Meet the boss: Minouche Shafik, former president of Columbia University
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Times
an hour ago
- Times
Bank expected to cut interest rates for fifth time this year
The Bank of England is poised to cut interest rates for the fifth time in a year next week in what is likely to be a tightly contested decision among its officials. Members of the nine-strong monetary policy committee (MPC), the group that sets the base rate in the UK every six weeks, are expected to vote 5-4 in favour of lowering borrowing costs to 4 per cent from 4.25 per cent on Thursday. Rates peaked at 5.25 per cent in August 2023 and have gradually fallen since August last year. A slim majority of five panellists, including Andrew Bailey, the governor of the Bank, are set to back the quarter-point rate reduction. Two members, probably Huw Pill, the Bank's chief economist, and Catherine Mann, an external MPC member, are anticipated to favour leaving rates unchanged. Two other external members, Swati Dhingra and Alan Taylor, may call for a larger 50-basis point downward move. The MPC is deeply divided over how much emphasis it respectively assigns to inflation, the labour market and economic growth. Members who have favoured a more cautious approach to loosening policy have pointed to higher inflation expectations among consumers and a resurgence in food prices. Those who have backed rate cuts are more concerned about weakness in the labour market and soft pay growth. • House prices rise after stamp duty holiday slowdown Analysts at Bank of America, the Wall Street investment bank, said: 'The tone of the meeting is likely to strike a delicate balance between the trade-off the BoE is facing of still elevated inflation/inflation expectations and softening growth/pay and labour market.' In April and May the economy contracted by 0.3 per cent and 0.1 per cent respectively. In the spring the unemployment rate climbed to 4.7 per cent, a four-year high, while payrolled employment has contracted for five months in a row after the £25 billion increase in employers' national insurance contributions. • Andrew Bailey blocks Rachel Reeves's meeting with Revolut However, inflation leapt to an 18-month high of 3.6 per cent in June and Bank of England officials think that the rate will remain above 3 per cent for the remainder of the year. The Bank is required to keep inflation at 2 per cent. Nomura, a Japanese investment bank, said: 'Policy easing can be justified even without particularly weak data because rates are restrictive. When this justification (of getting policy back to neutral) for lowering rates no longer holds, further cuts should become even more data-dependent.' Markets think that the MPC will probably lower rates in November and eventually take them down to 3.5 per cent, but Ruth Gregory, deputy chief UK economist at Capital Economics, a consultancy, said that they will settle at 3 per cent. 'It's only a matter of time before the weakness in employment leads to wage growth and inflation falling back to target consistent rates,' she said. On Thursday the MPC will also publish new economic forecasts for the next three years and update investors on whether it believes the gilt market is being affected by sales of government bonds.
Daily Record
4 hours ago
- Daily Record
£36m Perthshire recreation centre is delayed again
Mid-July estimate for handover of new Blairgowrie Recreation Centre to Perth and Kinross Council was not met. The long-awaited handover of Blairgowrie's new £36m recreation centre to Perth and Kinross Council has been delayed. It is the latest in a series of setbacks surrounding the state-of-the-art facility, which was expected to open in December last year. Leaks were discovered after its swimming pool - which has a moveable floor - was filled with water. Contractors spent months working to resolve the issue. Building work on replacing Blairgowrie Recreation Centre began in June 2023 - after years of delays blamed on Brexit, the Covid pandemic and market volatility caused by Russia's invasion of Ukraine. Councillors were told by PKC property chief Stephen Crawford earlier this year that the delays were 'not acceptable' . He also said in June: 'The pool is now full and we're working through commissioning of the centre — hopefully to get handover mid-July.' But this week a PKC councillor said the delay again relates to continuing issues with leaks. Blairgowrie and Glens Conservative councillor Bob Brawn told the PA this week: 'It is my understanding that we are close to handover for the new recreation centre. 'After so many years of preparation, design and finally building, it is frustrating that we've had delays at the last minute. 'This relates to a leaking pool liner. 'However, PKC cannot take on the facility until it's in full order which is all we're waiting for. 'The pool has a moving floor which understandably is of complicated design and any problems would not necessarily be unexpected. All being well, these may well be behind us. 'As a result, the proposed phase two demolition of the existing building will be delayed just to ensure all is well in the new one.' Blairgowrie and Glens SNP councillor Tom McEwan said he understood final legal and practical details are currently being sorted out with an announcement on the opening expected very soon. At a council meeting in April Conservative councillor Caroline Shiers called for a clear timeline and said: 'We were heading for a post-Christmas opening and then we were going to go and work off our Easter eggs and now we're looking at maybe it's our summer bodies we'll be working on. 'I think the community has been very, very patient and that has been appreciated but an indication of a projected handover and then opening time would be helpful.' Work on the replacement centre got underway in June 2023 after the project was continually held up. It was agreed that the centre would open early 2025 to avoid disruption to Blairgowrie High School's prelim timetable with pupils sitting exams there both before and after the Christmas holidays. As well as the swimming pool the new centre has a four-court sports hall, two-court sports hall/gymnasium, fitness suite; dance studio, changing facilities, PE classroom, office and a floodlit synthetic outdoor pitch. It has been hailed as being Scotland's first leisure centre to be built to environmentally-friendly Passivhaus standards, for the use of both Blairgowrie High School and the wider community. Earlier this year PKC leader Grant Laing — who described the catalogue of delays as 'extremely frustrating' — asked PKC's scrutiny and performance committee to carry out a review of the issues which led to the delays. A Perth and Kinross Council spokesperson told the PA this week that the 'mid-July' assurance was 'not a firm date' and added: 'We will announce the opening date in due course.'
The National
5 hours ago
- The National
Erin Brockovich joins forces with Scottish university to launch course
The Institute of Directors (IoD) has collaborated with the University of St Andrews Business School on a new qualification - the Global Certificate in Company Direction; a course designed for "leaders who want to achieve long-term success and lasting impact". Keynote speakers include environmental activist Erin Brockovich. READ MORE: University releases statement after rector launches legal action amid Gaza row Brockovich became globally-recognised after an Oscar-winning movie charted her journey as a paralegal, whistleblower and activist after she uncovered groundwater contamination in Hinkley, California, which caused cancer and other serious ailments. She settled a lawsuit against Pacific Gas and Electric Company (PG&E) for $333 million in 1996. Julia Roberts (centre) playing Erin Brockovich (Image: Vue Cinema) A description of the course states: "In a world where one wrong move can go viral - governance is not an option, it is an integral and imperative skill needed to run companies in today's ever changing business environment. "From environmental crises and global conflict to fast-moving tech, AI advances and boardroom accountability, this programme tackles real-life complex business issues head on, equipping candidates with the tools needed to drive forward successful organisations." Other high-profile speakers, include: Phillips O'Brien, Professor of Strategic Studies at the University of St Andrews, who will discuss geopolitics, whilst sharing insight into the skills required to anticipate risks, drive stability and seize opportunities against the backdrop of Brexit, trade-wars, and an unpredictable geopolitical climate. Dr Erin Young who will provide a masterclass on how AI is changing business and how to protect companies in the face of constant innovation. Chair of the Institute of Directors, John Browett and CEO and inspirational speaker, Hamish Taylor who'll cover innovation and global leadership. Commenting on the collaboration, Professor Mark Brewer, dean of the University of St Andrews business school, said: 'In a landscape defined by geopolitical uncertainty, technological disruption and an accelerating climate crisis, board directors must cultivate both agility and integrity. "The Global Certificate in Company Direction unites the interdisciplinary expertise of the University of St Andrews Business School with the IoD's governance expertise, equipping current and future leaders with the critical thinking, collaborative networks and practical tools to navigate complexity and drive sustainable impact.' READ MORE: Meet the 21-year-old asylum seeker who has earned a spot at top Scottish art school Jonathan Geldart, director general of the IoD added: 'The IoD and the University of St Andrews offers a programme that combines 732 years of learning and leadership. This programme provides valuable insights and proven strategies that have endured over time. Both prestigious organisations honour their rich heritage while looking to the future by empowering the next generation of leaders.' Upon completion, graduates will receive an official IoD Global Certificate, join the University of St Andrews Business School's alumni network, and be invited to a graduation ceremony celebration in London.
