UK inflation 'will stabilize at 2% this year'
The Deputy Governor of the Bank of England has raised hopes for a rate cut, but his confidence conflicts with other rate-setting committees
The Deputy Governor of the Bank of England said inflation is expected to stabilize at 2% this year, raising hopes of a rate cut for the first time in four years.
Sir Dave Ramsden, deputy managing director for markets at the Bank of England, said he was more confident that stubborn inflation would subside this year and hinted that the Monetary Policy Committee would cut its price growth forecast, which will be released next month.
The central bank's latest forecast in February said that inflation could temporarily fall below the 2% annual target in the spring, but then rise steadily throughout the year, justifying the need for tighter monetary policy.
However, Ramsden said the new projections could show inflation remaining close to the 2% target throughout the forecast period. This will be driven by a slowdown in the labor market, where wage growth is slowing and vacant jobs have fallen to pre-pandemic levels.
"Over the past few months, I have become more confident that there is evidence that the risk of persistent domestic inflationary pressures is receding, aided by improved inflation dynamics," Ramsden said. ”
Consumer price inflation fell to 3.2% in March from 3.4%, but closely watched key indicators such as services inflation and wage inflation fell not as fast as expected. Speaking at the Peterson Institute, an economic think tank in Washington, Ramsden said the central bank's earnings indicator showed a 5% increase, compared to the official 6%.
Ramsden was one of nine members of the Monetary Policy Committee who voted to keep the base rate stable at 5.25%. His remarks were the clearest indication to date that some members of the committee were supporting a rate cut for the first time since 2020.
Ramsden's view of the pullback in inflation could lead to divisions among the committee's permanent members, including Governor Andrew Bailey, and three outside members who said they didn't think it was appropriate to cut rates. This week, external committee member Meghan Green said monetary easing would not be imminent due to higher wage pressures.
Bailey said this week that the fall in inflation was in line with the central bank's forecasts and that the conflict in the Middle East had not had an impact on oil prices that he had "initially feared."
The new urban plan will be key to driving London's growth
The City of London Group's new plan for the City of London – in the words of Sir Winston Churchill: "We shaped our buildings, and then our buildings shaped us." ”
Back in 1943, as the direction of the war shifted, hope was already emerging, but victory was still in sight, and the reconstruction of London had begun. Months of relentless bombardment devastated the British capital. The air was filled with smoke, and almost no buildings were able to survive this blitzkrieg unscathed.
On the night of December 29, 1940, the town hall hall was bombed and its roof collapsed into a pile of burning wood. In October 1943, when the House of Commons debated the design of the rebuilding project, Churchill urged MPs to retain the iconic rectangular structure. Churchill believed that the famous structure – rather than the proposed horseshoe design – contributed to better debate and better politics.
When you think of the world's greatest cities, you immediately think of the iconic buildings of these cities. Imagine New York, and you think of the Empire State Building. When you think of Rome, you think of the Colosseum. And London, St Paul's Cathedral or Gherkins, and Big Ben will come to mind.
Architecture is a key element of a big city and why the 2040 City Plan is crucial to moving London forward.
Cities must be economically, environmentally and socially sustainable, influenced by history and heritage, and open to nature.
London's plan is built on three core pillars. The first priority is the city's economic growth, which means developing more office space to accommodate the city's record number of employees. By 2040, at least 1.2 million square metres of new construction will be built in London.
Second, the plan focuses on creating a vibrant and thriving tourist destination. The city has an unrivaled heritage, with 600 protected buildings, 28 protected areas, 48 designated ancient monuments, and 4 historical parks.
London is harnessing the city's strong planning capabilities to create new inclusive public spaces and cultural experiences – such as the Museum of Migration or Europe's highest free viewing gallery, Horizon 22 in Bishopsgate.
The third pillar of our urban planning is to ensure that it is a leading sustainable space, with the goal of achieving carbon neutrality by 2040. To achieve carbon neutrality, monitor square miles of air quality, the lifespan of buildings and structures, energy usage, and more.
Urban planning is essential to meet London's climate commitments and adapt the city to a changing climate. The new building will have the highest green credentials, and during the planning phase, developers must adopt a retrofit-first approach.
This means that developers must consider retaining and retrofitting existing buildings before building new ones. This will minimize the release of embodied carbon emitted from the demolition of buildings. Renovating a building is a win-win: it minimizes carbon emissions and creates the office space that businesses need.
A case in point is the large-scale redevelopment of 81 Newgate Street, which HSBC chose to vacate its Canary Wharf office as its new headquarters.
The move is an important vote of confidence in Square Mile (Old City) and its transformation-first approach.
Whether it's supporting economic growth, a vibrant and thriving destination, or a leading sustainable environment, the city's planning will establish Square Mile as the UK's leading financial hub for many years to come.
A £18,000 per term boarding school is included in the University of Cambridge Admission Scheme for Disadvantaged Youth
Students from private schools are included in the Cambridge University Scheme for underprivileged youth.
The student newspaper Varsity reported that the schools included in the prestigious universities' 'Expanded Participation' scheme included the £17,705-a-term boarding school Gordonstoun (the King's alma mater) and the Harrow School's online school.
The University of Cambridge says the program aims to attract students from underrepresented backgrounds, including those from the lowest socioeconomic backgrounds.
The university's guide highlights schools where fewer than five students have been accepted into Oxford or Cambridge in the last five years.
Last March, Professor Stephen Tupo, vice-chancellor of the University of Cambridge, told private schools in the UK that they would reduce the number of students entering Oxford and Cambridge in the future.
A spokesperson for the university said: "In accordance with the admissions policy, the university considers all applicants holistically and does not consider any single data in isolation.
"The applicant's educational attainment will be taken into account, especially if they come from a school that lacks Cambridge admission students, along with other socio-economic factors that indicate a disadvantage in opportunity. The new APP [Access and Engagement Program] is currently being drafted in accordance with the guidelines of the Office of Students and is subject to further discussion at the College University. It will continue to demonstrate the University's commitment to expanding engagement. ”
Just a month ago, the University of Cambridge dropped its public school undergraduate admission target, but insisted it would still consider applicants' schools, according to a report. The University of Cambridge has already exceeded the target of the previous five-year access plan, increasing the number of public schools to 69.1%, with the number of new public school students set to rise to just under 73% in 2022-23.