Retail sales up in April but analysts warn on implications of further rate hikes May 26, 2023 Retail sales volumes recovered slightly by 0.5 per cent in April as the sector was lifted by the Easter holidays, however high inflation and strains on household finances continue to hinder spending. Non-food stores sales volumes rose by 1.0 per cent during the month, data from the ONS shows, following a fall of 1.8 per [...]
Top City investor: Rate hikes and gilt spike WILL throw UK economy into recession May 26, 2023 A top Square Mile economist has warned that further rate hikes and the increasing price of government debt means the UK will struggle to avoid recession. Speaking to the BBC’s Today programme this morning, Abrdn’s investment director Luke Hickmore said that incomes were set to come “under a lot of pressure” after the Square Mile [...]
Nationwide to up mortgage rates as analysts predict further hikes May 26, 2023 Britain’s biggest building society is increasing some of its mortgage rates for new borrowing from Friday, saying this will ensure its rates “remain sustainable” in the current economic environment. The rate increases, of up to 0.45 percentage points, only affect customers taking out a new mortgage deal. For first-time buyers and those looking to move [...]
Extending ULEZ is making criminals out of the leftie middle-class May 26, 2023 I’m as middle-class and suburban as it gets in London, but locals are planning a rebellion against ULEZ.
FTSE 100 close: London index extends losses as pound slides and bond yields soar May 25, 2023 London’s FTSE 100 continued yesterday’s wobble today driven by investors fretting over how high the Bank of England will have to send interest rates to tame sticky inflation. The capital’s premier index slipped 0.74 per cent to 7,570.88 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the [...]
Net migration figures present collision between facts and feelings for Sunak May 25, 2023 Net migration figures have hit record highs – to the surprise of precisely no one. Expectation management is a vital piece of the political toolkit. That much-touted 1,000-seat loss in the local election results was brought out in advance as an over-the-top figure designed to give the electorate a happy surprise – but, to the [...]
Groundhog Day for Bitcoin as crypto uncertainties linger May 25, 2023 The price of Bitcoin fell a further 2% to the lower end of $26k while Ethereum dropped below $1.8k and continues to trade in line with the leading crypto.
More than a year after Russia’s invasion of Ukraine some firms still can’t – or won’t – quit Moscow May 25, 2023 Some global companies are still operating in Russia more than a year on from the country’s invasion of Ukraine. Firms were quick to respond to the full-scale war, which broke out last February, with some saying they would quit Russia immediately and others curtailing imports or new investment. Billions of pounds of factories, energy holdings [...]
Net migration to UK hits record high of 606,000 as Brexit scales EU movement back May 25, 2023 Net migration to the UK has hit a record high of 606,000, new figures released this morning reveal. The significant surge in legal migration for 2022 has hit the highest level on record, according to Office for National Statistics (ONS) data. It follows weeks of speculation over the numbers with prime minister Rishi Sunak seeking [...]
Water firm United Utilities sees profit slump but finds £310m for dividend boost May 25, 2023 The UK’s largest water company, United Utilities, saw pre-tax profits slump by 27.7 per cent this morning whilst announcing a boosted dividend payment of £310m to its shareholders. The Washington-headquartered firm, which supplies much of the water to the north-west, said that profits had slumped as a result of inflation, which had impacted procurement costs [...]