SME loans fall by £14bn in last year with more pain on the way April 24, 2023 Outstanding bank loans to small and medium sized businesses (SMEs) in the UK fell by £14bn in the year to March with concerns that this figure could fall further due to March’s banking turmoil and mooted regulatory changes. In the year to March, outstanding bank loans fell to £195bn from £209bn according to Bank of [...]
Standard Chartered, Barclays, Natwest kick off UK bank earnings this week with interest income back in focus April 24, 2023 Profit looks set to increase at the UK’s largest lenders as they line up to report first quarter earnings over the coming two weeks. The FTSE banking giants have seen relative stability over the last few weeks following the extreme volatility in March, but this stability means investors will refocus their attention on other major [...]
Recession jitters drive FTSE chiefs out of the top job April 24, 2023 Chiefs of the UK’s top companies have been exiting their roles at a doubly quick pace over the last year, driven by boards trying to insulate their firms from the economy being whacked by rising prices and interest rate hikes with a change in leadership, a new study out today shows. Some 38 chief executives [...]
UK recession wobble sends FTSE profit warnings back to Covid-19 levels April 24, 2023 The UK’s flirtation with a recession over the last year or so has prompted a wave of the country’s top companies to warn shareholders to expect profits to miss forecasts, a new report out today shows. Profit warnings among UK-listed firms climbed to 75 in the first three months of this year, the highest level [...]
UK borrowing tipped to have jumped to £23bn in March but Hunt and Sunak are on course to hit OBR forecasts April 23, 2023 Britain is tipped to have borrowed nearly £23bn last month to help pay for capping energy bills at £2,500, according to City analysts’ consensus forecast. Fresh numbers out from the Office for National Statistics on Tuesday are expected to show the gap between what the government generates in revenue from taxes and spends on public [...]
Savings rates: As FCA puts banks on war footing what are the best accounts for your cash? April 21, 2023 As interest rates look set to increase, we look at the best and the worst paying savings accounts on offer. Banks and savings providers have come under fire for not passing on interest rate rises to savers This week the FCA said it would be keeping an eye on banks’ first quarter profits to make [...]
Services sector reaches 13-month high but UK growth ‘lopsided’ as consumers raid the storecupboard April 21, 2023 Growth of Britain’s services sector has reached a year-high in April, a closely watched survey has revealed. Figures released this morning in S&P Global/CIPS flash UK purchasing managers’ index, show output rose to 53.9 in April from 52.2 in March. The survey showed that private sector growth had increased for the third consecutive month, beating [...]
UK economy in ‘early stages of recovery’ as families shrug off inflation and interest rate hikes April 21, 2023 Britain’s economy could be in the early stages of a recovery, with consumers holding up pretty well under the pressure of high inflation and interest rate increases, a closely watched survey out today indicates. Families’ outlook on how well the economy will perform over the coming year is improving, while confidence in their own personal [...]
Bank of America at odds with Lloyd’s over state-backed cyberattack exemption April 20, 2023 Bank of America has reportedly raised concerns with Lloyd’s of London about a move to exempt “state-backed” cyberattacks from standard insurance policies. Bank of America highlighted its concerns with the policy in a series of meetings between Lloyd’s and its biggest clients, the Financial Times reported. Marsh, the world’s biggest broker, is also understood to [...]
FTSE 100 close: London index muted as Barclays and Lloyds Bank give up early gains April 20, 2023 London’s FTSE 100 was muted today as investors ditched mining giants, curbing the sector’s recent rally, while high street banks gave up strong early gains. The capital’s premier index edged 0.01 per cent high to 7,899.48 points, while the domestically-focused mid-cap FTSE 250 index, which is more responsive to sentiment toward the UK economy, nipped [...]