CLOSING OF BUSINESS: FTSE ends up 0.7%
CLOSING OF BUSINESS: FTSE Ends Up 0.7%; Final warning of anticipated interest rate hikes; Liberty Steel secures £ 50million cash injection; Heathrow on the road to decarbonization
The FTSE 100 closed 0.7% higher on Monday at 7,146.85 while the FTSE 250 was down 0.2% at 22,487.47. Mining companies were among the top performing companies today, including Ferrexpo and Anglo American.
Households must prepare for an interest rate hike sooner than expected as the Bank of England tries to bring inflation under control, a key politician has warned.
Michael Saunders, who sits on the bank’s monetary policy committee, even hinted that rates could be raised as early as this year.
Sanjeev Gupta’s Liberty Steel has secured a £ 50million cash injection, protecting 1,000 jobs at its Rotherham and Stocksbridge plant.
The deal is part of a larger restructuring of GFG Alliance, the owner of Liberty, which was forced to seek funding when its main lender, Greensill Capital, collapsed.
Heathrow Airport urged the government to step up policies to ensure the development of sustainable aviation fuels, in line with the International Air Transport Association’s commitment to reduce the net aviation rate by 2050 .
Airport passenger numbers remained at just under 40% of pre-pandemic levels in September, while freight was down almost 8% in volume from 2019, “reflecting the way whose travel restrictions have hurt UK exports and supply chains. ” .
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Work returned to service by Liberty Steel Group at the Dalzell steelworks in Motherwell