House prices drop for first time this year as Bank of England interest rate hikes take hold June 19, 2023 House prices have dropped for the first time this year, sparked by the property market being whacked by the Bank of England’s 12 successive interest rate hikes to quash inflation, new figures out today show. The average price of a home coming to market fell £82 over the last month to £372,812, the first drop [...]
UK inflation tipped to trim to lowest level in over a year as food prices begin to ease June 19, 2023 UK inflation is poised to recede to its lowest level in over a year, pushed lower by food and energy price rises easing, markets are betting. Fresh cost of living figures from the Office for National Statistics (ONS) on Wednesday will top investors’ minds in a busy week of data that will shape movements in [...]
Mortgage chaos set to hit banks’ bottom line as demand dries up June 18, 2023 Chaos in the mortgage market is likely to lead to big changes in lending as banks seek to find ways to capitalise on rising interest rates, analysts suggest. Over the last few weeks, the mortgage market has been in turmoil after stubbornly high inflation raised the prospect of further rate hikes. “Mounting base interest rates, [...]
£3bn mortgage support fund branded ‘terrible economics and bad politics’ after Lib Dem calls June 16, 2023 Calls for a £3bn mortgage protection fund have been branded “terrible economics and bad politics” as lenders continue to raise rates. Liberal Democrat leader Sir Ed Davey called for the multi-billion pound fund to be set up to offer help to families at risk of losing their homes, as repossession fears spiral. But Tim Pitt, [...]
Bank of England survey finds public has all time low confidence in its ability to tackle inflation June 16, 2023 Public confidence in the Bank of England’s ability to tackle inflation has plummeted according to a fresh survey by… the Bank of England. The central Bank issued its quarterly poll of public attitudes to tackling inflation as speculation grows that it will hoist interest rates to 5.75 basis points next week, amid out-of-control inflation. Asked [...]
FTSE 100 close: London index reverses losses as Bunzl struggles June 15, 2023 London’s FTSE 100 was dragged lower today by investors piling out of outsourcer Bunzl despite the firm this morning raising its revenue forecast before reversing losses in the afternoon session. The capital’s premier index jumped 0.34 per cent to 7,628.27 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health [...]
Federal Reserve pauses interest rate rise campaign as US inflation subsides June 14, 2023 The US Federal Reserve today held off on firing interest rates higher for the first time in over a year, electing to wait and see what impact prior increases have had on the world’s largest economy before straining households and businesses further. Chair Jerome Powell and the rest of the Federal Open Market Committee (FOMC) [...]
UK economy swings back to growth but spectre of recession looms amid interest rate fears June 14, 2023 Britain’s economy swung back to growth in spring, but the recent turmoil in the mortgage market and the prospect of the Bank of England hiking interest rates aggressively has put the risk of a recession back on the table. Official figures out today from the Office for National Statistics (ONS) showed gross domestic product – [...]
Pound hits highest level against US dollar in over a year as traders bet Bank of England will outmuscle Fed June 14, 2023 Pound sterling today climbed to its highest level against the US dollar in over a year, driven upwards by investors betting that the Bank of England will surpass the Federal Reserve in its interest rate rise cycle to bring down inflation. Britain’s currency jumped around 0.7 per cent today to nearly $1.27, taking it to [...]
US inflation slips to lowest level in two years and to more than half of UK rate June 13, 2023 Inflation in the US has fallen to its lowest level in two years, setting Britain even further out as suffering the toughest price pressures in the developed world, official figures out today show. Prices rose four per cent over the year to May, down from a rate of 4.9 per cent in the previous month, [...]