Belvoir weathered mini budget interest rate storm with small dip in profit March 27, 2023 Belvoir reported a small dip in pre-tax profit this morning as its chief cited a “general pressure on interest rates” from the mini-budget for its results. For the year, the London-listed property firm reported pre-tax profits dip two per cent to £9.1m from £9.3m, saying the budget from Liz Truss shook the market. The Lincolnshire headquartered [...]
Truss and Kwarteng mini-budget to ‘deepen’ UK recession October 4, 2022 Liz Truss and Kwasi Kwarteng’s decision to slash taxes and ramp up borrowing without costing their plans will make the looming UK recession worse, City economists predicted today. Soaring mortgage rates driven by lenders passing on higher market yields pushed up by a lack of confidence in prime minister Liz Truss and chancellor Kwasi Kwarteng’s [...]
Kwarteng was warned by Treasury boffins about market reaction to mini-Budget December 12, 2022 Kwasi Kwarteng was warned by senior civil servants about a potential adverse market reaction to measures announced in the catastrophic mini-Budget, it has been revealed. Beth Russell, second permanent secretary at the Treasury, today said she told the former chancellor that financing £50bn of tax cuts through borrowing could spook the markets. Financial markets reacted [...]
Property: Has spring sprung? Mini budget ripple blamed for keeping a lid on monthly sales April 28, 2023 UK residential transactions in March 2023 totalled 89,560 which was 19 per cent lower than the same month a year ago but 1 per cent higher than February 2023, according to HMRC. The seasonally adjusted figures also show the total of non-residential property purchases, including commercial and factory property was 10,640, three per cent higher than [...]
City braces for BoE rate hike and mini-budget September 19, 2022 The City is bracing for a bumper week of economic data and policy announcements in a trading week shortened by the UK bank holiday for The Queen’s funeral. London’s premier FTSE 100 index posted mixed performance last week, initially jumping higher before closing 1.56 per cent lower at 7,236.68 points. Its mid-cap domestically-focused counterpart, the [...]
Truss’s botched mini budget heaps pressure on company finances October 17, 2022 Prime minister Liz Truss’s botched mini budget has heaped pressure on the finances of the UK’s largest companies, reveals new research out today. Chief financial officers of FTSE 100 and 250 firms see borrowing as more costly than at any time since 2010, according to big four accountant Deloitte. UK financial markets have been rocked [...]
Liz Truss eyes mini-Budget U-turn on Corporation Tax October 13, 2022 Number 10 is actively considering whether to U-turn on more of the tax cuts in the government’s mini-Budget, just hours after Liz Truss’ spokesperson said no changes are on the cards. Truss’ spokesperson today said there would be no cancellation of any more of the government’s tax cuts and that the timetable for implementing them [...]
Kwarteng to meet with IMF after it cautioned chancellor over mini-Budget October 9, 2022 Kwasi Kwarteng will travel to Washington, DC this week to meet with the International Monetary Fund (IMF) for the first time as chancellor. Kwarteng is travelling to the US for the IMF’s annual meeting, the first of its kind in-person since Covid, where he is expected to meet with its managing director Kristalina Georgieva. He [...]
Housebuilder Berkeley on track to post £600m profits despite Truss’ mini-budget shocks March 10, 2023 Housebuilder Berkeley said it was on track to post a boost in pre-tax profits for the full year despite demand failing to fully recover from the shocks which came in the wake of Liz Truss’s disastrous mini-budget. In a trading update this morning, the FTSE 100 firm said it expects to deliver a pretax profit [...]
Kwarteng’s ‘mini budget’ sends mortgage bills soaring £1,500 October 4, 2022 The government’s mini budget has sent the average mortgage borrower’s bill soaring by £1,500 a year, new figures have shown, in a hike that has been dubbed a ‘Kwarteng premium’ by some brokers.