Cost of borrowing surges as overdraft rates hit record highs: Credit card fees back to the ’90s May 10, 2022 Data covering quoted household interest rates on consumer credit products released by the Bank of England this week reveal the rising cost of borrowing for UK households, With the Bank hiking interest rates by 0.25bp last Thursday and inflation expected to show a climb yet again for April, the fresh data demonstrates the difficult decisions [...]
Queen’s Speech: Opposition leaders attack government for cost of living inaction and lack of employment bill May 10, 2022 Opposition leaders have rounded on the government for inaction on the cost of living crisis and energy security today, after ministers set out their fresh legislative agenda for the next session of parliament in the Queen's Speech.
Queen’s Speech: Fresh measures on levelling up, cost of living and financial sector as PM looks to regain initiative May 10, 2022 The government will set out its fresh legislative agenda in the Queen's Speech this morning as it looks to get back on the front foot after a disastrous set of local elections and a spate of bad press over the ‘partygate’ scandal.
US-UK trade deal ‘never going to happen’, warns former Bank of England bigwig as he says high inflation is down to Brexit May 10, 2022 Most of the UK’s inflation is a direct result of Brexit, according to a former heavyweight at the Bank of England. Former BoE policymaker Adam Posen, said that around 80 per cent of the reason why the IMF expects UK’s inflation to remain high is directly linked to Britain’s departure from the EU. The economist, [...]
Letters: Up and down for the Bitcoin world May 10, 2022 [Re: Bitcoin slips to three-month low as interest rate rises hit financial markets, yesterday] Over the weekend, the value of Bitcoin has reached new lows of £27,630, meaning the market value has now fallen by 50 per cent since its peak in November 2021. Whilst investors shouldn’t be too taken aback by the fall, given [...]
British Gas profits and Heathrow’s growth keeps FTSE 100 stable May 10, 2022 A strong April for Heathrow and British Gas’s owner Centrica expecting higher profits has helped the FTSE 100 remain steady, up 0.8 per cent at the open this morning. London rose 63 points despite fears about rising inflation, as the UK’s biggest airport lifted its forecast for passenger growth after a spike in travel over [...]
British Gas owner enjoys boost from soaring oil and gas prices amid growing windfall tax calls May 10, 2022 British Gas owner Centrica has said it expects to post annual earnings at the top of its targets amid intensifying calls for a windfall tax on energy firms.
Heathrow posts strong April but warns of uncertainty ahead May 10, 2022 Heathrow has posted strong results for April but continued to warn about the uncertainties that loom ahead. The London hub reported that 5 million passengers travelled through its terminals in April, with outbound leisure travel driving demand and prompting the airport to increase its passenger forecast for the year by 16 per cent. Commenting on [...]
Sir Keir’s lockdown beers shouldn’t lift Tory spirits too much amid economic outlook May 10, 2022 Today’s Queen’s Speech is an event of great pomp and circumstance, even if this year the Queen’s Speech will not in fact feature the Queen. For a government riding high, it is an opportunity to push forward some key ambitions for the coming year. For this government, mind, it’s more of a chance to set [...]
Brits hold back on buying sofas and fridges as cost of living climbs May 10, 2022 Brits have held back on buying big ticket items, such as furniture, as living costs spiral. Retail sales in the UK fell on a like-for-like basis by 1.7 per cent last month, compared to April 2021. Sales growth went into decline for the first time in 15 months as retailers face a balancing act between [...]