£233bn stuck in zero-interest accounts as pressure grows on banks to improve advice May 15, 2023 As banks come under fire for offering “measly” rates to savers, new figures reveal many are leaving hundreds of billions of pounds lying idle in zero-interest accounts. Some £233bn is being held in zero-interest accounts, according to Bank of England Data analysed by asset management firm Bowmore. This is up from the total held in [...]
Women’s FA Cup final prize money and how it compares to men’s FA Cup May 13, 2023 The winners of the Women’s FA Cup final between Chelsea and Manchester United on Sunday are in line to receive record sums thanks to a major boost to prize money. There is £100,000 on offer to whichever team lifts the trophy at Wembley, where Chelsea will be looking to triumph for a third year in [...]
Is the current crypto wobble being caused by Binance? May 12, 2023 Jason Deane reflects on a hectic week for Bitcoin, and an attempts to pinpoint reasons behind the current stumble in the price of Bitcoin.
FTSE 100 live: London’s premier index closes the week up after Beazley bump and UK economy growth May 12, 2023 The FTSE 100 has ended a mixed week on the up after a bump for Lloyds of London insurer Beazley this morning and growth in the UK economy. London’s flagship index ended the week with a gain of around 0.63 per cent after ONS figures this morning showed GDP edged 0.1 per cent higher in [...]
UK on track to dodge recession as economy grows 0.1 per cent in first quarter May 12, 2023 Britain is on course to officially dodge a technical recession in the first half of this year, demonstrating the big turnaround in the country’s economic fortunes in just a handful of months, figures out today show. Gross domestic product (GDP) – which measures all goods and services made in an economy – edged 0.1 per [...]
Hospitality: BoE interest rates hike could ‘significantly impact businesses’ May 11, 2023 The hospitality sector has expressed concerns that the Bank of England’s decision to raise interest rates could “significantly impact business viability,” as the interest rates on loans many pubs and restaurants took out to survive the pandemic are now set to rise. “Hospitality was the business sector most affected by the pandemic, with a large [...]
Bank of England governor Andrew Bailey rebuffs Huw Pill’s ‘accept you’re worse off’ comment May 11, 2023 The Governor of the Bank of England has suggested that the Bank’s most senior economist chose the wrong words when saying that people and businesses should accept they are poorer now because of inflation. Andrew Bailey said that there had been a hit to national income, and did not appear to criticise the substance of [...]
Bank of England hikes interest rates for twelfth time in a row and warns of ‘significant’ inflation risk May 11, 2023 The Bank of England today hiked interest for the twelfth time in a row and to their highest level since October 2008, but warned inflation will stay higher for longer than it previously thought. The monetary policy committee (MPC) – the nine-member group tasked with setting interest rates in the UK – voted 7-2 in [...]
Mortgages: How the BoE’s twelfth consecutive rate rise will affect homeowners May 11, 2023 Homeowners on tracker mortgages could see their annual bills increase by £5,008 a year following the Bank of England’s twelfth consecutive rate rise on Thursday, though analysts have said the latest rise will not have a substantial impact on the housing market. The monetary policy committee (MPC) voted 7-2 in favour of raising borrowing costs [...]
Bank of England ditches any threat of recession in biggest GDP upgrade since 1997 independence May 11, 2023 Any threat of a recession in Britain this year and over the medium term has today been scrapped by the Bank of England in what was the largest upgrade to the central bank’s GDP projections since it was made independent in 1997. The UK economy is now tipped to broadly flatline this year and start [...]