Government borrowing surges to £27.4bn as debt interest jumps to £17.3bn, also the highest December figure on record; Ford to cut 3,200 jobs in Europe
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
The UK’s public finances have worsened considerably. The government borrowed £27.4bn in December, the highest December figure on record, largely because of spending on energy support schemes and higher debt interest.
Right now we are helping millions of families with the cost of living, but we must also ensure that our level of debt is fair for future generations.
We have already taken some tough decisions to get debt falling, and it is vital that we stick to this plan so we can halve inflation this year and get growth going again – creating better paid jobs across the country.
The outperformance in tech appears to point to a growing conviction on the part of investors that the Fed will soon have to look at cutting rates before the end of the year, although to look at bond markets yesterday, yields also moved higher, as money flowed out of treasury markets.
With a lot of tech companies starting to announce job cuts, as well as other measures to rein in costs, and inflationary pressures showing further signs of easing, it would appear that US investors are starting to think in terms of the next move higher, despite concerns over lower profits.
8.15am GMT: France S&P Global PMI surveys flash for January
8.30am GMT: Germany S&P Global PMIs
9am GMT: Eurozone S&P Global PMIs
9.30am GMT: UK S&P Global/CIPS PMIs flash for January
9.45am GMT: ECB President Christine Lagarde speaks
11am GMT: UK CBI Industrial trends survey for January
2.45pm GMT: US S&P Global PMIs flash for January
