Chancellor Jeremy Hunt says Bank must act – even if hikes slow UK economy May 26, 2023 Chancellor Jeremy Hunt has backed interest rate hikes being used to calm soaring inflation even if they increase the risk of pushing the UK into recession. Mr Hunt insisted in an interview aired on Friday that the “only path to sustainable growth” is to bring down the high prices behind the cost-of-living crisis. The Bank [...]
Heathrow: BA IT issues set to cause cancellations and delays today May 26, 2023 British Airways has apologised after an IT issue caused the cancellations of domestic and European flights on Thursday, as Britain heads into the Bank Holiday weekend. There were more than 50 cancelled British Airways flights departing Heathrow on Thursday with the airline urging passengers to check their flight status before going to the airport on [...]
Top City investor: Rate hikes and gilt spike WILL throw UK economy into recession May 26, 2023 A top Square Mile economist has warned that further rate hikes and the increasing price of government debt means the UK will struggle to avoid recession. Speaking to the BBC’s Today programme this morning, Abrdn’s investment director Luke Hickmore said that incomes were set to come “under a lot of pressure” after the Square Mile [...]
How Wall Street is preparing for worst-case scenario debt default May 26, 2023 Anxiety is increasing in parts of Wall Street that rely on Treasury securities to function, with some traders starting to avoid U.S. government debt that comes due in June and others preparing to deal with securities at risk of default. U.S. President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise [...]
Gambling giants fined over promo messages to ‘excluded’ punters May 26, 2023 The gambling regulator has fined Paddy Power and Betfair £490,000 for sending promotional push notifications to customers who had signed up to exclude themselves. Paddy Power sent the offer of enhanced odds for a Premier League match between Tottenham Hotspur and Leeds United in November 2021 to devices that were either linked to accounts registered [...]
Nationwide to up mortgage rates as analysts predict further hikes May 26, 2023 Britain’s biggest building society is increasing some of its mortgage rates for new borrowing from Friday, saying this will ensure its rates “remain sustainable” in the current economic environment. The rate increases, of up to 0.45 percentage points, only affect customers taking out a new mortgage deal. For first-time buyers and those looking to move [...]
Capita wins £565m in government contracts – despite major data breach May 25, 2023 Capita was today confirmed as the government’s chosen partner in two contracts worth a combined total of £565m – despite two recent major data breaches, the impact of which is still being investigated. The firm said the investigation and clear up will cost between £15m and £20m – this includes “further steps [taken] to ensure [...]
Lloyd’s of London targeted by eco activists with smoke flares and setting off fire alarms May 25, 2023 Smoke engulfed the entrance to insurance hub Lloyd’s of London today as eco protestors set off fire alarms to disrupt activity over of its alleged links to the fossil fuel industry.
Investment in solar power set to outshine oil for first time May 25, 2023 The chief of the International Energy Agency (IEA) today announced that investment in solar power will this year exceed that of oil for the first time ever, as the global push towards renewables gathers pace. Annual investment in renewable energy is up almost a quarter since 2021, compared with a mere 15 per cent rise [...]
Monzo founder Blomfield fires parting shot at London as he packs bags for San Francisco May 25, 2023 Monzo founder Tom Blomfield has warned there are no quick fixes for London’s "very real" listings problem, in a parting blow to the capital as he packs his bags for the US.