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Something for the weekend
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(Bloomberg) — Well, hello there.
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It’s no secret the UK is in a bit of a pickle right now. Inflation is at levels last seen when Manchester City were relegated from the old First Division, strikes seem to be cropping up everywhere—even the legal profession has downed tools—and government business appears to be on hold until Liz Truss (presumably) is anointed prime minister next month.
So here’s a handful of stories this weekend to help you pick through the mess.
Our markets team explains why the pound just can’t seem to catch a break. Normally, with the Bank of England expected to more than double its key lending rate, that would be good for sterling. Not this time. The poor growth outlook and uncertainty over the new PM’s policies are dragging it down. In the words of one portfolio manager, the trend “could be truly alarming.”
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The recession is coming to a nightclub near you. After being walloped by Covid, clubs are getting hit by surging energy bills, both to keep their venues running and because Brits just don’t have bulging wallets these days.
Conversely, there are a few pockets in London immune to the cost of living crisis. From Notting Hill to Stratford, there’s a frenzy for property—as many as 50 applicants are competing for each pad that comes available. Part of the reason: Would-be buyers are turning to the rental market because they have to save so much to make a deposit.
It’s a similar story in New York, where tenants are applying to move in without even looking at the place first. You can generally expect to pay on average $4,100 a month for a place in Manhattan, where apartments are generally smaller (and higher up).The National Health Service is turning to digital gadgets to try and improve services, starting a trial to give nurses smart goggles in some parts of England on home visits. The virtual reality headsets will help nurses transcribe medical records, automate administrative work, and share live footage for consults with hospital colleagues.
And we should really take a moment to remind ourselves what’s happening in Ukraine. The invasion is at a near-operational standstill, with neither side currently able to launch an offensive that would materially affect the course of the conflict, according to an assessment from Western officials.
Enjoy the rest of your Saturday, and we’ll be back tomorrow with a look-ahead to the coming week.
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Image and article originally from financialpost.com. Read the original article here.