Closing summary
Time to wrap up, after a day in which central bankers, investors, businesses and unions have paid their respects after the death of Queen Elizabeth II.
The Bank of England has postponed next week’s eagerly-anticipated interest rate decision until 22nd September, a rare move by the central bank.
The BoE said:
“In light of the period of national mourning now being observed in the United Kingdom, the September 2022 meeting of the Monetary Policy Committee has been postponed for a period of one week.”
The TUC postponed its annual Congress in Brighton, which was due to start on Sunday, following the death of the Queen.
TUC spokesperson said:
“The General Council sends our condolences to the King and the Royal Family on the death of the Queen, and recognises her many years of dedicated service to the country.
“As a mark of respect, we have decided to postpone Congress 2022 until later this autumn.”
Retailers Liberty, Selfridges and French Connection kept their stores closed today too, again as a mark of respect.
Our heartfelt sympathy and thoughts are with the Royal Family at this sad time. As a mark of respect, Liberty Store will be closed until Saturday 10th September at 10 am while we join the country in mourning. pic.twitter.com/2txIbogmgN
— Liberty London (@LibertyLondon) September 8, 2022
The mood in the City was subdued today; the usual flood of analyst views and research notes has slowed to a trickle.
Lloyd’s of London, the world’s biggest and oldest insurance market, plans to close its building in the City of London on the day of Queen Elizabeth’s funeral as a mark of respect.
Lloyds also rang its Lutine bell once on Thursday evening to honour the Queen’s passing, just after her death was announced by Buckingham Palace.
The London Stock Exchange is also likely to close on the day of the funeral. Today, though, it has traded as normal, with stocks rising in London in a global rally, as the US dollar has weakened. The FTSE 100 index is 1.6% higher in late trading.
The pound has gained almost a cent, to almost $1.16, but one analyst predicted it could fall to parity during King Charles’s reign.
Strikes by postal and rail workers have been cancelled after the death of Queen Elizabeth II.
Broadcasters, newspaper publishers, radio stations and social media platforms including Snapchat have instituted an unprecedented advertising blackout in response to the death of the Queen.
Elsewhere today….a group of leading economists have warned Ukraine’s government needs to overhaul its tax and spending policies or risk an economic crisis that could “cripple its ability to sustain the war effort”.
Online retailer Asos has said sales in August were weaker than expected and warned that full-year profits would be at the bottom end of its guidance, with the cost of living crisis hitting cash-strapped shoppers.
And European Central Bank policymakers have said interest rates across the eurozone must continue to ratchet upwards to tackle rapidly rising inflation, after the largest rise in ECB rates ever yesterday.
Our latest updates following the Queen’s death are here:
We’ll be back on Monday. GW
The FT reports that Fortnum & Mason stopped the clock at its Piccadilly store, while John Lewis has said the proceeds of flowers sold in its London stores would be passed to charities.
At @Fortnums, "As a sign of our deep respect, the flag at Piccadilly has been lowered to half-mast, and the hands on our façade clock have been stopped."
— GailRenard (@GailRenard) September 9, 2022
It really is Auden's "Stop all the clocks."
