UK now only rich country where inflation is rising despite Bank of England interest rate hikes July 4, 2023 Britain is now the only rich country where inflation is rising, signalling the Bank of England’s series of interest rate rises have been less effective than its peers’, new data out today shows. Inflation across the Group of Seven (G7) nations fell to 4.6 per cent in May, down from 5.4 per cent in April, [...]
Savings rates: Big banks to meet regulator this week after ‘blatant profiteering’ claims July 4, 2023 Banks will meet with the regulator this week to discuss the savings rates on offer as pressure grows on the UK’s largest lenders to avoid so-called ‘profiteering’. Heads of the largest UK banks – including Lloyds, NatWest, Barclays and HSBC – will meet with the Financial Conduct Authority on Thursday, according to people familiar with [...]
Rishi Sunak and Jeremy Hunt urged to raise investment to unlock £150bn economic boost July 4, 2023 Rishi Sunak and Jeremy Hunt should ramp up government investment spending to unlock a £149bn boost to the UK economy, an influential think tank has urged today. Spending on quality capital projects like expanding renewable energy infrastructure and improving transport networks could “pay for itself” by yielding tens of billions of pounds in growth and [...]
Much like the UK economy, pound sterling suffers from a certainty deficit July 4, 2023 Barrelling around in the piping of the UK economy so far this year has been a sustained pound sterling rally. Britain’s currency in 2023 has been one of the best performers in the rich world. It is up nearly five per cent against the US dollar at $1.26, a far cry from the record low [...]
Bank of England warns lenders of ‘fiendishly unpredictable’ risks from climate change July 4, 2023 The Bank of England has cautioned lenders that they need to keep a close eye on commodities and private credit to avoid financial problems. Speaking at a UK Finance event, Nathanaël Benjamin – who is responsible for authorising the UK arms of international banks – warned there were a range of dangers facing banks. Benjamin [...]
FTSE 100 close: London index’s downbeat run extends into second half of 2023 July 3, 2023 London’s FTSE 100 kicked off the second half of the year in subdued style today, despite a rally among Britain’s largest banks and industrial giants. The capital’s premier index was up for most of the day, before eventually closing marginally lower, down 0.06 per cent to 7,527.27 points. The domestically-focused mid-cap FTSE 250 index, which [...]
HSBC, Barclays, Lloyds and NatWest under fire for ‘measly’ savings rates… again July 3, 2023 Banks are in the firing line for low savings rates once again after the big four lenders received another letter from the influential Treasury Committee. Writing to the UK heads of the big four banks, Harriet Baldwin – chair of the Treasury Committee – said the Committee was “concerned that banks’ savings rates remain too [...]
FCA: Insurers must put ‘wrongs right’ and are failing the vulnerable in cost of living squeeze July 3, 2023 Insurers are failing vulnerable customers and need to put “wrongs right” as Brits are hammered by a cost of living crunch, the Financial Conduct Authority has warned today.
Higher interest rates tipped to accelerate UK house price decline in quiet week for City July 3, 2023 Higher interest rates are set to accelerate UK house prices’ decline, new figures in what will be a quiet week for markets are expected to reveal. Analysts at consultancy Oxford Economics reckon Halifax’s house price data on Friday will show they dropped 2.5 per cent over the last year and 0.1 per cent over the [...]
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 [...]