Interest rate rise and what it means for you February 3, 2023 The Bank of England has raised interest rates to four per cent, in a widely-expected move that has implications for both borrowers and savers. Adjusting personal finances to this ‘new normal’ of higher interest rates will be a challenge for most households, admitted Paul Wilson, chief Investment officer at Channel Capital. He said although a [...]
Once again the world’s economies prove that Bitcoin can be the answer to their problems February 3, 2023 Jason Deane has some telling observations from around the world and says the struggle with inflation has an obvious answer in Bitcoin.
‘Important we enguard against doing too much’ with rate rises, Bank of England’s top economist Pill warns February 3, 2023 The chief economist of the Bank of England has cautioned that it is important the Bank does not raise borrowing costs too high. Huw Pill’s warning came a day after the central bank hiked interest rates by 0.5 percentage points to 4% but indicated it could slow down recent rate-hiking activity. He told Times Radio [...]
NatWest boss U-turns on snub of Westminster committee after plea to ensure it won’t be an all-male panel February 3, 2023 The boss of NatWest has U-turned on her decision not to appear in front of MPs next week as they scrutinise the UK’s biggest banks on why savings rates are so low while borrowing costs have spiked. Dame Alison Rose, NatWest’s chief executive, came under pressure from the Treasury Committee after saying she was too [...]
FTSE 100 close: Markets shrug off rate hike as JD Sports and BT lift index February 2, 2023 The FTSE 100 closed higher on Thursday, boosted by a strong performance from BT and JD Sports, as investors digested the latest interest rate decision from the Bank of England later today. Governor Andrew Bailey increased interest rates by 50bps to a post-financial crisis high of four per cent earlier today. Investors think the Bank [...]
European Central Bank kicks rates 50 points higher and signals more such hikes to come February 2, 2023 The European Central Bank (ECB) today hiked interest rates 50 basis points and signalled further such increases are coming this year. The monetary authority of the 19 countries using the euro kicked rates higher to tame inflation, which last year hit the highest level since the creation of the common currency back in 1999. Borrowing [...]
Another interest rate hike to boost banks’ profits, but how long will the windfall last? February 2, 2023 Bank shares prices were mixed after the Bank of England raised interest rates by 50 basis points earlier today, as the pressure on banks to pass on higher interest rates to savers grew. The more domestically focused Lloyds and Natwest were trading 1.0 per cent and 0.6 per cent higher respectively. Barclays was up 0.8 [...]
Forget the IMF, the Bank of England are the real doomsters in this UK recession merry-go-round February 2, 2023 This week the International Monetary Fund (IMF) became public enemy number one for saying the UK will be the only rich economy to suffer a contraction in 2023. Even Russia, hobbled by sanctions to punish it for its invasion of Ukraine, is poised to squeeze out more growth than Britain this year, the lender of [...]
Bank of England hikes interest rates for tenth time in a row amid recession and warns of further action to tame inflation February 2, 2023 The Bank of England today hiked interest rates for the tenth time in a row amid a recession to the highest level since the financial crisis in 2008 and warned more increases may be needed to tame inflation. The nine-strong committee of rate setters that set the base level of borrowing costs in the UK [...]
Bank of England signals inflation has peaked but warns of 15-month long recession February 2, 2023 Inflation in the UK has peaked and is on course to fall rapidly over the coming year, easing the worst cost of living crisis in a generation, but a slow burning, mild recession is still a threat, the Bank of England said today. The rate of price increases is poised to more than halve from [...]