Bank of England aggressive rate hikes send chill through UK construction economy February 6, 2023 The Bank of England’s ten successive interest rate rises have sent a chill through the UK’s construction economy, a closely watched survey out today shows. Potential home buyers are shunning purchases due to mortgage rates flying higher, prompting house builders to rein in spending. S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) [...]
Rom-cons on the rise: Romance Scammers trick average victim out of over £8k February 6, 2023 Lonely souls looking for Valentine’s love are being warned not to fall prey to romance scams which have increased by over 30 per cent in the last year according to Lloyds bank. The rise of dating apps and social media has made romance scamming easier, as criminals can more easily fake their identity to gain [...]
Bank of England will have to keep hiking rates to stop inflation hanging around, MPC’s Mann warns February 6, 2023 The Bank of England will have to hike interest rates again to stop the UK from being hit by a much stronger inflation surge than expected, one of its top rate setters has said today. Catherine Mann, an external member of the monetary policy committee (MPC) who has consistently backed steeper rate increases compared to [...]
Regulator’s fraud reimbursement scheme is ‘fundamentally flawed’, top MP says February 6, 2023 The Payment Systems Regulator’s (PSR) new fraud reimbursement scheme is “fundamentally flawed,” Chair of the Treasury Committee Harriet Baldwin has said. The PSR is considering using its statutory powers to force Pay.UK – Britain’s interbank payments standards body – to amend its rules to ensure fraud victims are reimbursed by banks, according to draft proposals [...]
City jobs surge in year after Brexit as Barclays, JP Morgan and Revolut accelerate recruitment February 6, 2023 Finance firms ramped up efforts to hire workers in the year after Brexit, with big banks Barclays and JP Morgan and fintech Revolut leading the charge, according to exclusive figures shared with City A.M. London banks, accountants and fintechs led the recruitment charge in 2022, offering more one in two of every vacancy in England [...]
Bank of England not poised to slash interest rates until middle of next year despite inflation cooling February 5, 2023 A year of interest rate pain is still in store for households, businesses and mortgagors even after Bank of England governor Andrew Bailey and his team of economists have already lifted borrowing costs 10 times in a row. That is according to several top City economists, who do not expect interest rate cuts until early [...]
Digital pound coming this decade, unpublished Treasury and BoE report suggests February 5, 2023 The Bank of England (BoE) and the Treasury are convinced that a central bank digital currency (CBDC) is becoming increasingly necessary, an unpublished report seen by the Daily Telegraph suggests. “On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be [...]
Week ahead: UK economy to narrowly avoid recession but GDP still expected to shrink February 5, 2023 The UK economy narrowly avoided a recession at the end of last year, new official figures out this week are expected to reveal. City traders think new GDP numbers from the Office for National Statistics on Friday will show the economy contracted 0.3 per cent in December, meaning the UK will have just about skirted [...]
Liz Truss breaks silence to blame media and ‘leftward’ shift for £45bn mini budget failure February 5, 2023 Liz Truss has broken her silence for the first time since being booted out from Number 10 to hit back at critics of her tax cutting, pro-growth economic agenda. Writing in the Sunday Telegraph today, Truss, 47, said she was never given a “realistic chance” to implement sweeping tax cuts designed to unshackle businesses and [...]
Something for the weekend: This week’s five most-read stories on Cityam.com February 3, 2023 A Reddit user called fatmummy, interest rates, vaccines, the ECB and an ignominiouss end to government-funded Tech Nation – here’s what City A.M. readers most wanted to click on this week. One: How a saucepan broke the internet. If lockdown had you baking and prepping then this story would have piqued your interest. Houseproud, or [...]