More than 9.6m current accounts switched since service launched a decade ago September 16, 2023 A service which enables current account holders to ditch and switch to a new provider quickly and smoothly is celebrating its 10th birthday. More than 9.6m switches have been counted since the Current Account Switch Service (Cass) launched on September 16, 2013. The free-to-use service can be used by people, small businesses and small charities [...]
‘Real risk’ inflation could become embedded, Bank of England’s new deputy governor warns September 12, 2023 Speaking to MPs, Breeden said "the challenge right now is that wages are high and rising and there is a real risk that the second-round effects mean that this inflation becomes embedded."
Bank of England’s Mann signals support for interest rate hike after warning on ‘inflation persistence’ September 11, 2023 Speaking at the Canadian Association for Business Economics, Mann said "the risk of tightening too little is more salient" than tightening too much.
Recession: Experts divided on whether UK economy will avoid dreaded R word September 11, 2023 The UK economy has avoided a recession so far this year, to the surprise of many analysts, but that does not mean it is out of the woods yet.
Berkeley: Housebuilder warns of plummeting sales value amid property market volatility September 8, 2023 Berkeley has warned its value of private sales reservations has fallen 35 per cent on last year, reflecting the challenges facing the housing market. The housebuilder said the drop echoed the “elevated macroeconomic and political volatility”. It comes after house prices in August were revealed to be 4.6 per cent lower than the same month [...]
Rising rates will see wealthy receive £60bn in savings windfall, analysis shows September 6, 2023 Rising interest rates will create a windfall for the wealthy, new analysis shows, with household savings accumulating tens of millions more than in recent years.
Bank unlikely to pause rate hikes despite 28,000 insolvencies forecast for 2024 September 4, 2023 Over 28,000 firms could go under next year due to the burden of higher interest rates, a top think tank has warned.
Bank of England to leave interest rates higher for longer as inflation becomes embedded September 3, 2023 Economists are warning that interest rates will have to stay higher for longer as inflation remains persistently above the Bank of England’s two per cent target. Although the headline rate of inflation in the UK is starting to fall, core inflation increased month-on-month in July indicating that inflation is becoming increasingly embedded in the UK [...]
Manufacturing downturn ‘deepens’ as production drop among fastest on record September 1, 2023 UK manufacturing hit a steep slump this month, figures revealed, as production dropped by a rate “one of the fastest in survey history”. According to the Chartered Institute of Procurement & Supply (CIPS) the UK manufacturing purchasing managers index (PMI) recorded 43.0 in August, down from 45.3 in July. This marked its lowest level since [...]
New borrowing slows as Bank of England’s rate hikes take effect August 30, 2023 Consumer borrowing increased at a slower rate than expected last month as the Bank of England’s interest rate hikes hit demand for new loans. Bank of England figures out this morning showed that the monthly increase in consumer credit was £1.2bn, £400m less than the £1.6bn increase seen in June. Although borrowing on credit cards [...]