Seven days in the Square Mile

The leader of the Bank for International Settlements, Agustín Carstens, warned that the global economy had reached a “tipping point” at which runaway inflation risked becoming embedded. “If it does, the costs of bringing it back under control will be higher.” KPMG warned that the UK economy is slowing sharply. It expects growth to contract to 3.2% this year, from 7.1% in 2021, before slumping to 0.7% in 2023. The Open University’s annual Business Barometer reported that more than three-quarters of UK companies are suffering a decline in trading, or stalled growth, due to the intensifying skills shortage.

Boris Johnson suggested Britain’s energy markets should be overhauled to ease surging prices and fuel poverty. France’s top three energy suppliers – Engie, EDF and TotalEnergies – appealed to French households and businesses to limit fuel consumption, or prepare for rationing of electricity and gas. Walgreen Boots Alliance, the owner of Boots, shelved plans to sell Britain’s biggest high street chemist, citing an “unexpected and dramatic change” in market conditions. Camelot lost its legal battle to block the National Lottery licence handover to Allwyn. Heathrow Airport warned passengers to expect chaos for years after the Civil Aviation Authority bowed to airline pressure to cut landing fees. The Unite union is consulting staff at the Bank of England about securing “a decent pay rise”. Halifax prompted a Twitter storm by announcing its employees will be able to include pronouns on their name badges. Critics accused it of “virtue-signalling”.