Rishi Sunak rules out help for homeowners as mortgage rates top six per cent June 19, 2023 Prime Minister Rishi Sunak today ruled out helping struggling mortgage holders despite rates breaching the six per cent mark for the first time since December. Amid surging mortgage rates, the Prime Minister said the government needed to “stick to the plan” to halve inflation rather than offer support to mortgage holders. Speaking on ITV’s Good [...]
MusicMagpie turns corner from postal strike misery with earnings boost June 19, 2023 MusicMagpie reported its earnings rebounded after a post-February rally helped the tech retailer shake off the impact of postal strikes and low consumer confidence. Underlying earnings shot up 42 per cent to £2m in the second quarter, with the Stockport headquartered firm seeing pre-tax earnings rise 7.7 per cent over the entire period, dented by [...]
Shell’s oil and gas embrace may woo investors, but it is short term thinking June 19, 2023 Shell is embracing oil and gas but its plans have a shelf life - as the IEA predicts the global peak in world in oil demand could be just five years away
Bank of England to raise interest rates for 13th time in a row this week to tame persistent inflation June 19, 2023 The Bank of England is nailed on to raise interest rates for the thirteenth meeting in a row this Thursday, but markets think there’s an outside chance Governor Andrew Bailey and co will revert to an outsized rise to tame what is emerging as the worst inflation problem in the rich world. Markets reckon the [...]
Pubs closing at fastest pace in a decade as high interest rates and energy bills crush Britain’s boozers June 19, 2023 Pubs are closing at the quickest pace in a decade and experts have warned a further wave of failures are on the way, new research out today shows. Some 620 of Britain’s watering holes disappeared over the year to the end of March, a 68 per cent increase from the 369 failures in the same [...]
House prices drop for first time this year as Bank of England interest rate hikes take hold June 19, 2023 House prices have dropped for the first time this year, sparked by the property market being whacked by the Bank of England’s 12 successive interest rate hikes to quash inflation, new figures out today show. The average price of a home coming to market fell £82 over the last month to £372,812, the first drop [...]
UK inflation tipped to trim to lowest level in over a year as food prices begin to ease June 19, 2023 UK inflation is poised to recede to its lowest level in over a year, pushed lower by food and energy price rises easing, markets are betting. Fresh cost of living figures from the Office for National Statistics (ONS) on Wednesday will top investors’ minds in a busy week of data that will shape movements in [...]
Vodafone’s merger with Three is an open and shut case of a monopolistic power June 19, 2023 A merger between Vodafone and Three, two of the biggest telecoms companies in the UK will drive up prices for consumers and kill competition, writes Max von Thun
Berkeley Group looking to ease housing market fears ahead of further interest rate pain June 18, 2023 Housebuilder Berkeley is looking to soothe fears of more interest rate pain and a slump in the housing market this week as it updates the City on its full year’s performance.
Brett Christophers: Be wary of outsourcing climate change response to ‘ruthlessly extractive’ asset managers June 18, 2023 Academic Brett Christophers has warned that governments’ attempts to outsource the response to climate change to asset managers, such as those at Blackstone and Brookfield, will have damaging consequences. Christophers, who recently published Our Lives in their Portfolios, told City A.M. that “the infrastructural response to climate change both in terms of mitigation and adaptation [...]