UK borrowing costs drop as Kwarteng hints at mini budget U-turn October 13, 2022 UK borrowing costs collapsed today driven by chancellor Kwasi Kwarteng sending the strongest signal yet he will roll back elements of last month’s mini budget. Rates on UK gilts dropped across the curve after they yesterday climbed to their highest level since the day the Bank was forced to step in. Yields on the 30-year [...]
Mortgage approvals collapse to early Covid-19 crisis levels after mini-budget chaos January 4, 2023 Mortgage approvals in the UK have skidded to their lowest level since the early days of the Covid-19 crisis, pushed down by prospective buyers retreating after Liz Truss’s botched mini-budget sent interest rates flying, official figures out today show. The number of mortgage approvals tumbled a fifth over the month to November to their lowest [...]
Market reaction to autumn statement a far cry from Truss and Kwarteng’s mini-budget November 17, 2022 Financial markets largely glossed over chancellor Jeremy Hunt’s £55bn worth of tax hikes and spending cuts today, a marked change from them spitting out his predecessor Kwasi Kwarteng’s mini-budget. London’s FTSE 100 closed broadly flat, edging 0.06 per cent lower, while the domestically-focused mid-cap FTSE 250 index bumped 0.05 per cent high. Most of the [...]
UK investors pulled £7.6bn from funds in mini-budget turmoil November 3, 2022 UK investors yanked £7.6bn from funds in September as markets were rocked by the fallout of the government’s disastrous mini-budget, new data has revealed.
Mortgage lenders withdraw some products after mini-budget market turmoil September 27, 2022 By PA Banks and building societies are withdrawing some of their mortgages from sale after the Government’s mini-budget on Friday sparked massive market turmoil. Three lenders have so far withdrawn some of their products amid the uncertainty. Virgin Money said: “Given market conditions we have temporarily withdrawn Virgin Money mortgage products for new business customers. [...]
Mini-budget: Kwarteng gives boost to pubs in cancelling increase on alcohol duties September 23, 2022 Chancellor Kwasi Kwarteng has announced that increased duties on alcohol will be cancelled, in a bid to support pubs, bars and breweries. In today’s mini-budget he said the government will introduce an “18-month transitional measure for wine duty” and “extend draught relief to cover smaller kegs of 20 litres and above”. The measures comes as [...]
Truss defends mini-budget as ‘the right plan’ in bruising local radio interviews September 29, 2022 Prime Minister Liz Truss said she was willing to take “controversial” steps to spur growth today as she refused to reverse her economic plans that have rocked financial markets this week.
Liz Truss breaks silence to blame media and ‘leftward’ shift for £45bn mini budget failure February 5, 2023 Liz Truss has broken her silence for the first time since being booted out from Number 10 to hit back at critics of her tax cutting, pro-growth economic agenda. Writing in the Sunday Telegraph today, Truss, 47, said she was never given a “realistic chance” to implement sweeping tax cuts designed to unshackle businesses and [...]
Mini budget continues to wreak havoc on the UK housing market as annual sales dive 18 per cent March 21, 2023 UK property transactions fell four per cent in February as the fall out from last September’s mini budget continued to drive down the UK’s housing market. Sales of residential property fell 18 per cent during the year with just 76,920 transaction across the UK, as buyers were forced to deal with higher borrowing costs as [...]
Fall out from mini budget STILL being felt by Foxtons, as estate agent reduces sales pipeline March 7, 2023 Foxtons has said that it is still feeling the effects of the mini budget as the listed estate agent is forced to reduce its sales pipeline for the year. The London-listed group warned the effects will be felt for the “majority” of 2023, after October’s mini budget led to a sharp drop in house buying [...]