Jeremy Hunt to meet CMA, Ofgem, Ofwat and Ofcom over ‘profiteering’ concerns June 26, 2023 Jeremy Hunt will ask industry regulators what they are doing about any companies exploiting rampant inflation by raising prices. The Chancellor is set to meet the Competition and Markets Authority (CMA), and the watchdogs for energy, water and communications on Wednesday. He will press them on whether there is a profiteering problem in their sectors [...]
Rishi Sunak pleads with Brits to ‘hold our nerve’ in face of sky high interest rates and inflation June 26, 2023 Prime Minister Rishi Sunak has urged the country to “hold our nerve” with sky high interest rates in order to beat down scorching inflation. Sunak today on BBC’s Sunday With Laura Kuenssberg programme gave his full backing the Bank of England’s latest interest rate rise as Tory backbenchers slammed Governor Andrew Bailey for being “asleep [...]
‘At stake is the structure of finance itself’: City bankers raise concerns over potential impact of Britcoin June 26, 2023 City bankers have raised concerns about the possible consequences that introducing the digital pound, known as ‘Britcoin’, could have on the country’s banking sector. “At stake is not just the type of token we use to pay for things but the structure of finance itself,” Huw van Steenis, vice chair at Oliver Wyman, told City [...]
British businesses struggle to source cash amid Bank of England interest rate hikes June 26, 2023 British businesses are struggling to source cash to fuel growth as lenders retrench from the credit market after the Bank of England’s 13 straight interest rate rises, new research out last night showed. Just over nine in 10 mid-sized companies are running into roadblocks when trying to secure financing, prompting them to shelve expansion plans, [...]
Roaring mortgage rates to keep a lid on housing demand as City eyes Bailey and Pill remarks June 26, 2023 Roaring mortgage rates in response to markets betting the Bank of England will have to send official borrowing costs to over six per cent are poised to have kept a lid on housing demand. Fresh figures out this Thursday from the Bank of England are expected to show the volume of mortgages approved in May [...]
The Scottish Nationals may never be able to recover Sturgeon’s lost ground June 26, 2023 The Scottish Nationals have let their party fall into a slump recently, and still have too many questions to answer about how the independence they want would look like, writes Eliot Wilson
Bank of England and others may have to keep rates ‘higher for longer’ to crush inflation June 25, 2023 The Bank of England and the rest of the world’s top monetary authorities’ fight against roaring inflation “is not yet done,” one of the globe’s leading economic institutions has warned. In its annual analysis on the state of the world economy released today, the Bank for International Settlements (BIS), often referred to as the “central [...]
Labour now 25 points clear of Tories as mortgage rates batter Rishi Sunak’s party June 25, 2023 Labour has posted its biggest lead over the Conservatives since March, new polling data has revealed, as the public grows increasingly tired of the government’s perceived mismanagement of the economy. Labour’s vote share jumped four points to 47 per cent, giving the opposition party a 25 point lead over the Tories, according to fresh polling [...]
Labour: Force banks to pass on interest rate hikes to savings accounts June 25, 2023 Labour has called on the government to ensure that banks are passing on higher interest rates to savers in an attempt to cool inflation. Speaking on the Sophy Ridge show on Sky News, Lisa Nandy said: “What we are proposing is that the Government ensures that those (interest rate) rises are passed on so that [...]
Bank shares slump: Barclays, HSBC, NatWest and Lloyds down as investors fret over loan defaults June 23, 2023 Shares in Britain’s big banks have tumbled again today as investors fret over the impact of rising interest rates and the prospect of loan defaults on the horizon.