Stock traders in London are returning from holiday today, following losses in Europe on Monday – and still processing the fallout from Friday’s bankers meeting in Jackson Hole, Wyoming, where Fed Chair Jerome Powell announced plans to follow through with interest rate rises even if they “bring some pain to households and businesses”.
British Chancellor Nadhim Zahawi has travelled to the U.S. this week – in what could be his final week in his job – to discuss solutions to the cost-of-living crisis with U.S. bankers and officials.
Zahawi faced criticism from Labour for his decision to travel to an “international chinwag”.
Zahawi said, “These global pressures must be overcome through global efforts. I’m determined, here in the US, to work closely with my allies on the common challenges we face to create a fairer and more resilient economy at home and abroad.”
Soaring inflation in Britain is driving the pound to less than four U.S. cents away from its weakest since 1985, amid fears that the UK is headed for an imminent recession.
British business supplies distributor (GB:BNZL) has raised its group operating margin outlook on news of a 12% rise in half-year adjusted profit.
Meanwhile, London-listed pharma giant AstraZeneca (GB:AZN) had good news as Japan’s health minstry approved sales of its COVID-19 preventive treatment Evusheld.
British business news
The nightmare in-tray facing Britain’s next Prime Minister (FT)
Energy ‘could be rationed for years’ warns Shell boss (Times)
Energy bills ‘will kill work-from-home dream’ (Telegraph)
Read More: British stock market today, Tuesday August 30 – what you need to know