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☆ Bank of England set for second hefty rate rise in a row
▼ + stars: | 2022-09-21 | by ( David Milliken | ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com RegisterThe BoE's half-point increase in rates last month was its biggest since 1995. The BoE was the first major central bank to raise rates in the current cycle, beginning in December last year. This, in turn, could prompt the BoE to raise rates more than previously thought over the coming year, despite what will still be a big squeeze on living standards from high inflation. Interest rate futures late on Wednesday showed BoE rates reaching 3.75% in December and plateauing at 4.75% from March. The BoE also decided to delay by a week its policy announcement, which had been due out on Sept. 15.

☆ Sterling idles near 37-year low ahead of Fed, BoE meetings
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

Wads of British Pound Sterling banknotes are stacked in piles at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. At 0933 GMT, the pound was little changed against the dollar at $1.1432, just above last week's 37-year low of $1.1351. Money markets fully price in a half-point rate hike from the BoE on Thursday, with around a 75% chance of a larger 75 basis point rate rise, according to Refinitiv data. Meanwhile, economists polled by Reuters expect a 50 basis point hike this week and for the Bank Rate to end 2022 at 3%. Expectations of a hike of at least 75 basis points have been keeping the dollar index elevated near its highest level since 2002.

REUTERS/Peter Nicholls/LONDON, Sept 20 (Reuters) - A group of British trade unions is seeking a judicial review of regulations allowing companies to hire temporary staff from agencies to fill in for striking workers, the unions said on Tuesday. Eleven trade unions across a range of industries and representing millions of workers said the rules could worsen industrial disputes and undermine the right to strike. Register now for FREE unlimited access to Reuters.com RegisterThe unions said the new rules were unlawful as the then-business secretary Kwasi Kwarteng failed to consult unions. But the government is attacking it in broad daylight," Trade Unions Congress General Secretary Frances O'Grady said in a statement. It means workers can't stand up for decent services and safety at work – or defend their jobs and pay."

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 16, 2022. They also indicate a real chance that rates could hit 4.5% as the Fed is forced to tip the economy into recession to subdue inflation. However, most assets have suffered this time, perhaps due to the surge in inflation and abrupt policy change." (.SX8P) read moreS&P 500 futures lost 0.9%, and Nasdaq futures fell 1%. read moreChina's central bank went its own way though, and cut a repo rate by 10 basis points to support its ailing economy.

☆ Britain's Truss faces whirlwind week as politics resumes after queen funeral
▼ + stars: | 2022-09-19 | by ( Elizabeth Piper | ) www.reuters.com time to read: +6 min

Since the queen's death on Sept. 8, politics - or at least the discussion of its ins and outs - has been on pause for a period of national mourning, out of respect for a monarch who reigned for 70 years. read moreAnd while her spokespeople were diligent in declining to make announcements during the national mourning period, her government pressed on with its work, with one source saying her ministers were in the finance ministry even on Sunday. He may also announce the end to caps on bankers' bonuses, but last week no decisions had been taken. While foreign minister, Truss described the relationship as "special, but not exclusive". For a woman who said she would be ready to govern from day one, she has set herself a tough agenda.

☆ Sterling languishes near 37-year low vs dollar
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

Pound and U.S. dollar banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/IllustrationLONDON, Sept 19 (Reuters) - Sterling was weaker against a robust dollar on Monday, hovering near last week's 37-year low, with sentiment towards the British currency remaining weak given a darkening economic outlook. The Federal Reserve is also meeting this week and expectations for an even bigger hike of at least 75 bps has bolstered the dollar. The pound was last trading at $1.1381 , down about 0.5% on the day and within sight of the 37-year low hit on Friday at $1.1351. Register now for FREE unlimited access to Reuters.com RegisterReporting by Dhara Ranasinghe Editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar robust as Fed headlines big week for central banks
▼ + stars: | 2022-09-19 | by ( Dhara Ranasinghe | ) www.reuters.com time to read: +3 min

U.S. One dollar banknotes are seen in front of displayed stock graph in this illustration taken, February 8, 2021. Still, the dollar maintained its firm tone, given expectations that the Fed would maintain its aggressive rate-hike path to contain uncomfortably high inflation. Markets fully price in a 75 basis point Fed rate hike this week and a roughly 20% chance of a 100 bps increase. read moreCanada's dollar in early European trade fell to its lowest in almost two years at 1.3311 per U.S. dollar . read moreChina's yuan kept to the weaker side of 7 per dollar as economic worries and the possibility of more benchmark interest rate cuts loomed on Tuesday.

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 16, 2022. However, most assets have suffered this time, perhaps due to the surge in inflation and abrupt policy change." read moreChina's central bank went its own way, though, and cut a repo rate by 10 basis points to support its ailing economy, leaving blue chips (.CSI300) up 0.1%. The dollar index , which measures the currency against six counterparts, was 0.4% stronger at 110.03. Oil prices slid, pressured by the stronger dollar Brent crude fell 1.3% to $90.18.

☆ Bonus cap scrap would be dubious Brexit dividend
▼ + stars: | 2022-09-15 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

A person points to the City of London financial district from a viewing platform in London, Britain, October 22, 2021. REUTERS/Hannah McKayLONDON, Sept 15 (Reuters Breakingviews) - UK finance minister Kwasi Kwarteng wants to make the City more competitive. That means UK banks and foreign ones operating in London might have to keep their compensation policies broadly the same to retain staff. Bringing the highly charged issue to the fore means Kwarteng might have less cover to push ahead with more meaningful changes, like getting rid of the bank levy. CONTEXT NEWSBritish finance minister Kwasi Kwarteng is seeking to scrap Britain’s cap on bankers’ bonuses, the Financial Times reported on Sept. 14.

☆ Liz Truss named new UK prime minister, taking over after Boris Johnson was forced from office by scandal
▼ + stars: | 2022-09-05 | by ( Catherine Neilan | ) www.businessinsider.com time to read: +3 min

Liz Truss is the UK's next prime minister, succeeding Boris Johnson after his departure amid scandalTruss beat Rishi Sunak to win leadership of the Conservative Party and therefore the government. Johnson and Truss are scheduled to meet the Queen in Scotland on Tuesday to formally hand over. Graham Brady, chairman of the party's backbench 1922 committee, named Truss the winner at an event in Westminster, central London, on Monday. Truss is due to follow Johnson to Scotland on Tuesday , where she will become prime minister in a meeting with the Queen, when the monarch formally asks her to form and lead a government. Truss is due to give her first speech as prime minister on Tuesday afternoon, and is then expected to begin putting her Cabinet together.

☆ The UK has a new prime minister — meet Liz Truss, the tax-cutting Brexit convert taking over from Boris Johnson
▼ + stars: | 2022-09-05 | by ( Bethany Dawson | Catherine Neilan | ) www.businessinsider.com time to read: +9 min

Liz Truss has been named the new prime minister of the UK in the wake of Boris Johnson quitting. The victory also makes her the new prime minister, due to take over Tuesday. An ally of Johnson, Truss has often been described as the continuity candidate — but who is she, and what can we expect from her premiership? While Truss has been named as the Conservative Party leader, she must wait another day before officially becoming prime minister. Truss is set to become prime minister Tuesday after traveling to meet the Queen at Balmoral in Scotland.

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