LME legal chief steps down as nickel crisis intensifies at embattled exchange January 17, 2023 The LME has announced the upcoming departure of its legal chief, in another dramatic day for the embattled trading hub.
LendInvest: Property fintech brings Lloyds funding deal to £300m for mortgage market push January 17, 2023 LendInvest has secured a new £120m funding boost from Lloyds Bank today as it prepares a push into the UK’s £1.2tn homeowner mortgage market for the first time. The London-listed property fintech firm said Lloyds had now offered up a credit facility worth £300m after striking a deal for an initial £180m in October to [...]
Brits’ take home pay still falling rapidly despite record wage rises January 17, 2023 Brits are suffering one of the sharpest hits to their take home pay despite businesses handing workers bumper pay prices, official figures out today reveal. Real pay tumbled 2.6 per cent over the three months to November, among the steepest drops seen outside the Covid-19 crisis, according to the Office for National Statistics (ONS). The [...]
Andrew Bailey says ‘no deal’ was done between government and BoE on post-Brexit rules shake-up January 16, 2023 Andrew Bailey, the governor of the Bank of England, said today there was no backhand deal done between the central bank and the government over a post-Brexit shake up of the UK’s financial rules regime. Responding to questions from MPs during a Treasury Committee meeting today, Bailey, 63, said the Bank “did not trade Solvency [...]
UK to shake off mild recession by end of this year, City analyst predicts January 16, 2023 The UK economy will experience a very mild recession and could be out of it by the end of this year, a top City economist has forecast. International energy prices have marched back down the steep hill they climbed after Russian president Vladimir Putin sent troops into Ukraine in February last year. On some measures, [...]
Explainer-in-brief: January, another month when you can’t afford to buy a home January 16, 2023 Over the weekend, I received an innocuous looking email. “Dear Elena,” wrote a reader, ” I hope you don’t mind me emailing you. Is there any hope for young people buying their own house?” While I can’t possibly comment on his own individual circumstances, today was not good news: house prices have jumped up again [...]
London outperforms UK economy again in sign capital could swerve recession January 16, 2023 London is outperforming the nationwide economy, indicating the capital is on course to avoid what experts think will be a long recession in the UK, a new survey out today shows. An index of business output in London compiled by NatWest jumped to 50.2 last month, up from 48.2, meaning the capital’s economy is growing. [...]
House prices back on upward march to race past £667,000 in London January 16, 2023 House prices are back on an upward march, sending the cost of the average home in London to over £667,000, a new survey out today shows. Search site Rightmove said today house prices in the capital jumped 0.2 per cent over the last month and 6.1 per cent annually. On a nationwide basis, prices climbed [...]
What could a recession mean for the pound in 2023? City analysts have their say January 15, 2023 The pound is on course for another tough year with the UK likely experiencing the worst recession of all major economies, analysts have told City A.M. The risk of sterling tumbling to another record low against the US dollar, as it did last year, is slim, analysts think, mainly due to the low likelihood of [...]
Week ahead: First data dump of 2023 to reveal whether UK tipped into recession January 15, 2023 The first big data dump of 2023 in the coming week is set to unveil more clues on whether the UK economy entered a recession in the final months of last year. City traders are hoping fresh inflation figures out on Wednesday from the Office for National Statistics (ONS) will show price pressures are still [...]