By: Chris Dorrell

Economics Reporter Chris has been at City AM since January 2023, first as banking reporter and then economics reporter. He covers all things inflation, interest rates and Bank of England.

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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 [...]
BT boss Philip Jansen to step down within a year

July 10, 2023

BT confirmed today boss Philip Jansen will step down “at an appropriate moment” within the next year. In a statement this morning, the telecoms giant said its nominations committee has been conducting a formal succession process. Adam Crozier, chair of BT Group, said: “Philip has done an excellent job in his time at BT and [...]
Watchdog opens fewer cases than last year but still keeping close eye on wrongdoers

July 9, 2023

The number of enforcement cases opened by the Financial Conduct Authority’s (FCA) dropped last year, but experts suggested the regulator was not resting on its laurels. According to a Freedom of Information request submitted by law firm Reed Smith, in the year to March, the number of cases opened against firms dropped 67 per cent [...]
OneSavings Bank shares plunge by nearly a quarter after £180m hit from ‘step change’ in customer behaviour

July 7, 2023

Shares in OneSavings Bank (OSB) plummeted this morning after the lender revealed it would take a hit of up to £180m from a “step change” in customer behaviour. In a statement released after market close last night, the FTSE 250-listed bank said customers in a certain part of the loan book were choosing to refinance [...]
FTSE 100 close: London’s premier index ends week lower after US jobs report

July 7, 2023

London’s FTSE 100 closed the week lower as global markets grew increasingly nervous about the extent of interest rate rises still to come. The FTSE 100 closed 0.37 per cent lower at 7,253.43 while the domestically focused FTSE 250 performed more strongly, rising 0.54 per cent to 18,012.46. Investors were digesting the latest jobs data [...]
Savings rates: Banks recognise they need ‘to do more’ after meeting with regulator

July 7, 2023

Bank bosses admitted to the regulator that they needed to “do more” to help customers access the best deals on savings products. In a statement after yesterday’s meeting, the regulator said “those in the room recognised that they needed to do more to help their consumers access the best rates.” Savings rates have lagged the [...]
London house prices fall at fastest rate since 2009 as rising rates dents demand

July 7, 2023

UK house prices fell for the third consecutive month with properties in London and the south east coming under the most pressure. According to the Halifax House Price Index, the average house price fell by 0.1 per cent from the month before, taking the average price to £285,932. This means that over the last year, [...]
Man Group snaps up private credit fund Varagon Capital to boost access to US market

July 6, 2023

Man Group has acquired a controlling stake in US middle market manager Varagon Capital Partners for $183m. The London-listed fund said Varagon’s emphasis on insurances brings “significant institutional credibility” to support Man Group’s expansion in US private credit. Varagon, which specialises in senior secured loans in non-cyclical industries, delivered compound AUM growth of 13 per [...]
Recruiter Robert Walters hit by continued volatility in tech and finance sectors

July 6, 2023

Profit at Robert Walters remained subdued in the second quarter as the recruitment firm struggled with global market uncertainty. In the three months to June, gross profit across the group fell 11 per cent to £99.9m compared to the year before. It said the second quarter of last year was a “record” quarter. Toby Fowlston, [...]

Government to lower voting age to 16 and tighten donation rules

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By: Chris Dorrell

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