 2007. If Bank Rate does peak at 5.5% - from a starting point of 0.1% - it would rank fourth on the list of Britain's biggest tightening cycles of the last century, behind surges that took place in the late 1980s and in the early- and late-1970s. The European Central Bank also cited a weak economic outlook when it hiked rates last week and signalled that would be its last such move in the current cycle. Inflation figures for August due on Wednesday are likely to buck the falling trend thanks to rising petrol prices.

Persons: BoE, Maja Smiejkowska, Andrew Bailey's, Bailey, Benjamin Nabarro, Catherine Mann, Catherine Evans Organizations: Bank of England, REUTERS, Reuters, Monetary, European Central Bank, Barclays, Data, MPC, Citi, Thomson Locations: London, Britain

☆ UK inflation expectations ease as BoE considers next rate hike
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

LONDON, May 1 (Reuters) - Inflation expectations in Britain eased in April, bank Citi said on Monday, offering some relief to the Bank of England which is expected to announce a 12th straight interest rate hike next week with investors betting on further increases after that. "However, today’s data still suggest UK inflation expectations overall remain anchored at target-consistent levels," Nabarro said. "With acute shortages and food inflation primarily responsible for recent volatility, we think risks around these data are more likely to ease in the months ahead than intensify further." The BoE is widely expected to raise borrowing costs again on May 11 after its monthly monetary policy meeting, with inflation running at five times its 2% target. Investors are putting a 92% probability on a 25 basis-point increase in Bank Rate to 4.5% and roughly 50 chance of hitting 5% by August.

☆ UK public inflation expectations rise unexpectedly -Citi/YouGov
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 3 (Reuters) - The British public's expectations for inflation over the coming year and five to 10 years ahead rose unexpectedly in February, U.S. bank Citi said after publishing a monthly survey conducted by market research company YouGov. The Bank of England closely watches surveys of inflation expectations as it believes they influence businesses' pricing decisions and the extent to which workers push for higher pay. However, Citi said public expectations for inflation in 12 months time rose to 5.6% in February from 5.4% in January, while expectations for the long term rose to 3.8% from 3.5%. Long term expectations had fallen during the previous five months. "Today's unexpected increase re-affirms continued upside risks that have stalked UK inflation expectations in recent months," Citi economist Ben Nabarro said, adding that food shortages had probably boosted perceptions of inflation.

☆ Big Investors Expected to Scrap ‘Dark Green’ Labels on More EU Funds
▼ + stars: | 2023-01-10 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

SFDR rules require EU-marketed funds to be designated as one of three categories: “dark green” Article 9 funds, which aim for sustainability or decarbonization; “light green” Article 8 funds, which advance one or more environmental, social and governance objectives; and Article 6 funds, which don’t have any specific ESG-related objectives. Upgrades and downgrades in classifications typically occur with “similar frequency,” but since September, more than 80% of reclassifications have moved Article 9 funds to Article 8, analysts at Jefferies said in December. At the end of November, there were around $452 billion in Article 9 funds, nearly $4.2 trillion in Article 8 funds and $3.9 trillion in Article 6 ones. In November, BlackRock moved 16 funds representing around $26 billion to Article 8 from Article 9, but also retained 13 dark-green funds valued at about $13 billion. Another challenge is for fund managers to gather and report required ESG data—such as greenhouse-gas emissions, gender pay gaps and water use—for individual stocks and bonds in a fund.

☆ UK long-run inflation expectations drop to 4.2% - Citi/YouGov
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: 1 min

LONDON, Nov 4 (Reuters) - The British public's expectations for inflation over the next five to 10 years dropped to 4.2% in October from 4.3% in September, a monthly survey by Citi and YouGov showed on Friday. Expectations for inflation over the next 12 months held steady at 6.2% on the longest-running Citi/YouGov measure, while a new measure of year-ahead expectations, that allows for higher inflation, came in at 8.7%, down from a high of 10.3% in August. "We expect these data (and) further fiscal tightening to provide a dovish impetus to December's Monetary Policy Committee meeting - allowing a deceleration in hikes from 75 bps to 50 bps," Citi economist Ben Nabarro said. Reporting by David Milliken, Editing by Kylie MacLellanOur Standards: The Thomson Reuters Trust Principles.

Sunak, the 42-year-old former finance minister, could be named leader as soon as Monday to replace Liz Truss, becoming Britain's third prime minister in less than two months. "The United Kingdom is a great country but we face a profound economic crisis," Sunak said in a statement declaring his candidacy on Sunday. Should she fail to hit the threshold, Sunak would become prime minister. "He's not taking anything for granted at all," interior minister Grant Shapps, a supporter of Sunak, told BBC television. If chosen, the former Goldman Sachs analyst would be the United Kingdom's first prime minister of Indian origin.

☆ Reactions: UK's Truss fires Kwarteng, set to U-turn on tax cuts
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +5 min

LONDON, Oct 14 (Reuters) - British Prime Minister Liz Truss fired her finance minister Kwasi Kwarteng and news reports said she will scrap later on Friday parts of the economic programme of big, unfunded tax cuts that they delivered last month. Consequently, the scope for a rally in gilts (move lower in yields) and sterling would seem to be limited." BENJAMIN NABARRO, ECONOMIST, CITI"The key issue in the near term is the contradiction between monetary and fiscal policy. RACHEL REEVES, OPPOSITION LABOUR PARTY'S FINANCE CHIEF"This humiliating u-turn is necessary - but the real damage has already been done. We may well be through the worst of the volatility but I fear that the UK is nowhere near out of the woods."

☆ Strikes, possible blackouts and a plunging currency: Brits are being hit by a wave of bad news
▼ + stars: | 2022-10-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

'The recession has begun' The U.K. is the only G-7 economy not to have re-attained its pre-pandemic GDP level by the second quarter of 2022, Citibank Chief U.K. The ONS said GDP was only just returning to its pre-pandemic level, highlighting the challenge facing Prime Minister Liz Truss' "growth, growth, growth" agenda. "We now believe the recession in the U.K. has begun in the third quarter of 2022 and will likely last for three quarters. "The cost of living crisis is having a detrimental effect on individuals, not only financially, but physically and mentally too." Members of the CWU (Communication Workers Union) also continue to strike, including 115,000 postal employees of former state monopoly Royal Mail.

☆ Bank of England warns risks to UK financial stability haven't gone away
▼ + stars: | 2022-10-11 | by ( Mark Thompson | ) edition.cnn.com time to read: +4 min

A slump in UK government bonds that promise to protect investors from inflation — known as index-linked gilts — was the latest source of risk, it said. “Dysfunction in this market, and the prospect of self-reinforcing ‘fire sale’ dynamics pose a material risk to UK financial stability,” it said in a statement. Starting Tuesday, the Bank of England will include index-linked gilts in its emergency £65 billion ($71.7 billion) bond-buying program announced on Sept. 28. The market meltdown began after Prime Minister Liz Truss’ government unveiled £45 billion in unfunded tax cuts on Sept. 23. And with monetary and fiscal policy now working in opposite directions, we think the broader risks around UK monetary [and] financial stability are growing,” he added.

☆ UK needs 62 billion pounds of cuts or tax rises to tame debt - IFS
▼ + stars: | 2022-10-10 | by ( David Milliken | ) www.reuters.com time to read: +4 min

Interest rates for new long-term government borrowing leapt to a 20-year high last month, after Kwarteng announced 45 billion pounds of unfunded tax cuts, on top of even greater short-term support for households' and businesses' energy bills. "The Chancellor should not rely on over-optimistic growth forecasts or promises of unspecified spending cuts. British government borrowing looks on course to hit 194 billion pounds this financial year and to still be 103 billion pounds in 2026/27 - 71 billion more than government forecasters predicted in March, the IFS said. COSTLY DEBTDebt interest would cost 106 billion pounds this year and 103 billion pounds in 2023/24, the IFS predicted, due to the large amount of finance raised in years gone by through issuing bonds that pay interest that rises as inflation goes up. "Such spending cuts could be done, but would be far from easy," the IFS said.

☆ UK needs 62 billion pounds of cuts or tax rises to tame debt -IFS
▼ + stars: | 2022-10-10 | by ( David Milliken | ) www.reuters.com time to read: +4 min

Finance minister Kwasi Kwarteng's plans will require an extra 72 billion pounds ($79 billion) of government borrowing over the next six months alone, and - a particular concern for investors - cement permanent tax cuts costing 45 billion pounds a year. But to bond investors, they bring the prospect of more persistent inflationary pressures - at a time when inflation is already near a 40-year high - as well as tighter Bank of England (BoE) policy. Government borrowing is likely to total 218 billion pounds this financial year and 229 billion pounds in 2023/24, Citi predicted, and it expects benchmark 10-year British government bond yields to rise to 4.25%. Adding to the pressure, on Thursday the BoE confirmed it planned to reduce its own 838 billion pounds of gilt holdings by 80 billion pounds over the coming year. "That is a strong indication that domestic and overseas investors are losing confidence in the UK's inflation-fighting credibility," he said.

☆ OMS: Eradicarea globală a noului coronavirus nu este o ţintă ķrezonabilă în acest moment
▼ + stars: | 2021-06-07 | by ( ) www.jurnal.md time to read: +1 min

Sursa foto: ReutersOMS: Eradicarea globală a noului coronavirus nu este o ţintă ķrezonabilă în acest momentEradicarea globală a noului coronavirus nu este o ţintă rezonabilă ce ar putea fi atinsă în acest moment, a declarat duminică David Nabarro, trimis special al Organizaţiei Mondiale a Sănătăţii (OMS) pentru combaterea pandemiei de COVID-19, informează DPA și Agerpres. "Eradicarea sa nu este în prezent o ţintă rezonabilă pentru omenire", a mai spus acelaşi oficial OMS, adăugând că oamenii trebuie să facă în aşa fel încât să poată să trăiască alături de acest virus în perioada imediat următoare. El a dezvăluit că o serie de raportări despre o nouă variantă a coronavirusului, descoperită recent în Nepal, sunt în prezent examinate de oamenii de ştiinţă. "De fiecare dată când se produce o creştere bruscă a numărului de cazuri, în mintea oamenilor există gândul că este posibil să fi apărut o nouă variantă. Considerând că acesta va fi "tiparul viitorului", David Nabarro a adăugat că "noul coronavirus nu va fi eradicat prea curând, pentru că vor apărea noi variante".

Persons: Reuters, David Nabarro, OMS Organizations: OMS, britanic Sky News Locations: Agerpres, britanic, Nepal

☆ Emisarul special pentru coronavirus al OMS recunoaşte că originea SARS-CoV-2 este greu de stabilit
▼ + stars: | 2021-03-30 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +1 min

Emisarul special pentru coronavirus al Organizaţiei Mondiale a Sănătăţii (OMS), David Nabarro, a recunoscut marţi că originea virusului care a provocat pandemia de COVID-19 este greu de găsit, dar că se lucrează cu câteva ipoteze, transmite EFE. ''Găsirea originii virusului, când încerci să explici de unde provine o boală, este notoriu grea'', a declarat Nabarro la postul Radio 4 al BBC. ''Nu cunoaştem originea exactă a HIV (virusul SIDA), nu cunoaştem originea exactă a virusului care provoacă Ebola şi ne va lua mult timp până vom descoperi originea exactă a (virusului care provoacă) COVID-19'', a adăugat expertul OMS în ajunul publicării de către organizaţie a unui raport privind pandemia. Mult-aşteptatul raport al misiunii care a anchetat în China originea SARS-CoV-2 va fi dat publicităţii marţi, chiar dacă ''toate ipotezele continuă să fie pe masă'', a declarat luni directorul general al OMS, Tedros Adhanom Ghebreyesus. Potrivit mass media care au avut acces la un proiect al raportului, OMS va afirma că teoria cea mai probabilă a originii pandemiei este transmiterea SARS-CoV-2 de la lilieci la oameni prin intermediul unui alt animal, în timp ce ipoteza conform căreia virusul ar fi ''scăpat'' dintr-un laborator este în viziunea OMS ''extrem de improbabilă''.

Persons: David Nabarro, OMS Organizations: OMS, BBC Locations: China

☆ Avertisment OMS: Europa se va confrunta cu al treilea val al pandemiei, la începtutul anului viitor
▼ + stars: | 2020-11-23 | by ( ) www.jurnal.md time to read: +1 min

Nu au construit infrastructura necesară, iar acum, spune el, riscă să repete aceleași greșeli. „Nu au construit infrastructura necesară în lunile de vară, după ce au adus primul val sub control. Dacă nu vor construi infrastructura necesară, vom avea un al treilea val la începutul anului viitor”, a avertizat Nabarro. „Nu au construit infrastructura necesară în lunile de vară, după ce au adus primul val sub control. Dacă nu vor construi infrastructura necesară, vom avea un al treilea val la începutul anului viitor”, a avertizat Nabarro.

Persons: Nabarro, OMS Locations: Asia, Coreei de Sud, Europa

☆ OMS: Europa se va confrunta cu al treilea val al pandemiei, la începtutul anului viitor
▼ + stars: | 2020-11-22 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +1 min

Europa se va confrunta la începutul anului viitor cu un al treilea val al pandemiei de coronavirus, spune David Nabarro, un reprezentant al Organizației Mondiale a Sănătății, scrie digi24.ro. OMS acuză guvernele europene că în vară nu au luat măsurile necesare pentru a preveni cel de-al doilea val. Nu au construit infrastructura necesară, iar acum, spune el, riscă să repete aceleași greșeli. „Nu au construit infrastructura necesară în lunile de vară, după ce au adus primul val sub control. Dacă nu vor construi infrastructura necesară, vom avea un al treilea val la începutul anului viitor”, a avertizat Nabarro, potrivit Politico.

Persons: David Nabarro, OMS Organizations: Organizației Mondiale a Sănătății Locations: Asia, Coreei de Sud, Europa

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