Jeremy Hunt on track to ‘obliterate’ fiscal rules as OBR warns of much higher debt bill July 13, 2023 Jeremy Hunt is on track to blow out his financial goals due to the Bank of England hiking interest rates aggressively to bring down sticky inflation, according to new forecasts out today from the UK’s spending watchdog. Payments to investors who have purchased UK government debt are poised to rise more than £90bn above what [...]
Finncap seeing ‘green shoots’ of recovery after swinging to £1.7m loss July 13, 2023 City broker and investment bank Finncap said it is seeing “green shoots” of recovery in the market this year as revenues ticked upwards again after it swung to a loss last year.
FTSE 100 live: London markets rise after UK GDP contracts by less than expected July 13, 2023 London markets rose this morning, despite housebuilders slumping, after official figures showed that the UK economy contracted by less than expected. The FTSE 100 was trading 0.18 per cent higher at 7,429.68 while the midcap FTSE 250, which is more aligned with the health of the domestic economy, climbed 0.13 per cent to 18,604.03. Sentiment [...]
King’s coronation steers UK economy back into red as GDP shrinks 0.1 per cent in May July 13, 2023 Lost work owing to the additional bank holiday to celebrate the King’s coronation has sent UK economic growth into reverse, official figures out today reveal. UK gross domestic product (GDP) contracted 0.1 per cent in May, a much smaller drop than the City expected and down from a 0.2 per cent expansion in April, according [...]
FTSE 100 close: Barclays, NatWest and Lloyds all surge after Bank of England gives clean bill of health to lenders July 12, 2023 London’s FTSE 100 was yanked higher today by Britain’s biggest banks surging after being given a clean bill of health by the Bank of England this morning. The capital’s premier index notched one of its best days in weeks, surging 1.83 per cent to 7,416.10 points, while the domestically-focused mid-cap FTSE 250 index, which is [...]
US inflation slumps to lowest level in more than two years and is now well below UK July 12, 2023 Inflation in the US has slumped to its lowest level in more than two years and is now far below the UK’s rate, official figures out today reveal. American inflation fell to three per cent in June on an annual basis, down from four per cent in the previous month, according to the US Labour [...]
FCA chief: AI could disrupt financial services ‘at a scale not seen before’ July 12, 2023 The chief of the Financial Conduct Authority has said that artificial intelligence could disrupt the financial services sector in “ways and at a scale not seen before”, warning that the regulator would look to take action against AI-based scams.
Nearly one million UK homeowners to have £500 a month eaten up by higher mortgage payments July 12, 2023 UK homeowners are poised to hand over a bigger chunk of their income to their lenders every month after they roll on to a new mortgage with a much higher interest rate, the Bank of England has warned today. By the end of 2026, around 1m families will be paying an at least additional £500 [...]
Corporate debt swells to record £6tn as interest rates begin to cool borrowing appetite July 12, 2023 The debt pile sitting under global corporates has swelled to record levels in the past year despite rate hikes beginning to cool firms’ appetite for borrowing, new research has revealed.
UK families set for another year of cost of living crisis and £65bn hit to finances July 12, 2023 UK families are poised to be gripped by the cost of living crisis for nearly another whole year due to the Bank of England keeping interest rates higher for longer in a bid to vanquish inflation, a new report out today claims. Household finances will be corroded by rising living costs and elevated rates until [...]