Mortgage costs slip for first time since May as Bank of England rate bets cool on inflation drop July 20, 2023 Mortgage rates have dropped for the first time in two months, sparked by banks passing on a reduction in interest rate bets after yesterday’s better than feared inflation figures. The average rate on two-year mortgages fell to 6.79 per cent yesterday from 6.81 per cent, according to financial data provider Moneyfacts. It is the first [...]
New sustainability reporting standards are a game changer for businesses July 20, 2023 In June, the International Sustainability Standards Board (ISSB) published its long-awaited inaugural standards for sustainability reporting. The launch of the standards is widely regarded as a hugely important milestone in the global fight against climate change. By providing a global baseline for businesses to report comparable information on sustainability issues, the new standards should make [...]
Bank of England must keep raising rates to finally kill off inflation, City experts say July 20, 2023 The Bank of England should not yet let up on raising interest rates to ensure inflation has finally been defeated. That’s the verdict of City economists despite the Office for National Statistics today revealing the cost of living fell faster than expected to 7.9 per cent in June, down from 8.7 per cent in May. [...]
Inflation tumbles faster than expected to its lowest level in over a year at 7.9 per cent July 19, 2023 Inflation has slimmed to its lowest level in over a year and is falling faster than expected, raising the chances of the Bank of England hiking interest rates at a slower pace next month, official figures out today reveal. The rate of price growth fell to 7.9 per cent in June, down from 8.7 per [...]
Pound slumps as City cuts Bank of England interest rate bets after shock inflation fall July 19, 2023 Pound sterling today has tumbled sharply in response to markets reining in their expectations for further interest rate hikes from the Bank of England. Britain’s currency shed nearly one per cent against the US dollar, its largest fall in months, to buy $1.29. It was down a similar amount against the euro at €1.15. The [...]
Why lower inflation should cause the Bank of England to tread carefully July 19, 2023 And breathe. The City and Bank of England have waited a long, long time for the Office for National Statistics to provide some good inflation news. Headline consumer price index inflation down to 7.9 per cent. Core inflation below seven per cent. Services inflation lower at 7.2 per cent. It is the first time that [...]
Bank of England dishes out £25m in bonuses despite Andrew Bailey demanding wage restraint July 19, 2023 The Bank of England has dished out tens of millions of pounds in bonuses despite Governor Andrew Bailey and other senior officials demanding workers accept real terms pay cuts. Threadneedle Street rewarded staff with a total of £25m in one-off handouts over the last year, up from £23m in the previous year, according to a [...]
UK profit warnings hit highest yearly level since 2008, outside of pandemic July 19, 2023 The proportion of UK-listed companies that issued profit warnings in the past year was higher than any year since 2008, outside of the pandemic, according to new analysis. It comes as higher borrowing costs and a tougher sales environment have weighed heavily on businesses. Companies listed on the London Stock Exchange issued 66 profit warnings [...]
Pay growth stays at three decade high but inflation still stripping away wages July 19, 2023 Pay growth is running at its fastest pace in over three decades and has remained unchanged for the second quarter in a row, in a sign the Bank of England may have to back a bigger interest rate hike again next month. New figures out today from XpertHR reveal wages leapt six per cent in [...]
FTSE 100 close: Ocado drags London index into black as markets brace for inflation data July 18, 2023 London’s FTSE 100 squeezed out gains today that have pushed it back into the black in 2023, propped up by shares in online grocer Ocado soaring after a decent set of results. The capital’s premier index jumped 0.64 per cent to 7,453.68 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with [...]