By: Chris Dorrell

Chris Dorrell is a freelance journalist and City AM contributor. He was previously City AM's banking and then economics reporter. When Chris is not breaking news, he can often be found playing with his band Totally Amorphous.

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Mortgage defaults expected to pick up as rising rates hits borrowers, say lenders

July 13, 2023

Banks and building societies expect the level of mortgage defaults to increase over the next quarter as the impact of rising interest rates filters through the economy. In the Bank of England’s quarterly credit conditions survey, lenders reported “losses and default rates on secured loans to households increased in Q2, and were expected to increase [...]
FTSE 100 live: London markets rise after UK GDP contracts by less than expected

July 13, 2023

London markets rose this morning, despite housebuilders slumping, after official figures showed that the UK economy contracted by less than expected. The FTSE 100 was trading 0.18 per cent higher at 7,429.68 while the midcap FTSE 250, which is more aligned with the health of the domestic economy, climbed 0.13 per cent to 18,604.03. Sentiment [...]
Co-Op announces new chair as ‘ideal person’ to take UK’s fifth biggest grocer forward

July 13, 2023

The Co-op announced has announced a new chair, with Debbie White set to succeed Allan Leighton when he steps down in February 2024. White has held a number of important executive roles, having served as chief executive of Interserve and a senior director at Spire Healthcare. White will replace Leighton, who is approaching the end [...]
Shares in fintech Fiinu fall over 60 per cent as banking licence slips out of reach

July 12, 2023

The survival of fintech firm Fiinu was left hanging by a thread on Wednesday after it confirmed that it had not secured enough funding to resubmit its application for a banking licence. Shares in the AIM-listed digital lender, which offers short-term credit to customers, were trading 66 per cent lower after it updated the market [...]
JP Morgan hires 20 new bankers to expand push into startup sector post-SVB collapse

July 12, 2023

JP Morgan has bolstered its ranks with a series of hires as it attempts to expand its offering to start-ups and high growth companies following the collapse of Silicon Valley Bank (SVB). The Wall Street giant has hired almost 20 new bankers to support fast growing businesses in Europe, the Middle East and Asia, including [...]
Banks breathe ‘sigh of relief’ as Supreme Court backs Barclays in APP fraud case

July 12, 2023

Banks will not face extensive new duties to prevent authorised push payment (APP) fraud after the Supreme Court sided with Barclays in a closely watched case. The ruling means banks will not be held liable for fraudulent transactions requested by customers, avoiding a potential wave of fraud litigation. “There will definitely have been some deep [...]
Bank of England says UK’s big banks passed stress test and are ‘resilient’ to rising rates

July 12, 2023

The UK’s largest lenders passed the Bank of England’s stress tests with flying colours, even as concerns grow around the health of the mortgage market. In its latest stress test, the Bank of England concluded that banks were “resilient”, enabling them to withstand persistently higher inflation and a deep global recession. “The UK banking system [...]
Mortgage rates: Banks warn of more ‘financial difficulty’ – but arrears increase will be small

July 11, 2023

Leading bankers have said that an increasing number of customers will face financial difficulties as mortgage rates rise, but remained confident that both consumers and lenders could withstand the pressure. Bradley Fordham, mortgage director at Santander, said that with rates at six per cent, the average increase in monthly payments for customers coming off a [...]
Mortgage rates climb to 15-year high following surprisingly strong wage growth

July 11, 2023

The typical rate available on a two-year fixed mortgage has climbed to a 15-year high, surpassing the levels seen last Autumn in the wake of the disastrous mini-budget. According to Moneyfacts, the average two-year fixed residential mortgage rate hit 6.66 per cent, marginally higher than the 6.65 per cent seen last October. This was the [...]
Stumbling economy allows insolvency specialists Begbies Traynor to cash in after acquisition spree

July 11, 2023

Insolvency specialists Begbies Traynor upped its dividend after it saw its pretax profit increase by half in 2023. Pretax profit climbed to £6m from £4m the year before, ahead of market expectations, leading the firm to up its dividend by nine per cent on last year to 3.8p. On an adjusted basis, which excluded the [...]

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By: Chris Dorrell

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