These three things will change the world today.
It’s super Thursday at the Bank of England
Today the Bank of England will announce its latest decision on interest rates as well as unveiling its quarterly inflation report.
Timeline for Bank of England
- September 29, 2017
It is expected that the Bank will raise its 2017 growth forecast for the second time in three months.
Inflation is predicted to go past the Bank’s two per cent target in the next few months due to the fall in the value of the pound after last year’s vote for the UK to leave the European Union, however it is only expected to raise its inflation forecasts marginally in the quarterly report.
Charlie Bean, a former BoE deputy governor told Reuters, he expects a: “Significant slowing of consumer spending over the next year or two,” as this strong increase in inflation will infringe upon the spending power of households.
Economic growth is expected to be around 1.7 percent or 1.8 percent this year, higher than the November forecast of 1.4 percent, yet still representing a slight slowdown.
Brexit white paper to be revealed
After MPs voted to allow Theresa May to begin the Brexit process last night, a white paper revealing the government’s strategy will be released later today.
The paper will outline negotiating aims for Britain for leaving the EU.
The European Union Bill was passed in the House of Commons by 498 votes to 114, with only one Conservative MP, Ken Clarke, voting against it.
The bill will now go to committee stage next week, where it will be discussed in more details, and the Labour party has reportedly vowed to force through amendments. Today’s white paper is set to attract even more.
Speaking about the EU bill, Jeremy Corbyn said: “The challenge is for MPs of all parties to ensure the best deal for Britain, and that doesn’t mean giving Theresa May a free hand to turn Britain into a bargain-basement tax haven.”
Theresa May has set a deadline of 31 March for invoking Article 50, which will begin the formal process to leave the union. Talks with the EU are expected to last up to two years.
The State of Technology This Week
Snapchat’s IPO is imminent
Snap Inc, the parent company of the ephemeral social media app Snapchat, is expected to fill details of its planned float on the New York Stock Exchange today.
The company is set to begin trading in March.
The IPO has been expected for some time as Evan Spiegel, the app’s co-founder, filed paperwork to begin the process back in November 2016. The company, which officially launched in September 2011, is reportedly been evaluated as being worth up to $25bn.
The move demonstrates the company’s attempt to move beyond the disappearing messaging app, to more of a mature “camera company”. Last year, it introduced its own product range beginning with Snapchat Spectacles, as well as acquiring an augmented reality platform for around $30-$40m and a mobile search app for over $110m.
Details expected today will signal Snap Inc’s next attempts at world domination.