European Central Bank kicks rates 50 points higher and signals more such hikes to come February 2, 2023 The European Central Bank (ECB) today hiked interest rates 50 basis points and signalled further such increases are coming this year. The monetary authority of the 19 countries using the euro kicked rates higher to tame inflation, which last year hit the highest level since the creation of the common currency back in 1999. Borrowing [...]
Another interest rate hike to boost banks’ profits, but how long will the windfall last? February 2, 2023 Bank shares prices were mixed after the Bank of England raised interest rates by 50 basis points earlier today, as the pressure on banks to pass on higher interest rates to savers grew. The more domestically focused Lloyds and Natwest were trading 1.0 per cent and 0.6 per cent higher respectively. Barclays was up 0.8 [...]
FTSE 100 close: London index runs out of steam ahead of expected Fed interest rate hike February 1, 2023 London’s FTSE 100 edged higher this morning, before running out of steam later in the day ahead of the US Federal Reserve launching a big week for central banks with an expected 25 basis point interest rate hike. The capital’s premier index eventually fell 0.17 per cent to 7,758.21 points, while the domestically-focused mid-cap FTSE [...]
Bank of England, Fed and ECB to heap more pain on global economy – but could peak rates be in sight? January 29, 2023 City traders are gearing up for a week in which the world’s top central banks will heap even more pain on households and businesses by hiking interest rates to tame inflation – but they could send the first signal indicating they will stop doing so soon. The UK, US and eurozone economies are beginning to [...]
UK borrowing hits December record of £27.4bn piling pressure on Hunt ahead of March budget January 24, 2023 UK borrowing in December hit its highest total in 30 years driven upwards by the government’s debt interest bill soaring due to raging inflation, official figures out today show. The government took on £27.4bn of debt last month, the largest amount since records began in 1993, according to the Office for National Statistics (ONS). The [...]
Ovo Energy backs social tariff for vulnerable households facing record bills January 24, 2023 Ovo Energy has joined calls for a social tariff to help vulnerable households grappling with record energy bills.
Starmer tells Davos Labour would ban oil and gas projects, as critics say it jeopardises net zero and energy security January 20, 2023 Labour risks the UK's energy security by calling for no further investment new oil and gas projects in the North Sea, OEUK warned.
Recession risks return as Brits brace for cost of living crisis to make 2023 a ‘bumpy ride’ January 20, 2023 UK consumer confidence dipped for the first time in two months in January, raising the risk the economy will slip into recession after all despite a string of better than expected data recently, a closely watched survey out today reveals. A credit card debt hangover from the Christmas spending splurge and energy bills looming has [...]
Energy bills could drop under £2,000 per year as Cornwall Insight slashes price cap prediction again January 19, 2023 Energy bills could fall even further than expected next winter - with the price cap dropping below £2,000 per year.
FTSE 100 close: Ocado emerges as top dog in 2023 so far, but index pulls away from record high January 18, 2023 London’s FTSE 100 finished slightly lower today, dragging it further away from its record and signalling traders are looking through signs UK inflation has passed its peak and could be a downward trend this year. The capital’s premier index dropped 0.27 per cent lower to 7,830.71 points, while the domestically-focused mid-cap FTSE 250 index, which [...]