All eyes at the end of the week will be on the presentation of the new Prime Minister’s ‘mini-budget’.
In a research note sent to clients on 20 September, Fabrice Montagne, chief UK economist at Barclays, put the estimated cost to the country at approximately £235bn or 10% of gross domestic product, such that the fiscal deficit in fiscal years 2022 and 2023 was expected to push above 9.0% of GDP and government debt from 95% to 105% in FY 2024.
Nonetheless, the government could find ways to lower those costs.
As well, the costs were dependent on actual energy prices, he said, with a 10% drop in prices or equivalent hike in the cap being able of cutting the household energy freeze by 20% or £20bn.
“These are not small amounts and pave the way to mitigate the total cost of the intervention over time.”
Against that backdrop, S&P Global was set to publish the preliminary results for its manufacturing and services Purchasing Managers’ Indices for the euro area and UK in the month of September at 0900 BST and 0930 BST.
And overnight, consultancy GfK was scheduled to release its consumer confidence gauge for the same month, followed by the Confederation of British Industry’s distributive trades survey at 1100 BST.
S&P Global’s US PMIs were to be published at 1445 BST.
Finally, after the close of London markets, at 1900 BST, Federal Reserve chairman, Jerome Powell, was due to deliver the opening remarks at the Fed Listens event in Washington D.C..
Friday 23 September
FINALS
European Opportunities Trust
AGMs
In the Style Group, Wise Class A, Biffa, Accsys Technologies, Fusion Antibodies, Safestay, Speedy Hire
ANNUAL REPORT
European Opportunities Trust
FINAL DIVIDEND PAYMENT DATE
Speedy Hire, Auto Trader Group
INTERIM DIVIDEND PAYMENT DATE
Athelney Trust, Apax Global Alpha Limited, Anglo American, Henderson Opportunities Trust, Franchise Brands, Arbuthnot Banking Group, BioPharma Credit, Rotork, Momentum Multi-Asset Value Trust, RHI Magnesita N.V. (DI), SEGRO, Utilico Emerging Markets Ltd (DI), Abrdn European Logistics Income, St James’s Place, Hochschild Mining, Reach, Jlen Environmental Assets Group Limited NPV
QUARTERLY PAYMENT DATE
BP, Vaalco Energy, Inc (DI)
UK ECONOMIC ANNOUNCEMENTS
GFK Consumer Confidence (00:01)
