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The Ian King Business Podcast
Interest rates, Polestar without Volvo, and Phoneix Group overachieves
Feb 1, 2024
Ed Conway, Sky's Economics and Data Editor, discusses the Bank of England's decision on interest rates. Jim Rowan, Chief Executive of Volvo Cars, talks about Volvo stopping funding for Polestar. Andy Briggs, Chief Executive of Phoenix Group, explains how they hit their 2025 target for new business cash generation ahead of schedule.
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Quick takeaways
- The Bank of England is considering a rate cut in the near future as a response to the possibility of rising inflation later in the year.
- The UK's largest long-term savings and retirement business, Phoenix Group, surpassed its 2025 target for new business cash generation ahead of schedule by focusing on workplace pensions and acquiring established pension schemes.
Deep dives
Bank of England leaves interest rates unchanged, but a cut could be on the horizon
The Bank of England's Monetary Policy Committee has maintained the main policy rate at 5.25%. However, there is speculation that a rate cut may be imminent, possibly in May or June. The bank acknowledged that inflation could rise later in the year, but the governor indicated that the next move in interest rates is more likely to be a cut than an increase.
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