{"id":2746,"date":"2021-11-10T11:11:37","date_gmt":"2021-11-10T11:11:37","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/2021\/11\/10\/news-in-review-30\/"},"modified":"2022-07-05T14:10:06","modified_gmt":"2022-07-05T13:10:06","slug":"news-in-review-30","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2021\/11\/10\/news-in-review-30\/","title":{"rendered":"News in Review"},"content":{"rendered":"
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\u201cWe think there will be some need to\nincrease interest rates to bring inflation sustainably back to target\u201d<\/em><\/strong><\/em><\/strong><\/p>\n<\/div>\n\n

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Following many hours of discussions, the\nMonetary Policy Committee (MPC) decided to retain the Bank of England (BoE)\nbase rate at its record low of 0.1% at its meeting last week. The decision was\nmade despite predictions of inflation hitting a peak of 5% next April. BoE Governor,\nAndrew Bailey, clarified that inflation is currently being fuelled by \u201cglobal\nsupply shocks\u201d<\/em> rather than demand pressure on the UK economy. \u201cPutting\ninterest rates up, I\u2019m afraid, isn\u2019t going to get us more gas\u201d<\/em> he said. <\/strong><\/strong><\/p>\n<\/div>\n\n

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In an interview last week, Mr Bailey said\nthe MPC\u2019s decision had been a \u201cclose call\u201d<\/em>, but that the Committee\nwanted to see \u201cmore evidence\u201d <\/em>of how the UK labour market was faring\nfollowing the end of the furlough scheme, before taking further action. However,\nhe stated that an interest rate increase was a likely outcome of future MPC\nmeetings, concluding, \u201cWe think there will be some need to increase interest\nrates to bring inflation sustainably back to target. And we will be ready to do\nthat.”<\/em><\/em><\/p>\n<\/div>\n\n

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Global food prices hit decade high<\/strong><\/p>\n<\/div>\n\n

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Global food\nprices have soared by 30% in the past year to reach their highest levels in a\ndecade, according to the United Nations Food and Agriculture Organisation\u2019s\n(FAO) latest food price index, which tracks international prices of the most\nglobally-traded food commodities. The index rose to its highest level since\nJuly 2011, to average 133.2 points in October, compared with 129.2 for\nSeptember. One of the largest contributors is wheat prices, up 40%\nyear-on-year. Supply chain disruption, political issues, labour shortages and\nfactory closures are all said to be behind the current situation, while the\nimpact of climate change is also said to have led to a poor harvest in many\ncountries this year. <\/p>\n<\/div>\n\n

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COP26: what\nhas been agreed so far?<\/strong><\/p>\n<\/div>\n\n

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As the\nCOP26 climate summit entered its second week, former US President, Barack Obama,\narrived in Glasgow to address delegates about the role young people can play in\nthe battle against climate change. Despite the country’s absence from global climate efforts for\nfour years during the Trump administration \u2013 he urged that, \u201cThe US is back.\u201d<\/em>\n Speaking to younger\ngenerations, he said, \u201cI want you to stay angry, I want you to\nstay frustrated, but channel that anger, harness that frustration. Keep pushing\nharder and harder for more and more, because that’s what’s required to meet\nthat challenge.\u201d<\/em><\/p>\n<\/div>\n\n

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So far in\nGlasgow, we have seen a pledge to end deforestation backed by $14bn of private\nand public funds; a commitment from more than 100 nations to decrease methane\nemissions by 30% by 2030; a 46-nation-strong pledge to end coal power; and a\npledge of \u00a3290m from the UK to help poorer countries cope with the impact of\nclimate change.<\/p>\n<\/div>\n\n

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Rishi Sunak\u2019s\nspeech on COP26\u2019s Finance Day set out plans to\ndecarbonise the City of London and he announced that listed companies in the UK\nwill need to publish a transition plan that sets out their path to \u2018green\u2019\ntheir businesses.<\/p>\n<\/div>\n\n

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Addressing\na rally of climate activists, Ugandan activist Vanessa Nakate said, \u201cLeaders rarely\nhave the courage to lead. It takes citizens, people like you and me, to rise up\nand demand action, and when we do that in great enough numbers, our leaders\nwill move.\u201d<\/em> <\/em><\/p>\n<\/div>\n\n

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US Central Bank reduces its bond-buying\nprogramme<\/strong><\/strong><\/p>\n<\/div>\n\n

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The US\nFederal Reserve has announced that it will be scaling back the bond-buying\nprogramme implemented at the beginning of the pandemic to support the US\neconomy. The $120bn worth of bonds the central bank has been purchasing monthly\nto keep borrowing rates low is set to decrease by $15bn this month due to the\nUS\u2019s economic rebound. <\/p>\n<\/div>\n\n

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Markets\nupdate<\/strong><\/p>\n<\/div>\n\n

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On\nMonday, the S&P 500 closed above 4,700 for the first time after eight\nstraight record-setting sessions but dropped back on Tuesday to close on\n4,685.25 as key inflation data was released. The Dow Jones and Nasdaq Composite\nalso closed down, at 36,319.98 and 15,886.54 respectively. European stock\nmarkets opened cautiously higher on Wednesday as investors digested soaring\ninflation in China and Germany.<\/p>\n<\/div>\n\n

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Here to help<\/strong><\/p>\n<\/div>\n\n

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Financial advice is key, so please do not hesitate to get in contact\nwith any questions or concerns you may have.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

\u201cWe think there will be some need to increase interest rates to bring inflation sustainably back to target\u201d Following many hours of discussions, the Monetary Policy Committee (MPC) decided to retain the Bank of England (BoE) base rate at its record low of 0.1% at its meeting last week. The decision was made despite predictions […]<\/p>\n","protected":false},"author":12,"featured_media":2747,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,112],"tags":[],"hd_content_source":[116],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2746"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=2746"}],"version-history":[{"count":2,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2746\/revisions"}],"predecessor-version":[{"id":2749,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2746\/revisions\/2749"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/2747"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=2746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=2746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=2746"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=2746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}