Biggest set of sanctions ever seen

This week, virtually all news has been dominated by the traumatic events in Ukraine. 

Further rounds of sanctions against the Russian Federation, its businesses and multiple individuals have been announced this week.

We have seen further consolidation and agreement on the part of Western Governments on actions to take.

In the private sector, a slew of companies from Apple to Aeroflot’s ticketing partner have announced they are pulling out of the country. This has inevitably led to market volatility. The FTSE for example is down over 6% on this time last month. (This is nothing though in comparison to the Russian stock market which has pretty much collapsed.)

With the price of Crude now hitting over $110 a barrel, UK petrol prices hit £1.50 this week, further exacerbating the UK’s cost of living crisis. This also comes at a time when many people are being shifted onto new, much more expensive home energy tariffs.

In other news, it was announced that the cost of a first class stamp is being increased by 10p making it now 95p per stamp.

In the world of currencies, the Pound has reached it’s highest level since the night of the Brexit referendum in 2016! 

Against the US Dollar, we’ve continued to see a decline as the week’s gone on and the news out of Ukraine has gotten worse.

In Canada, Interest rates were hiked from 0.25% to 0.5%. 

Finally, some positive news to finish a pretty bleak week, in Australia the Humpback Whale has been removed from the endangered species list!

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Previous updates...

Sterling continues to gain against USD

Sterling continues to gain against USD

It’s been a pretty quiet week once again for the UK economy. There have been no major economic data releases, events or political activity. Sterling has to therefore benefitted from a comparatively negative week across the other side of the Atlantic. This week saw ‘worse than expected’ manufacturing and employment

A positive week for Sterling

A positive week for Sterling

Following the drama of the last couple of weeks, the last five days have been relatively quiet on the economic front. There were no major economic releases coming out of the UK. Over the course of the week, we’ve seen the Pound slowly gain ground against both the Euro and

UK digests new economic policies announced in Autumn Statement

UK digests new economic policies announced in Autumn Statement

It has been a huge week for the UK economy. On Tuesday the rate of unemployment rose slightly from 3.5% to 3.6%. This was swiftly followed by higher-than-expected inflation figures on Wednesday. UK inflation is now sitting at a whopping 11.1%, a 41-year high. Yesterday we saw the Autumn Statement

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