Greater London boroughs most at risk of ‘monster’ mortgage rate hikes, say Lib Dems October 3, 2022 Greater London boroughs are most at risk as “monster” mortgage rate hikes loom, according to research by the Liberal Democrats. Sutton, Bexley, Kingston upon Thames and Redbridge are home to the highest proportion of properties owned with a mortgage, with one in three households ladened with the debt – far above the city average of [...]
Kwarteng says ‘we must stay the course’ as he defends tax cuts October 2, 2022 Kwasi Kwarteng will tomorrow defend his tax cuts and declare “we must stay the course”, after the first day of Tory party conference was overshadowed by blue-on-blue attacks. The chancellor is expected to say he is committed to “fiscal responsibility”, after funding his tax cuts through more borrowing, in a bid to calm financial markets. [...]
Rees-Mogg hints government will merge financial services regulators October 2, 2022 Jacob Rees-Mogg has hinted the government will merge the UK’s financial services regulators, after the Prime Minister’s team spoke about the move during summer. It was reported during the Tory leadership contest that Truss wanted to roll the Financial Conduct Authority, the Bank of England’s Prudential Regulation Authority and Payment Systems Regulator into one body. [...]
Michael Gove says Truss tax cuts are ‘not Conservative’ October 2, 2022 Michael Gove has savaged Liz Truss and Kwasi Kwarteng’s recent mini-Budget, labelling the debt-funded tax cuts as “not Conservative”. The Tory big beast said the package – which included an abolition of the top 45p band of Income Tax were a “display of the wrong values” and he refused to commit to voting for them [...]
Truss: I should have ‘laid the ground better’ for tax cuts package October 2, 2022 Liz Truss has said she should have “laid the ground better” for her package of debt-funded tax cuts as she refused to rule out public spending cuts. The Prime Minister said “I have learnt from that and I will make sure in the future we will do a better job of laying the ground”, after [...]
UK avoids recession with 0.2 per cent growth September 30, 2022 The UK economy grew 0.2 per cent in the second quarter of this year as it bucked initial estimates of a 0.1 per cent contraction in the the three months to June, official figures showed today
Pound recovers losses as Bank interventions boosts confidence September 30, 2022 The pound recovered its losses against the dollar for a short time this morning as moves by the Bank of England in recent days helped calm the fallout of Kwasi Kwarteng’s tax cutting mini budget last week.
Britain’s economic meltdown must be settled by a firm grip and real growth September 30, 2022 To say it’s been a dramatic week in financial markets would be an understatement. The reaction to the government’s so-called “mini-budget” has seen the value of sterling crash and has led to criticism from the IMF and the Federal Reserve and an unprecedented intervention from the Bank of England who have been forced to buy [...]
UK borrowing costs surge and FTSE tanks after Truss and Kwarteng back mini-budget September 29, 2022 UK borrowing costs fired higher and the country’s largest listed companies tanked today after prime minister Liz Truss and chancellor Kwasi Kwarteng doubled down on their tax cutting and borrowing plans. London’s FTSE 100, home to the UK’s top companies, shed 1.77 two per cent. The mid-cap FTSE 250 index nose dived more than three [...]
Banks and housebuilders bear brunt of market chaos September 29, 2022 Wild swings in UK debt markets and concern over borrowers’ capacity to pay costlier mortgages have whacked London-listed housebuilders and banks this week. Britain’s biggest property developers have been among the hardest hit listed companies during this week’s market sell-off. FTSE 100-listed construction firms Taylor Wimpey and Barratt Developments have shed more than 20 per [...]