Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Barclays is proposing to overhaul how it pays its chief executive CS Venkatakrishnan in a move that would slash his fixed pay but hand him £9mn if the lender hits its profitability targets.
The British bank wrote to investors this week outlining plans to change how it pays Venkatakrishnan and the group’s finance director Anna Cross, according to a person familiar with the matter.
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The changes, if approved, would see Venkatakrishnan’s fixed pay cut from £2.95mn to £1.59mn, but the former JPMorgan executive would become eligible for bonuses and long-term stock options worth up to eight times his new salary, the person said.
They added that Venkatakrishnan, known as Venkat, would receive about £9mn if Barclays achieved its previously stated target of a return on tangible equity — a crucial measure of bank profitability — of 12 per cent by 2026.
His maximum earnings would be capped at just over £14mn, but he would only be awarded this amount if Barclays achieved a return on tangible equity of more than 14 per cent, the person said.
Venkatakrishnan’s total remuneration came to £4.64mn for 2023, down from £5.2mn a year earlier.
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The move, which was first reported by Sky News, comes after Barclays last year became the first British lender to scrap the banker bonus cap imposed by the EU, following the UK’s 2023 decision to remove the limits in a post-Brexit boost to the City of London.
At the time, Barclays told staff that it would set bonuses for its most senior employees, so-called material risk takers, at up to 10 times their fixed pay, while keeping base pay the same.
Under the bonus cap, which was introduced across the EU in 2014 in the wake of the global financial crisis, bonuses were capped at two-times base salary.
Venkatakrishnan has been a rare vocal supporter of chancellor Rachel Reeves, who frustrated many business leaders by increasing taxes by £40bn in October’s budget and has so far struggled to revive Britain’s flagging economy.
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Speaking at the World Economic Forum in Davos on Tuesday, Venkatakrishnan said there was “a lot to be optimistic about in the UK”, including its financial sector. Reeves has also attended the forum in a bid to woo business leaders and foreign investors.
Barclays said that its remuneration committee “meets with stakeholders throughout the year to gather feedback on our remuneration policy”.
“Whether or not the committee chooses to propose any change to our current directors’ remuneration policy in 2025, the policy will continue to focus on rewarding sustainable performance, and close alignment with shareholders’ interests.
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“The committee will publish their views and decisions in the 2024 annual report on 13 February.”
With the rescinding of SAB121 by the SEC, which all but stopped banks collaborating with crypto companies, this, together with other regulatory changes, sets the scene for the Bitcoin industry to innovate and grow like never before. The $BTC price is back above $105,000.
The tide is turning
The tide is turning, and the crypto industry is about to move into a golden age of nurturing and support in the United States, which only a short time ago was the complete opposite situation. Now that Donald Trump is in office, the political machinery of Washington D.C. is moving faster than anyone thought was possible, and Bitcoin and crypto are among the beneficiaries.
SAB121 is rescinded – good riddance?
The SAB121 rule was brought in by a Securities and Exchange Commission (SEC) that worked closely with the Biden administration to stifle the possibility of banks collaborating with crypto entities. The rule obliged banks that were holding crypto on behalf of a client to record the asset as a liability on the balance sheet. This made it impractical for banks to offer cryptocurrency custody services.
SEC Chairman Gary Gensler was said to be heavily biased against crypto. He always maintained that the existing finance regulations were sufficient to regulate the crypto industry properly. However, when he introduced the SAB121 rule, it was seen by many as a sign of hypocrisy, given that he was showing he was open to new rules, but only if they went along with his bias.
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CBDCs are banned
Among the many pro-crypto executive orders signed by President Trump was a complete prohibition of Central Bank Digital Currencies (CBDCs). This technology would give complete control over money to the central bank. With this order, the President is committing the US to go down the path of decentralised money.
The short-term time frame for $BTC shows that the price is continuing to consolidate above the wedge formation. Two good support levels are underneath the price, at $102,700, and further below at $101,300.
A triangle pattern looks to be forming, although there are only two touches of the top trendline so far. Three would be needed to confirm the pattern.
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As the price action moves sideways and becomes more restricted by the converging trendlines a breakout to the up or downside will take place. Given that the trend is up, an upside breakout is more likely. If it is to the downside, the horizontal supports are not far below.
The weekly time frame is showing a clear breakout of the wedge with a perfect confirmation. With three days left in the week, the support at $101,300 looks as though it should hold. Having said that, very high volatility in the price could make this a lot more precarious in a very short amount of time.
Looking at the bottom of the chart, the Relative Strength Index (RSI) has the indicator line pointing upward, signalling that buying is strong. However, it is about to move into overbought territory. This is generally fine, given that this indicator normally does go into the high 80s or 90s at the end of bull markets.
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In this instance, not only will the indicator need to pierce through the descending trendline, but it will also need to get above both the previous overbought tops in order to nullify the potential for bearish divergence.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Apple has removed claims that CarPlay 2 will arrive in 2024 from its website
The company has confirmed it’s still working with “several” car makers
But there’s no indication of when CarPlay 2 might launch
Apple’s CarPlay 2 system is designed to help you manage maps, media and more inside your car. It was meant to arrive in 2024, yet for one reason or another, that never happened. And now, we’ve finally had official word from Apple on what we can expect to see in the future.
In an official statement provided to MacRumors, Apple said that “several” car manufacturers would be incorporating CarPlay 2 into their vehicles, and that each company would share more details at the appropriate time. However, there was no indication of when that might be.
In full statement Apple said: “The next generation of CarPlay builds on years of success and insights gained from CarPlay, delivering the best of Apple and the automaker in a deeply integrated and customizable experience. We continue to work closely with several automakers, enabling them to showcase their unique brand and visual design philosophies in the next generation of CarPlay.”
In a similarly vague style, Apple added that “each car brand will share more details as they near the announcements of their models that will support the next generation of CarPlay”.
Apple also confirmed to MacRumors that it is committed to the current generation of CarPlay, which it says is available in over 98% of new cars sold in the United States.
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Stuck in traffic
(Image credit: Apple)
Several weeks into 2025, Apple’s CarPlay website was still claiming that CarPlay 2 would launch in 2024 – something that clearly wasn’t possible. Interestingly, Apple has only just updated its site to remove the 2024 reference.
We don’t know what exactly caused the delay to CarPlay 2, but there were signs of trouble long before the most recent announcement. In 2023, for example, Apple promised it would reveal which automakers would be supporting CarPlay 2 that year – in the end, it did so in December, right before the deadline.
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That said, it’s clear that Apple is still working on CarPlay 2. Earlier in January, images leaked on X depicting an updated dashboard that’s presumably destined for the auto system.
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And with the latest announcement, Apple has confirmed CarPlay 2 is still on the way – but if you were hoping its arrival would be imminent, you’ll have to be patient a while longer.
This raises fundamental questions. “If they are going to designate traffickers as narco-terrorists, will they also include the Americans who are part of these networks? Because we are not just talking about the famous drug cartels, but also trafficking networks, money laundering, arms smuggling and other structures, many of which are incorporated in the United States. There is an enormous complexity in defining where a cartel begins and where it ends. There is a dispersion of actors, organizations and relationships on both sides of the border involved in drug trafficking. Therefore, to speak of narcoterrorism is to speak of something vague and imprecise. This term is not supported by concrete evidence; rather, its use is eminently political,” argues Zavala.
According to Zavala, the narrative allows figures like President Trump to use the concept of narcoterrorism as a tool of intimidation, threat and extortion towards the Mexican government. “Rather than describing realities, narcoterrorism is based on spectral notions, on political phantoms that are used to force Mexico to align with Washington’s interests,” he says.
An Executive Order to Intervene Militarily in Mexico
Intervening militarily in Mexican territory with selective incursions aimed at damaging the cartels is something that has been on the US radar screen for some time now. But analysts argue that it would be a shot in the foot for the Trump administration.
“By using the concept of narcoterrorism, the US government empowers itself to intervene militarily in Mexico. That is something very complicated, because intervening in that way would seriously damage the binational relationship, which is very delicate. It is almost inconceivable [the idea of military aggression],” Zavala explains. “I believe that in addition to the bravado, the Mexican government has generally been aligned because in the end our security policy has always been subordinated and violated; even subalternized by the United States.”
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This Wednesday, the president of Mexico, Claudia Sheinbaum, said that the secretary of foreign affairs, Juan Ramón de la Fuente, had a telephone conversation with US secretary of state Marco Rubio. She did not provide details of the conversation, but said it was “a very cordial conversation” and they discussed “migration and security issues.” Rubio has said that he would prefer that any action, any decision taken from Washington have the consent, the collaboration of the Mexican government.
“Cartels Do Not Exist”
Oswaldo Zavala (Ciudad Juarez, 1975) has specialized in Mexican narrative, and has an alternative vision of the narco phenomenon in Mexico. He believes that the image of the power of the cartels is exaggerated and sponsored by the State. The author of The Imaginary U.S.—Mexico Drug Wars: State Power, Organized Crime, and the Political History of Narconarratives (1975–2012), explains to WIRED that the war against drug trafficking is generally built on fantastical, contradictory and often absurd concepts, which gradually form an imaginary that presents drug trafficking in an alarmist manner.
“The US government has managed with great skill to create a long list of concepts, monsters and criminal actors that not only dominate the public debate in the United States, but also in Mexico. Thus, when Americans want it, one organization or another becomes the center of discussion. In the 1980s, for example, it was the Guadalajara Cartel, with figures such as Rafael Caro Quintero and Miguel Angel Felix Gallardo. In the 1990s, the central figure was El Chapo Guzman, and later, Amado Carrillo. Today, the conversation revolves around fentanyl and, above all, the Sinaloa Cartel,” Zavala explains.
Zavala argues that the narratives used by the US government are ways of simplifying a complex problem, giving a common sense to the debate that would otherwise be much more complicated. “If we take into account that a large part of drug consumption occurs in the United States, that there are organizations within that country that facilitate trafficking, launder money and, in many cases, are as or more dangerous than the Mexican ones, the discussion becomes much more complex for the Mexican panorama. What these narratives do, then, is to simplify the situation, presenting Mexico as the primary enemy of US security. In doing so, the US government can intervene not only mediatically but also politically, diplomatically, and even militarily in Mexico,” he says.
“As citizens we must be very careful with the narratives that are generated from Washington,” he warns. “It is essential to learn to analyze them critically and to distance ourselves from what we are being told. This process is neither easy nor quick, since, unfortunately, not only the Mexican government repeats these narratives, but the media also replicates them, and sometimes institutions and other actors push them. And, to complicate things even more, a popular culture is created that feeds these ideas: today there are already corridos about fentanyl, about the ‘Chapitos’ and about the supposed criminal empires of the cartels. It is very difficult to escape from all this.”
A War That Has Left More Than 100,000 People Missing
More than 100,000 people have been missing in Mexico since 1964, when the count began. The National Registry of Disappeared and Unaccounted for Persons has for months now exceeded this figure, which is evidence of the grave situation in the country. Most of these people were registered as missing since 2006, when the administration of Felipe Calderón, who took the army to the streets to combat the violence of organized crime, began.
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“Many of the most serious effects of the anti-drug policy we have been suffering in Mexico for decades. More than half a million murders since the militarization began with President Calderon, more than 100,000 forced disappearances. We know that all that violence is unloaded, above all, against poor, racialized, brown young people, who live in the most disadvantaged areas of the country,” says Zavala, who is surprised when people are alarmed by what Trump says. “As if we weren’t already living, for years now, a really serious wave of violence in the country.”
According to the researcher, military violence is often expressed as a form of social control, as a management of violence. “You’re not going to see militarization in areas like the Condesa or Roma, but in the margins of Mexico City, in the most impoverished areas. The violence is happening in the peripheries, in the poorest neighborhoods, where there is not even adequate monitoring by the media or human rights institutions,” Zavala says.
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What should surprise us, Zavala says, are the very high rates of violence we are experiencing, as a background of what is already happening, not of something that is yet to come. “I think we still don’t fully understand that this violence has a clear class dimension. It is not generalized violence, but systematized and directed against the most vulnerable sectors of society,” he says.
The Solution: Demilitarizing the Country
The decision taken by Calderón 16 years ago to entrust the Army with the responsibility of public security in several areas of the country has shown us its fatal consequences. Both Enrique Peña Nieto and Andrés Manuel López Obrador pledged, during their respective electoral campaigns, to return peace, security, and civility to us. However, once in power, both presented proposals to consolidate, through legislation and even constitutional reforms, the militarized public security model. The situation does not seem to change with Claudia Sheinbaum’s administration.
In this way, Mexico’s recent presidents have maintained a “peace and security” policy based on a militarized strategy, justifying it on the supposed operational incapacity of police corporations to confront organized crime.
“I agree with the view that drugs need to be decriminalized, addictions treated, all that. But in my opinion, most of the violence in Mexico is not necessarily linked to drug trafficking, but to the experience of militarization itself. And I think there is solid empirical data to support this idea. We know that there is a ‘before’ and an ‘after’ militarization in Mexico,” Zavala explains. “Before the deployment of the army, our homicide rates were declining throughout the country, and there is a direct correlation between military occupation, the presence of the armed forces, and the increase in homicides and forced disappearances.”
Thousands of homeowners could end up paying off their mortgages well into their 70s, with the state pension not enough to cover costs alone, new data has shown.
To manage high monthly payments, more buyers are opting for longer mortgage terms, reflecting growing challenges in housing affordability.
The Nationwide Housing Affordability Report, released today, shows how tough it is for many people to buy a home. This is especially clear in the growing trend of buyers choosing longer mortgage terms to make payments more affordable.
There has been a 156 per cent increase in people over 36 taking out 35-year mortgages since 2019, according to Freedom of Information data from the Financial Conduct Authority (FCA).
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In the first nine months of 2024 alone, 22,103 of these long-term mortgages were issued — already surpassing the total number for any full year since 2018.
Karen Noye, mortgage expert from Quilter warns that this shift to longer mortgages could result in “a generation of retirees who are either burdened with mortgage debt well into retirement” or unable to buy a home at all.
Opting for these longer mortgages will see paying mortgage costs until the age of 71
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Noye said: “Retirees on fixed incomes will face the burden of managing mortgage repayments alongside other living costs, while those who remain renters will grapple with escalating rental payments that erode their savings and leave little room for a secure and comfortable retirement.
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“This generation’s housing affordability crisis threatens to create a profound legacy of financial insecurity.”
Those opting for longer mortgages will need to be confident they can afford to make repayments until the age of 71 – three years after they can expect to qualify for the state pension, and 14 years after they reach the normal minimum pension age.
However, experts warn the state pension payments alone will not be enough to cover repayments meaning retirees will need other sources of income to manage this.
For example, data from Quilter found that a 36-year-old taking out a £250,000 mortgage over 35 years at the current Bank of England base rate of 4.75 per cent would face monthly repayments of £1,145.
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While interest rates may change, borrowers must be confident they can keep up with these payments well into retirement.
Though the extended mortgage term helps reduce monthly payments, it means borrowers will “pay significantly more over the life of the loan”.
The full state pension currently sits at £221.20 a week (2024/25 tax year), or approximately £960 per month. While the state pension will increase over the 35-year mortgage period, so too will the everyday cost of living.
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Noye explained that “this makes it unlikely that the state pension alone will cover a mortgage repayment alongside everyday living costs, leaving people reliant on savings”.
This is far less than the £1,145 needed to cover the example mortgage payment, not including other living costs.
While both the state pension and living costs are likely to rise, she explained the state pension alone will likely not be enough to cover mortgage payments and everyday expenses.
This means future retirees will have to rely on additional savings or pension funds to meet their housing costs in later years.
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Jonathan Bone, Head of Mortgages at Better.co.uk, highlights some advantages to longer mortgage terms, despite the risks.
He said: “One of the biggest advantages of spreading a mortgage over a longer period is that the monthly repayments will be lower than if you opt for a shorter term.”
Bone explained that longer terms make homeownership more affordable in high-cost areas, offering flexibility and the possibility of making extra payments without penalties when finances allow.
However, the mortgage expert said that “a longer mortgage term can lower monthly payments initially, a major drawback is the higher overall interest costs.”
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Extended terms also slow down equity growth, which can limit options for remortgaging or moving to a new property.
There are also concerns about securing mortgages that last into retirement, as lenders often require proof of sufficient pension income to continue making payments.
Within the realm of digital assets, mCoin has swiftly ascended to prominence, positioning itself as a notable contender through the strategic utilization of Blockchain technology.
The substantial market cap and daily trading volume underscore mCoin’s growing influence in the industry, sparking curiosity and drawing attention from seasoned investors and newcomers alike.
As we explore the factors propelling mCoin’s meteoric rise, a deeper examination of its trajectory and potential gains insight into the intricacies of navigating the ever-evolving landscape of cryptocurrencies.
Unveiling the underlying dynamics behind mCoin’s surge invites a closer look at the implications for both short-term and long-term market behavior, shedding light on the intricate tapestry of opportunities and challenges that define its journey in the digital asset space.
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Digital Asset Market Trends
In the ever-evolving landscape of digital assets, market trends play a pivotal role in shaping investment strategies and decisions. Monitoring these trends provides investors with valuable insights into the potential growth or decline of specific assets, enabling them to make informed choices.
Understanding market dynamics, such as price fluctuations, trading volumes, and investor sentiment, is essential for staying ahead in the highly competitive digital asset industry.
By analyzing historical data and current market conditions, investors can identify opportunities for profit and mitigate risks effectively.
Mcoin’s Blockchain Technology Advancements
Monitoring digital asset market trends is essential for making informed investment decisions. Therefore, examining Mcoin’s Blockchain Technology Advancements sheds light on its innovative strides in this dynamic industry.
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Mcoin has made significant advancements in its blockchain technology, enhancing security, scalability, and efficiency.
One notable development is the implementation of smart contracts, enabling automated and secure transactions without third-party interference.
Additionally, Mcoin has focused on improving interoperability with other blockchain networks, fostering seamless integration and enhancing user experience.
These technological upgrades not only showcase Mcoin’s commitment to innovation but also position it as a competitive player in the digital asset space. Investors looking to capitalize on the potential of blockchain technology should closely monitor Mcoin’s advancements as they continue to shape the future of the industry.
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Growth Factors Driving Mcoin’s Success
Mcoin’s exponential growth in the digital asset industry can be attributed to its strategic partnerships and innovative technological advancements.
By forming collaborations with key players in the industry, Mcoin has been able to expand its reach and increase adoption among users. These partnerships have not only enhanced Mcoin’s credibility but have also opened up new opportunities for growth and development.
Additionally, Mcoin’s commitment to staying at the forefront of technological advancements has allowed it to offer cutting-edge solutions that cater to the evolving needs of its users.
This dedication to innovation has positioned Mcoin as a leader in the digital asset space, driving its success and solidifying its reputation as a forward-thinking and reliable platform.
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Analyzing Mcoin Price Predictions
Amidst the dynamic landscape of the digital asset sector, the trajectory of mCoin’s price predictions unfolds as a focal point for strategic analysis and informed decision-making.
Short-term forecasts for mCoin suggest fluctuations between $0.38 and $0.80 from September to January while as of time of writing priced at $0.60.
Looking further ahead, long-term projections paint a picture of growth, with estimates reaching $12.24 by the end of 2024, $21.02 by 2025, and soaring to $54.71 by 2030. Despite fluctuations, the consensus indicates a positive outlook for mCoin’s value over time.
Investors considering mCoin should weigh these predictions against their investment goals and risk tolerance to make well-informed decisions in this evolving digital asset landscape.
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Strategic Investment Insights for Mcoin
In the dynamic realm of digital asset investments, the strategic analysis of mCoin’s price predictions serves as a cornerstone for informed decision-making, particularly when considering long-term growth potential.
Assessing mCoin’s market cap of $107,963,421 and 24-hour trading volume of $2,856,936 provides insights into its current standing in the digital asset landscape.
Understanding these forecasts can aid investors in formulating strategic investment plans aligned with their financial objectives and risk tolerance levels.
Conclusion
In conclusion, mCoin’s rapid ascent in the digital asset industry can be attributed to its innovative use of Blockchain technology, market trends favoring digital assets, and strategic growth factors.
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By analyzing price predictions and understanding the potential for long-term growth, investors can make informed decisions about mCoin as a strategic investment opportunity.
As mCoin continues to evolve and adapt within the digital asset landscape, its trajectory and value fluctuations will be closely monitored by industry observers.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information
Apple first announced the “next generation of CarPlay” back in 2022, but updates about its arrival have been sporadic. Porsche and Aston Martin haven’t provided any launch dates despite saying their cars would be the first to get the new CarPlay. Some automakers like Ford and Mercedes were slow to confirm support, while others like General Motors and Rivian have snubbed CarPlay entirely in favor of having more control over their vehicles.
Despite not posting a revised date, there are indications that Apple will launch it eventually. There are references to next-generation CarPlay in the iOS 18.3 beta released last month, for example, and Apple has recently filed new images of it in an EU database. Apple also told 9to5Mac that it’s working closely with several automakers that will implement the new CarPlay experience.
“Each car brand will share more details as they near the announcements of their models that will support the next generation of CarPlay,” Apple told the outlet.
Spot Bitcoin ETFs invest directly in Bitcoin as the underlying asset. Unlike Bitcoin futures ETFs, which rely on price derivatives, spot ETFs hold actual Bitcoin in custody. This makes them a straightforward way to gain exposure to Bitcoin’s price movements.
Where to Buy Spot Bitcoin ETFs
Spot Bitcoin ETFs are accessible on various online brokerage platforms, robo-advisors, and even retirement accounts like IRAs and solo 401(k)s. Here’s a comparison of popular platforms:
Investing in spot Bitcoin ETFs carries certain risks, including:
Volatility: The cryptocurrency market is highly volatile, and ETFs reflect these price swings.
Regulatory Changes: Governments may alter regulations, affecting ETF availability or profitability.
Counterparty Risk: The Bitcoin held by ETFs is managed by third parties, posing security concerns.
Fees to Consider
Management fees can significantly impact returns. While some ETFs, like the VanEck Bitcoin ETF, temporarily waive fees, others charge as high as 1.50%. Aim for ETFs with fees ranging from 0.20% to 0.50%.
Alternatives to Spot Bitcoin ETFs
If you’re unsure about investing in these ETFs, consider these alternatives:
Buy Bitcoin Directly: Own Bitcoin through exchanges or wallets for more control, though it requires technical knowledge.
Invest in Crypto Company Stocks: Companies like Coinbase or MicroStrategyoffer indirect exposure to Bitcoin.
Legacy ETFs: Established ETFs like Grayscale Bitcoin Trust provide a longer track record of performance.
Pros and Cons Summary
Pros
Cons
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Easy to trade on traditional platforms
High market volatility
Regulated and safer than crypto exchanges
Regulatory uncertainty
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Can be included in retirement accounts
Counterparty risks (e.g., hacking)
Tax benefits over direct Bitcoin ownership
Limited direct control over Bitcoin
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Should You Invest?
Spot Bitcoin ETFs simplify Bitcoin investing. If you want exposure to cryptocurrencywithout the hassle of direct ownership, they’re worth considering. However, assess your risk tolerance and stay informed about market and regulatory changes.
By exploring platforms, monitoring fees, and understanding risks, you can make informed decisions in this growing market.
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
UK businesses are cutting jobs at the fastest pace since the financial crisis, excluding the pandemic, as rising costs reignited stagflation fears in the British economy at the start of the year, according to a closely watched survey.
The S&P Global flash purchasing managers’ survey on Friday indicated that the rate of job losses in January and December was the highest since the global financial crisis in 2009, outside of the onset of Covid-19 in 2020.
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The survey also indicated that cost burdens on business rose at the fastest pace in more than a year and a half. Many businesses passed on higher costs to consumers resulting in the fastest increase in average price charged since July 2023.
Chris Williamson, economist at S&P Global Market Intelligence, said the survey’s results “add to the gloom about the UK economy, with companies cutting employment amid falling sales and concerns about business prospects”.
He warned that inflationary pressures had “reignited, pointing to a stagflationary environment which poses a growing policy quandary for the Bank of England”.
Lower employment was attributed to hiring freezes and the non-replacement of voluntary leavers in the wake of rising payroll costs, according to the survey.
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Many businesses suggested the Labour government’s decision to raise employers’ national insurance, which takes effect in April, had resulted in cutbacks to recruitment plans, while others cited the impact of a post-Budget slump in business confidence.
The headline S&P Global flash UK PMI composite output index, which tracks overall activity in the private sector, rose to a three-month high of 50.9 points in January from 50.4 in December.
Economists polled by Reuters had expected the index to fall slightly to 50 points. Any reading above the 50 mark suggests that most businesses are reporting growth in activity.
Elias Hilmer, economist at Capital Economics, said that Friday’s PMIs figures “won’t alleviate the Bank of England’s concerns about the weakness of activity, but the further strengthening in price pressures suggest it will cut rates only gradually thereafter.”
Aligned with markets, he expects the Bank of England to cut rates by a quarter point to 4.5 per cent in February.
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The UK economy registered no growth in the three months to September, marking a sharp slowdown from the 0.4 per cent in the previous quarter. The BoE expects no growth also in the final quarter of 2024.
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