FT News Briefing The debt-laden UK high street
Aug 12, 2021
A top Federal Reserve official hints at possible changes to monetary policy, signaling a shift might be on the horizon. The White House pressures OPEC to boost oil production to lower soaring gas prices. Meanwhile, the UK high street grapples with a staggering £6.4 billion in unpaid rent, creating tension between businesses and landlords. Amidst this turmoil, Wendy's plans a significant expansion into 'dark kitchens,' reflecting innovative trends in the fast food landscape.
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Potential Fed Policy Shift
- Mary Daly suggested the Federal Reserve could reduce monetary stimulus by year-end due to the strong U.S. economic rebound.
- This comes as Kansas City Fed President Esther George also advocated for a shift to more neutral monetary policies.
White House and OPEC
- The White House urged OPEC to increase oil production to lower gas prices and counter Republican arguments about inflation.
- The White House hopes this move will address rising consumer prices and support their public spending agenda.
UK's Unpaid Rent Crisis
- Unpaid rent during the pandemic has reached £6.5 billion in the UK, creating uncertainty for tenants, landlords, and the government.
- The government's eviction ban aimed to help businesses but has led to a standoff over who will absorb the losses.