Bank of England to hike interest rates for 14th time in a row to 2008 high of 5.25 per cent July 31, 2023 The Bank of England this week is tipped to hike interest rates for the 14th time in a row as it extends its fight against roaring inflation. Members of the nine-strong monetary policy committee (MPC) are expected on Thursday to back a 25 basis point increase to the UK’s official interest rate, which would send [...]
Rishi Sunak and Sadiq Khan at loggerheads over London housebuilding July 27, 2023 Prime Minister Rishi Sunak has threatened to wade into mayor of London Sadiq Khan’s efforts on housebuilding in the capital. The politicians traded verbal blows today as the PM accused the mayor of failing to build enough homes for Londoners, while Khan branded his claims “desperate nonsense”. Speaking during a visit to a development in [...]
BNP Paribas beats estimates on debt financing and cost management July 27, 2023 BNP Paribas, the euro zone’s biggest bank, beat estimates in the second quarter as its corporate debt financing business and strong cost management partly offset a slump in securities trading. The French lender’s second-quarter net income fell 4.9 per cent on a reported basis to €2.8bn (£2.4bn), beating the €2.5bn analyst consensus compiled by the [...]
One Fifth Of UK Workers Are Using AI, Without Telling The Boss July 13, 2023 Generative AI developments are moving faster than most of us can keep up with. Recent data from the Office for National Statistics’ (ONS) Opinions and Lifestyle Survey (OPN) has found that public awareness of AI has increased over the past year, with 72% of adults now able to give at least a partial explanation of [...]
Winkworth shares tumble as estate agent issues profit warning amid mortgage slump July 12, 2023 Winkworth shares tumbled 14 per cent this morning after the estate chain issued a profit warning due to soaring interest rates and a fresh slump in mortgage approvals. The company which has over 90 branches across the UK said that the sales market proved more challenging in the second quarter of the year, as rate [...]
Explainer: Small house builders face existential hurdles July 6, 2023 As mortgages and rents rocket up, the housing industry hardly needed another blow. But small firms in the sector have warned they risk going bust without an intervention. In a letter to the prime minister this week, more than 200 small to medium-sized companies lamented that changes in the planning systems are blocking new developments [...]
London life back on top as country homes drop in price July 3, 2023 Soaring interest rates have softened the prices of luxury homes outside of London, according to new data, in a signal that the ‘move to the country’ trend fuelled by the pandemic is showing signs of slowing. The average value of luxury homes across UK markets outside of London – broadly the top five per cent [...]
House price growth faces ‘significant drag’ from rate rises but London remains ‘buoyant’ June 30, 2023 House price growth may face “significant drag” from high interest rates as fresh figures show they remained relatively stable in June despite yearly growth being negative. The latest Nationwide House Price Index show house prices remained broadly flat in June, but down 2.5 per cent compared to last year, owing in part to 13 successive [...]
FTSE 100 close: Interest rate jitters drag down Persimmon and Taylor Wimpey June 29, 2023 London’s FTSE 100 slipped today as investors fretted over central banks keeping interest rates higher for longer. The capital’s premier index dropped 0.38 per cent to 7,471.68 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.77 per cent to 18,270.73 points. Losses in [...]
Mortgages: Number of people securing a home shot up weeks before BoE hiked rates June 29, 2023 Mortgage approvals continued to show signs of improvement in May, rising to 55,500 for the month as a whole up across the UK – up from 49,000 for the month of April, new data shows. The data provided by the Bank of England (Boe) is a fresh kick in the teeth for prospective buyers, who [...]