Highlights
The New Chancellor starts work today and says growth is priority along with house building and Bitcoin falls by 222.6 this morning. The FTSE is bracing itself from the fallout from the French Elections.
Market Overview
Business Briefing
The New Chancellors first day at the office
Today, the New Labour Chancellor sent a message to businesses something to reassure them that labour are going to be similar to the Rishi Sunak plan.
Speaking to business leaders at the Treasury later, Ms Reeves will set out Labour’s plan for the economy and say the era of “chaos and irresponsibility is over”.
New House Building targets
She is also expected to announce she will bring back compulsory house building targets, as part of an overhaul of Britain’s planning rules.
The share prices of UK housebuilders jumped on Friday after Labour’s win.
The economy is smaller than it should be – taking aim at the Tories
The chancellor is also expected to claim, based on new Treasury analysis, that the UK economy is £140bn smaller than if it had grown at the same rate as other advanced economies.
She is expected to add: “This could have brought in an additional £58bn in tax revenues last year alone to sustain our public services.
UK Economy is turning a corner says KPMG
The UK economy is set to sail past expectations over the next two years as falling inflation and an uptick in consumer confidence help fuel growth.
The British economy’s recovery from a shallow recession in the second half of 2023 looks set to continue for the rest of 2024, with growth for the year forecast to be 0.5 per cent.
This is according to a report by KPMG
Markets brace for caution amid French election deadlock
The FTSE 100 closed lower on Friday but is expected to open slightly higher on Monday. In Europe, the euro faced challenges due to political uncertainty from the French elections, which suggested a hung parliament.
Oil prices remained stable and Gold prices dipped slightly.
What to watch this week
This week’s watch our for how the markets respond to Labours new Chancellor and her plans for teh economy.
Thursday, attention will turn to the release of the monthly consumer price index, providing crucial insights into inflation trends.