Chancellor Jeremy Hunt to meet lenders as mortgage crisis worsens June 23, 2023 Chancellor Jeremy Hunt will ask banks if they can do more to support struggling households after a shock interest rate hike deepened the mortgage crisis. He is meeting large lenders including HSBC and Santander in Downing Street this morning as the government comes under pressure to relieve the pain. Prime minister Rishi Sunak and Hunt [...]
Doling out more debt to developing countries won’t help without giving them a global voice June 23, 2023 Can we stop burying countries at risk of climate change in more debt?
Bank of England hikes interest rates by 50 points to five per cent after inflation shock June 22, 2023 The Bank of England today reverted to steeper interest rate rises in a sign that embattled Governor Andrew Bailey and co have been spooked by much tougher than feared inflation. Bailey and the rest of the monetary policy committee (MPC) – the nine-strong group who set official interest rates in Britain – backed a 50 [...]
Sadiq Khan says Shaun Bailey should lose peerage over ‘Jingle & Mingle’ video June 22, 2023 Sadiq Khan has said his former mayoral rival Shaun Bailey should not receive his peerage after a video of staff dancing and drinking at a Christmas party during Covid-19 emerged. The mayor of London described the footage of staff, who joked about bending the rules in the video filmed at CCHQ on 14 December 2020 [...]
Andrew Bailey under fire from Government and City analysts ahead of rate hike June 22, 2023 Andrew Bailey and the Bank of England have been criticised for moving too slowly to clamp down on inflation
Labour’s plan to force banks to help on mortgages branded ‘risky’ and ‘counterproductive’ June 22, 2023 Labour’s plans to force banks to help struggling borrowers with their mortgages have been slammed as “risky” and “counterproductive”. The party says lenders should be compelled to help mortgage holders struggling with payments in a bid to avert a looming mortgage crisis as interest rates are expected to keep rising to bring inflation down. Shadow [...]
UK inflation smashes forecasts again raising chances of larger Bank of England interest rate hike June 21, 2023 UK inflation is still outpacing experts’ predictions and is running at a level that could lure the Bank of England into an outsized interest rate hike tomorrow, heaping more pain on families and businesses. Official figures out this morning from the Office for National Statistics (ONS) showed the rate of price hikes held steady at [...]
PMQs sketch: Nothing’s funny about the economy, stupid June 21, 2023 Of course Rishi Sunak can’t bail out mortgage holders, but he doesn’t want to hear about it.
Barriers to business require urgent action from government June 21, 2023 Per the business secretary, Britain’s trade problem is that we don’t think we can. Apparently our ‘sardonic’ sense of humour holds us back from sailing the seven seas like mercantile Brits of old. Even by the standards of recent years, it’s an absurd statement. It sums up a wider dereliction of duty in Westminster towards [...]
Rishi Sunak: City of London will be ‘engine room’ of UK investment in rebuilding Ukraine June 21, 2023 Ukraine is set to receive £3bn in World Bank loan guarantees as Prime Minister Rishi Sunak confirmed the UK would continue to support the nation for “as long as it takes” in the fight against Russia. Sunak will also announce a major financial support package for the eastern European country as it mounts its long-awaited [...]