Banks to avoid surge in delinquency even as average interest rate on credit card hits highest level this millennium July 19, 2023 The average rate of interest on UK credit cards hit their highest level in nearly 30 years last month, but experts suggested there would not be a surge in delinquencies. According to Bank of England data, the average rate of interest on a credit card surpassed 23 per cent in June for the first time [...]
Insurance chiefs back new Solvency II investment forum to help deliver £100bn in investment July 19, 2023 The heads of the UK’s major insurance firms have written in support of a new Investment Delivery Forum to help drive investment following the reforms to Solvency II. Established by the Association of British Insurers (ABI) earlier in July, the forum is designed to tackle the investment gap preventing investment from the insurance and long-term [...]
Our media literacy push is rewarded over Online Safety Bill July 19, 2023 Lord Holmes of Richmond expresses his delight over some significant changes to the Online Safety Bill in relation to media literacy.
Andria Vidler to lead Allwyn UK as it gears up to operate the National Lottery July 19, 2023 Lottery operator Allwyn UK has announced the appointment of Andria Vidler as its new boss, as it prepares to take over operation of the National Lottery. Vidler will spearhead Allwyn’s operation of the National Lottery starting in February 2024, as it focuses on maximising funds generated for its giving-back initiative ‘Good Causes’ during its 10-year [...]
CoinGecko report highlights dominance of Bitcoin July 19, 2023 CoinGecko has revealed its quarterly findings show that Bitcoin’s market dominance has returned to levels last seen in the second quarter of 2021.
UK house price growth slows to 1.9 per cent in May July 19, 2023 The average price of a UK house cost £286,000 in May, according to new government data, with the figure being £6,0000 up on 12 months ago – but £7,000 below its September peak. Average UK house prices increased by 1.9 per cent in the 12 months to May 2023, down from a revised 3.2 per [...]
Pound slumps as City cuts Bank of England interest rate bets after shock inflation fall July 19, 2023 Pound sterling today has tumbled sharply in response to markets reining in their expectations for further interest rate hikes from the Bank of England. Britain’s currency shed nearly one per cent against the US dollar, its largest fall in months, to buy $1.29. It was down a similar amount against the euro at €1.15. The [...]
Explainer: Sunak’s plan to house asylum seekers on ships and barges is sinking July 19, 2023 Rishi Sunak’s plan to house asylum seekers on ships and barges is dwindling – or rather, slowly sinking. The government had to return two cruise ships it had acquired yesterday after it found nowhere to dock them. Last month, while giving more details on the Bibby Stockholm, the barge arrived in Portland yesterday that will [...]
Jamie Oliver looks to move on from chain collapse with new London restaurant July 19, 2023 Jamie Oliver has said he “hasn’t lost faith” in the restaurant industry as he pushes ahead with plans to open a new restaurant four years after the collapse of his eponymous high street chain. Speaking to The News Agents podcast on Wednesday the celebrity chef blamed a 40 per cent hike in business rates and [...]
Goldman Sachs’ profit tanks on dealmaking slump and costs tied to consumer arm July 19, 2023 Goldman Sachs’s profit tanked in the second quarter as the investment banking giant continued to struggle with the downturn in M&A activity while booking rising costs. Profit in the second quarter fell to $1.1bn, 62 per cent lower than last year while revenue fell eight per cent. The drop was primarily driven by a decline [...]
