Higher interest rates lift Santander UK profit to £1.2bn, warns mortgage market is cooling July 26, 2023 Santander UK saw its profit rise significantly in the first half of the year, but the bank also noted that applications for mortgages had been hit by recent economic volatility. In the first half of the year pre-tax profit climbed 18 per cent to £1.2bn from £993m last year. This came thanks to a 10 [...]
Lloyds profit remains flat on last year despite boost from rising rates but guidance lifted for the year July 26, 2023 Lloyds’ profit remained flat on last year despite the benefit of rising interest rates as the bank set aside more than anticipated to cope with bad loans. In the second quarter the high street bank recorded a pre-tax profit of £1.6bn, flat with last year but slightly lower than company compiled consensus. However, the profit [...]
Are wages or profits to blame for the inflation crisis? July 26, 2023 A lot of energy has been wasted on finding the source of the near two-year long global inflation surge. It has resembled a cathartic process to help families and businesses come to terms with how damaging the cost of living crisis has been. First Bank of England governor Andrew Bailey drew scorn for demanding workers [...]
Floating offshore wind ripe for subsidies, Octopus’ renewable boss argues July 26, 2023 The government should target subsidies at emerging technologies where the UK can be a world leader, such as floating offshore wind.
Small business confidence slumps amid rising rates and stubborn inflation July 26, 2023 Confidence among small businesses slumped in the second quarter as the impact of rising rates and a stalling economy hit SMEs. The Federation of Small Business’s (FSB) Small Business Index fell to minus 14.2 points in the second quarter, down 11.4 points in the first quarter of the year. The fall in confidence reflects the [...]
Taxpayer to hand over £150bn to Bank of England to cover QE losses July 25, 2023 Taxpayers will have to foot a £150bn bill to cover cumulative losses on the Bank of England’s bond buying scheme over the coming decade, a new projection has claimed today. The Treasury is forecast to inject hundreds of billions of pounds into the central bank’s balance sheet to make up for a shortfall in its [...]
IMF warns Germany and UK will be G7’s laggards this year despite upgrades July 25, 2023 Britain is on course to register the second weakest growth in the clutch of rich countries this year, beaten only by Europe’s economic powerhouse Germany, which will be the only advanced economy to contract this year, the world’s lender of last resort has signalled today. UK output will expand 0.4 per cent this year, the [...]
HSBC set to reduce fixed-rate deals as hopes rise that mortgage rates will start to fall July 25, 2023 HSBC became the first high street bank to announce they will be reducing rates on a swathe of their fixed-rate products, sparking hope that mortgage rates might begin to fall. Mortgage rates have spiralled in recent months as inflation has remained stubbornly above the Bank of England’s target. Traders are now betting that the Bank [...]
Date for petrol car ban ‘immovable,’ says Michael Gove July 25, 2023 The 2030 ban on new petrol and diesel car sales is an immovable deadline, Cabinet minister Michael Gove has insisted after Rishi Sunak cast doubt on the policy. The Housing Secretary warned costly plans to tackle the climate crisis could create a “backlash” as ministers come under pressure from the Tory right to relax existing pledges. Amid [...]
Supermarket meal deals help convenience food maker Greencore deliver solid revenues July 25, 2023 Convenience food maker Greencore has said the number of sandwiches sold as part of supermarket meal deals has reached record highs as it reported solid quarterly revenues. The Irish business, which supplies sandwiches and sushi to the likes of M&S and Waitrose, said 52 per cent of supermarket sandwiches are now bought as part of [...]