BUSINESS LIVE: BoE under the spotlight’ Avro and Green collapse

BUSINESS LIVE: Bank of England under the spotlight ahead of today’s vote; Avro Energy and Green collapse amid gas price crisis; US Fed tilts towards a taper; DFS sees profits surge

  • Bank of England votes on interest rates and stimulus out today
  • US Federal Reserve outlined plan for tapering of asset purchases last night 
  • Avro Energy and Green firms collapse affecting nearly 1million customers
  • Retailer DFS enjoys bumper profits and sales as people improve homes 
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All eyes are on the Bank of England today as it gears up to post the latest results of its interest rate and stimulus votes. 

‘No changes are expected, on the rate front, however it wouldn’t be a surprise to see a reduction in the pace of bond purchases, a move that would be most welcome’, Michael Hewson, chief market analyst at CMC Markets UK, said.

Overnight, the Federal Reserve said the US economy continues to strengthen, albeit at a slower rate because of the Delta variant of Covid. The central bank outlined a timeline for a tapering of asset purchases.

Two more UK energy suppliers together serving more than 800,000 customers have fallen victim to the crisis engulfing the sector.

Avro Energy and Green said they had ceased trading – with the latter blaming ‘unprecedented market conditions and regulatory failings.’

Furniture retailer DFS has reported surging profits in its latest figures and said sales had remained strong since the start of the year.