Stock markets set to fall, Bank of England deputy governor warns; Trump threatens UK with ‘big tariff’ over digital services tax – business live

Bank of England deputy governor warns of stock market falls as Trump threatens UK with 'big tariff' over digital services tax. | Contesto: cronaca

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• Stock markets set to fall, Bank of England deputy governor warns; Trump threatens UK with ‘big tariff’ over digital services tax – business live

Contesto

Sarah Breeden, the deputy governor of the Bank of England, has warned that stock markets are set to fall, adding that while she does not expect an immediate crash, the financial system must be resilient to potential shocks. Speaking on the same day that retail sales data showed a boost from motorists filling up their tanks amid the Iran conflict, Breeden's caution came against a backdrop of escalating trade tensions between the United Kingdom and the United States. Breeden's remarks were delivered as part of a broader assessment of financial stability. 'I'm not saying it will happen today, tomorrow, in 12 months' time,' she said, emphasizing the need for preparedness. Her warning underscores concerns that global markets remain vulnerable to geopolitical shocks and trade disputes, even as the UK economy shows pockets of resilience. Meanwhile, former President Donald Trump has threatened to impose a 'big tariff' on the UK if it does not drop its digital services tax. 'We've been looking at it and we can meet that very easily by just putting a big tariff on the UK, so they better be careful. If they don't drop the tax, we'll probably put a big tariff on the UK,' Trump said. The digital services tax, which targets revenues of large tech companies, has long been a point of contention between the two nations. The retail sales figures released by the Office for National Statistics this morning painted a mixed picture of the economy. Retail sales in Great Britain rose by 0.7% in March, recovering from a 0.6% fall in February. The increase was driven in part by a surge in motor fuel sales as drivers filled up their tanks following the start of the Iran war, which pushed petrol and diesel prices higher. 'Retail sales rose in the three months to March, with commercial art galleries doing well earlier in the quarter and sales in beauty products stores rising as retailers reported launching new collections,' the ONS reported. Online shops also saw strong sales across the period. The combination of Breeden's market warning and Trump's tariff threat adds to the uncertainty facing UK businesses and investors. The Bank of England has previously highlighted the risk of a...

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Categoria: cronaca