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Tuesday, May 21, 2024
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    HomeBlogPound hits $1.28, with UK economy predicted to ‘turn corner’ in 2024...

    Pound hits $1.28, with UK economy predicted to ‘turn corner’ in 2024 – business live

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    PwC predicts inflation will fall near ‘normal levels’ in 2024, but corporate insolvencies are forecast to jump

    2023 has been a poor year for dealmaking, particularly in the City of London.

    The value of merger and acquisition activity with any UK involvement shrank by 33% this year to $265.4bn, new data from LSEG Deals Intelligence shows.

    Steeply rising interest rates and a concerning outlook for the UK economy, combined with stricter antitrust enforcement and ongoing geopolitical tensions curbed the appetite for deal making in 2023.

    M&A involving UK companies declined 33% to the lowest level in fourteen years, with double-digit percentage declines for both the domestic and cross-border deal categories, and across all sectors.

    A barrel of Brent crude has edged below $80 pushing down energy giants, Shell and BP in early trade.

    With Maersk now scheduling tankers resuming their passages via and Suez Canal and the Red Sea, thanks to the reassurance of a US-led maritime force in the region, it’s helped dispel some immediate concerns about supply issues.

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