‘Fizz has left the market’: House prices fell by 0.6 per cent in January as average property value plummets February 1, 2023 The average UK house price fell by 0.6 per cent in January, according to Nationwide Building Society. Annual house price growth slowed to 1.1 per cent , from 2.8 per cent in December, and the typical property value is now 3.2 per cent lower than its August peak, the lender said. The average UK house [...]
Could the UK economy outperform the IMF’s dire recession warning? It’ll take a lot of luck February 1, 2023 Britain and the International Monetary Fund (IMF) have a pretty chequered past. Yesterday’s bleak forecasts marked another chapter in the pair’s hate-hate relationship. Yes, the usual barbs that come from ministers of the incumbent government of the day after the lender of last resort’s forecast don’t help. We saw all that yesterday. But, older people [...]
Iwoca hits profits as recession fears boost small firms’ demand for cash February 1, 2023 Fintech lender Iwoca said it hit profitability for the first time last quarter after a surge in demand for borrowing as small businesses were rocked by soaring costs and a looming recession.
A tumble in mortgage approvals could be followed by a fall in house prices, analysts believe January 31, 2023 Mortgage approvals have plummeted to their lowest since the credit crunch after the global financial crisis in 2008, excluding the pandemic when the housing market was shut down, in a sign house prices could fall sharply soon, according to official data. The number of loans to Brits to fund a home purchase dropped more than [...]
When will the Bank of England, Federal Reserve and ECB start cutting interest rates? Sooner than you think January 31, 2023 Central banks around the world this year are going to take their lead from an unlikely source: the Bank of Canada. While being the central bank of a G7 country, it’s not exactly the biggest of players in the global monetary policy and financial network. Tiff Macklem, the BoC’s chief, has led one of the [...]
UK only G7 economy to shrink this year as IMF deals blow to Jeremy Hunt recession declinism criticism January 31, 2023 Britain will emerge as the “sick man” of the world’s richest countries this year, snatching the unwanted title of being the only G7 economy to contract in 2023, according to forecasts by the International Monetary Fund (IMF). The world’s economic watchdog has slashed its expectations for UK GDP again, now pencilling in a 0.6 per [...]
FTSE 100 close: London index kicks off new week softly ahead of expected Bank of England rate hike January 30, 2023 London’s FTSE 100 kicked off a new week in soft style today, with gains held lower by investors sweating over a string of big central banks raising interest rates this week. The capital’s premier index jumped 0.25 per cent to 7,784.88 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the [...]
Persimmon and Barratt to sign Gove’s cladding contract as others stall for time January 30, 2023 A handful of developers plan to sign the government contract to fix buildings affected by cladding and other fire risks in the coming weeks. Levelling up secretary Michael Gove gave developers a six-week deadline to commit to more than £2bn of repairs to fix the issues in buildings taller than 11 metres. This comes on [...]
Germany teetering on edge of recession that risks dragging rest of Europe down with it January 30, 2023 Germany is teetering on the edge of a recession after fresh figures out today revealed its economy unexpectedly contracted in the final months of last year. German output dropped 0.2 per cent over the last quarter, below the flatline consensus forecast by investors. The shock GDP undershoot raises the risk that the wider eurozone economy [...]
London businesses increasingly confident they can power UK economy out of recession January 30, 2023 London businesses are increasingly confident they can power the UK out of any recession it gets itself into, a closely watched survey published today reveals. Optimism among the capital’s firms rose at the fastest pace out of any region in the UK this month, jumping 29 points to 37 per cent, according to research by [...]