Interest rates nearing peak as inflation set for ‘quite marked’ fall this year, Bailey says September 6, 2023 The Bank of England is nearing the end of its monetary tightening cycle, the Bank's governor suggested today, adding that there will be a "quite marked" fall in inflation by the end of the year.
Housebuilding downturn deepens as rising interest rates weigh on demand September 6, 2023 The sector recorded a score of 40.8, comfortably below the 50 mark which separates growth from contraction.
FTSE 100 close: Rising oil prices and struggling housebuilders hit London indexes September 6, 2023 London markets fell early on Wednesday as rising oil prices raised the prospect of continued inflationary pressures.
Britain to narrowly avoid recession – but meagre growth will make it ‘feel a lot like one’ anyway September 6, 2023 Britain will narrowly avoid a recession this year – but people and businesses will still feel the pain akin to the 2008 financial crash, according to an influential business network. The UK economy is on course to eke out growth of 0.4 per cent over 2023, the British Chambers of Commerce (BCC) predicted in its [...]
Rising rates will see wealthy receive £60bn in savings windfall, analysis shows September 6, 2023 Rising interest rates will create a windfall for the wealthy, new analysis shows, with household savings accumulating tens of millions more than in recent years.
Recession risks loom as UK’s service sector falls into negative territory September 5, 2023 The impact of higher interest rates saw the UK's all important service sector fall into contraction for the first time since January as the risks of a recession grew ever larger.
China: Country Garden avoids default after making interest payments on offshore bonds September 5, 2023 Property developer Country Garden has made interest payments on two US dollar bonds just before a grace period was coming to an end, ensuring it avoided default.
Bank unlikely to pause rate hikes despite 28,000 insolvencies forecast for 2024 September 4, 2023 Over 28,000 firms could go under next year due to the burden of higher interest rates, a top think tank has warned.
China: Country Garden share price soars after vote to restructure debt and avoid default September 4, 2023 Shares in Chinese property developer Country Garden soared after investors backed proposals to restructure its debt, easing pressure on the embattled company.
FTSE 100 close: London markets slip into red as optimism from China stimulus wears off September 4, 2023 The blue-chip FTSE 100 index fell 0.16 per cent at 7,452.76 while the midcap FTSE 250 index fell 0.1 per cent to trade at 18,524.14.