London homeowners face ‘grim’ mortgage cost hike of £7,300 if Bank raises rates again June 12, 2023 London homeowners looking to renegotiate their mortgage this year face a whopping £7,300 rise in annual costs as experts warn of the “grim reality” of rising interest rates. The Bank of England is predicted to hike interest rates for the 13th consecutive time this year to 5.5 per cent in efforts to cool soaring inflation, [...]
Political pressure builds on banks to close gap between savings and mortgage rates June 12, 2023 Banks have been shortchanging customers for nearly a year with the average mortgage rates exceeding savings rates by over three per cent since last July. According to data from Moneyfacts, at the end of last week the average rate on offer for a two year mortgage was 5.87. The average rate on a savings account [...]
Pound on course for highest level against US dollar in over a year, City analysts bet June 7, 2023 Pound sterling could end 2023 at its highest level in more than a year, strengthened by the Bank of England continuing to hike interest rates and the Federal Reserve taking its foot off the brake, analysts have told City A.M. The UK’s currency may strengthen to $1.30 toward the end of this year, driven by [...]
Investment slump amid higher interest rates risks finally sparking UK recession June 6, 2023 A mix of factors are buffeting the UK economy right now. Spending power is being crushed by high inflation eroding family finances. House prices are coming off their heady heights as sellers drop prices to source buyers amid higher mortgage rates. External demand is thinning in response to weak consumer confidence amid a global cost [...]
House prices to stutter after Bank of England interest rate hikes June 4, 2023 House price growth is poised to stutter, new figures out this week are expected to show, as prospective homeowners are gradually priced out of the market by the Bank of England’s successive interest rate rises.
Record £9bn pumped into ISAs as Brits capitalise on higher interest rates June 1, 2023 Brits are yanking cash out of high street savings accounts and piling it into products that tie up their money for a longer period in exchange for a better interest rate, official figures out today show. Savers dropped £3.6bn into banks and building societies in April, nearly all of which went into fixed savings accounts [...]
Euro inflation slumps faster than expected to 6.1 per cent leaving UK further afield June 1, 2023 Inflation in Europe is falling much faster than expected, further marking Britain out as suffering the toughest price pressures in the developed world. The rate of price increases in the 20 countries using the euro dropped to 6.1 per cent last month, down from seven per cent in the previous month, according to eurostat. That [...]
Recession uncertainty arrests UK business confidence upward march June 1, 2023 Uncertainty about whether the UK economy will tip into a recession caused by sky high inflation and the Bank of England hiking interest rates aggressively to tame it is keeping businesses grounded, a new survey out today shows. A five straight month upward rise in optimism among leaders of Britain’s biggest firms was arrested in [...]
Bank of England to surpass Federal Reserve and hike interest rates to 15-year high May 31, 2023 The Bank of England will have to hike interest rates to their highest level in more than 15 years to tackle sticky inflation that will stay above its target for at least another three years, a top Wall Street investment bank has warned today. Researchers at Goldman Sachs suspect businesses will carry on passing on [...]
London businesses most confident in the UK amid economic slowdown May 31, 2023 London businesses are poised to lead the UK economy out of its slowdown, although they remain acutely concerned about the impact of higher interest rates and scorching inflation, a new survey out today shows. Confidence among the capital’s firms slimmed four points to 43 per cent, although that was the highest reading of any area [...]