Seven days in the Square Mile

The US Federal Reserve looked poised to raise interest rates for only the third time since the financial crash of 2008, against a backdrop of rising stock markets. The consensus among traders was that the Fed would increase rates by a quarter point to 0.75-1%. Currency and stock markets were calm in Europe as the UK government passed the Brexit Bill, clearing the way for Article 50 to be triggered. The oil price fell almost 10% over six consecutive days to its lowest level since November. An HSBC reported concluded that UK consumers remained “unfazed by current uncertainty” surrounding Brexit and the economy. But Paul Johnson, of the Institute for Fiscal Studies, warned of potential trouble ahead, noting that, on current forecasts, average UK earnings in 2022 would be no higher than in 2007. “Fifteen years without a pay rise. I’m rather lost for superlatives. This is completely unprecedented.” Toshiba said it may sell its majority stake in the US nuclear business Westinghouse. Unilever boss Paul Polman called on the UK government to introduce more takeover safeguards. French Connection posted its fifth consecutive year of losses. Yahoo boss Marissa Meyer is in line for a $23m “golden parachute” when Verizon closes its buyout of the internet firm. The BBC reported that Ikea lorry drivers are “forced to live in their trucks” for months on end because they cannot afford accommodation.