News Archive
4/11/2022
MPC Decision - Rates Increased To 3% But Rate Of Future Rises May Be Slower
0.75% increase, taking rates to 3%, biggest single increase since 1989 Inflation is expected to remain at around 11% in Q4, slightly lower than previously expected, before falling back in 2023. Treasury and Bank of England look increasingly joined up.4/11/2022
Uk House Prices Are Likely To Fall 10% Next Year, Estate Agent Savills Has Predicted
Savills have released fresh housing market forecasts, ahead of the Bank of England decision. And they show that after over two years of strong growth, the average UK house price is expected to fall by 10% in 2023 when interest rates are expected to peak at 4%.4/11/2022
UK Government Bans Services Enabling The Transport Of Russian Oil
New legislation introduced today (3rd November) will prevent countries from using the UK's services to transport Russian oil Legislation laid today (3rd November 2022) introduces a ban on UK ships and services facilitating the maritime transport of Russian crude oil from 5th December 2022. This legislation will also pave the way for a cap on the price of seaborne Russian crude oil.4/11/2022
Mortgage Interest Rates Continue To Rise
The Bank of England's Monetary Policy Committee meeting yesterday discussed the rising cost of borrowing especially for mortgages. Lending rates for new mortgages had increased sharply since the MPC's previous meeting, reflecting the sharp rise in risk-free market rates during the period as well as increases since the August Report.4/11/2022
Early Learning And Childcare Savings In Scotland
Families of more than 83,200 children are saving around £5,000 per eligible child per year, thanks to the Scottish Government's Early Learning and Childcare (ELC) offer. Latest figures show a year-on-year increase in children accessing funded ELC.4/11/2022
Bank Predicts Prolonged Recession And £800 Hit To Incomes Next Year As It Scales Back Interest Rate Expectations
The Bank of England has forecast a prolonged recession and a deep income squeeze next year, as it scaled back expectations of future interest rate rises despite raising interest rates by 75 basis points to 3 per cent (Thursday 3 November 2022), the Resolution Foundation said. The Monetary Policy Committee voted to raise Bank Rate by 75 basis points - the biggest single increase 1989 – to 3 per cent (the highest since November 2008) but signalled clearly that financial markets had overestimated the amount that rates are going to rise to.4/11/2022
£12 Million Compensation To Be Paid To Thousands Of Struggling Borrowers
The Financial Conduct Authority (FCA) expects lenders to learn the lessons from good and poor practice during the coronavirus (Covid-19) pandemic to help borrowers during the cost-of-living squeeze. The FCA acted quickly during the pandemic to put in place guidance that led to more than five million payment deferrals for mortgage and credit customers.3/11/2022
Dunnet Bay Distillers To Expand And Create Jobs With Hie Support
Dunnet Bay Distillers to expand and create jobs with HIE support. Dunnet Bay Distillers Ltd is owned by local husband and wife team, Claire and Martin Murray and has secured up to £180,200 from Highlands and Islands Enterprise (HIE) for the project.
3/11/2022
Emergency Budget Review 2022-23 - This Is Where Many Of The Cuts And Savings Are Listed
This Emergency Budget Review (EBR) sets out the next steps the Scottish Government is taking to respond to the current economic circumstances, which are amongst the most complex and challenging in recent times. Against this difficult and highly uncertain backdrop, it is vital that the current situation and potential solutions are considered with care.3/11/2022
Expert Panel Interim Commentary On The Implications Of The Uk Government Fiscal Statements For The Scottish Government Budget
On 27th September, the Scottish Government appointed us as its panel to provide economic advice on the implications for Scotland of the UK Government's UK Growth Plan (or mini budget) of 23rd September. Since then, the UK Government has made further fiscal statements, reversing around two thirds of the tax cuts announced in the mini budget.3/11/2022
Scotland - Emergency Budget Review Ministerial Statement
Statement to Parliament by Deputy First Minister John Swinney on 2 November 2022. Presiding Officer, Scotland is facing a cost of living crisis.3/11/2022
Scotland - Emergency Budget Review Published
Measures announced today will provide further help to those most impacted by the cost of living crisis while tackling budget pressures caused by rising inflation and economic uncertainty. The Emergency Budget Review (EBR) for 2022-23 identifies funding of around £35 million for a range of initiatives to support people with the increased cost of living, including doubling the Fuel Insecurity Fund, doubling the Scottish Child Bridging Payment to £260 and a new £1.4 million Island Cost Crisis Emergency Fund to help island households manage higher energy costs.3/11/2022
The Cost Of Living Crisis In Scotland - An Analytical Report
This report draws together analysis from a wide range of sources to provide an overview of emerging evidence on the cost of living crisis. It includes evidence from Scotland and the UK as well as from other European countries.
3/11/2022
Trouble Brewing As Prices Rise
Period Covered: 01 - 05 October 2022. Shop Price annual inflation accelerated to 6.6% in October, up from 5.7% in September.3/11/2022
Ask ERI....peatland Showcase (in Person)
Our first ‘Ask ERI' Environmental Research Institute, Thurso external seminar will be held on Wednesday 16th November at 6.00 pm. The ‘Ask ERI..
3/11/2022
Federal Reserve Raises Interest Rates Again in USA
The Federal Reserve on Wednesday 2 November 2022 raised its main interest rate by 0.75 percentage points for the fourth time in a row. Further increases appear to be possible but at a slower rate.3/11/2022
Members Agree Council Will Sign Edinburgh Agreement To Underline Commitment To Climate Change Action
Highland Council members today agreed that the local authority will sign the Edinburgh Declaration and underline its commitment to tackling the climate and ecological emergency it announced in 2019. The decision to sign the declaration was made by members at today's inaugural meeting of the Climate Change Committee in Inverness.3/11/2022
RMT Network Rail strike - 5, 7, and 9 November
Network Rail members of the RMT trade union will take part in 24-hour strike action on Saturday, 5 November, Monday, 7 November, and Wednesday, 9 November. This industrial action will take place across the Great Britain railway network, including ScotRail services.3/11/2022
First Thoughts On The Scottish Emergency Budget Review
The Deputy First Minister (DFM) set out the Scottish Government's Emergency Budget Review in Holyrood this afternoon. This followed the statement on 7th September, which set out £560m of savings in order to fund public sector pay deals which were much higher than the Scottish Government had envisaged in December 2021 when they set out their budget.3/11/2022
